ElonGate is a cryptocurrency born from a tweet by Tesla CEO Elon Musk, whose online statements often affect the cryptocurrency market. In April 2021, the token started trading on PancakeSwap. But what is ElonGate crypto, and should you invest in it? Here’s what you need to know.
KEY TAKEAWAYS
► ElonGate is a cryptocurrency inspired by an Elon Musk tweet, with a mission focused on combining charitable giving with blockchain technology.
► The EG Token, a rebranded version of ElonGate, operates on the Binance Smart Chain and allocates a portion of its proceeds to charity.
► Despite its low price, ElonGate may offer future potential growth for investors, especially due to its scarcity and charitable initiatives.
► Buying ElonGate involves several steps and is primarily available through decentralized exchanges like PancakeSwap and MEXC.
What is ElonGate crypto?
ElonGate cryptocurrency, like Dogecoin, was founded on the basis of a meme. In this case, it was a tweet from Elon Musk in March 2021. The tweet said, “If there’s ever a scandal about me, *please* call it Elongate.”
Lorenzo Andree and a number of others quickly built up ElonGate to be a cryptocurrency that aims to do good on behalf of its community. Andree and his team developed a system to donate proceeds from the ElonGate crypto to several good causes. This extended to forming partnerships with different charities, including Action Against Hunger and Big Green.
In its first nine weeks of operation, ElonGate donated approximately $3 million to charity.
During its early operations in 2021, ElonGate made many contributions to various charities. One of the primary beneficiaries was Children International, which received $325,000.
Action Against Hunger and The Ocean Cleanup each received a share of a combined donation of $250,000. Additionally, ElonGate pledged support to Big Green, a non-profit organization founded by Kimbal Musk and Hugo Matheson. The National Kidney Foundation was also one of the recipients of ElonGate’s weekly donations.
Lastly, ElonGate aimed to support Youth Hospital Care and Patients in Need with ZHC. By September 23, 2021, ElonGate had donated a total of $3,490,000 to various charities, reflecting its commitment to addressing critical social issues through charitable giving.
How does ElonGate operate?
ElonGate takes advantage of the Binance Smart Chain and utilizes TrustWallet for asset exchange. It uses the transaction costs to reward crypto holders and make significant donations to good causes.
On a weekly basis, the community chooses a nominated charity for 60% of the cryptos’ proceeds to go to.
Furthermore, it uses another part of the fee to maintain the cryptocurrency’s sustainability. Founded on four key values: charity (of course), community, clarity, and sustainability, ElonGate aims to introduce charities to fundraising opportunities in blockchain and cryptocurrency.
With this in mind, ElonGate may be more suited to investors who have concerns about ESG (environmental, social, and governance).
EG Token (EG)
ElonGate was developed in 2021. However, as the project matured, it rebranded itself. EG Token is the rebranded version of ElonGate, which maintains its focus on combining cryptocurrency with charitable impact. It still operates on the Binance Smart Chain blockchain.
The total supply is 6 billion EG, and there is a 5% trading fee and a 0% transfer fee. EG Token maintains a strong emphasis on charitable giving and social impact:
- 1% of token volume goes to social impact.
- 30% of HeadsTails revenue funds EG Token buyback and social impact.
- Various revenue streams from associated products (e.g., Salesforce Exchange, EG Blockchain Agency, EGSwap) contribute to token buybacks.
- 5% of the token supply is allocated for community development.
- 10% of the EG Blockchain Agency’s revenue goes to EG Token buybacks.
- 3% is reserved for future cross-chain liquidity.
The 5% fee is distributed to the five wallets configured in the smart contract. Below is a breakdown of the distribution of EG Token.
Price analysis
The price of ElonGate is currently low compared to its all-time high. Investors may see a return in the coming years. All holders may benefit from the burning initiative of the EG Token, which enables them to reap the benefits of EG’s scarcity.
The ElonGate price is below a cent. As a meme coin crypto asset, this is not that far off the current price of others in this category.
At such a low price, ElonGate may be a possible investment for future prospects and rewards from the community, especially considering its charitable endeavors.
How do I get ElonGate?
In comparison to other cryptocurrencies, ElonGate is difficult to purchase. It is listed on PancakeSwap, EGTRADE, EGSwap and MEXC.
The crypto can only be bought with BUSD or Binance Coin (BNB). In contrast to other cryptos, it requires several different steps and accounts to purchase. EG Token has a section on its website called “Buy Token,” listing the places where it can be held.
Can ElonGate last as a serious asset?
What started out as a lighthearted novelty quickly grew into a serious project. ElonGate was born out of a satirical tweet from the enigmatic billionaire Elon Musk. However, unlike most meme coins, the project has pivoted into a lane that benefits both holders and non-holders alike. Whether or not it meets the same short-lived fate as most meme coins do, it has certainly made an impact on the cryptocurrency world and the causes that benefited from it.
Frequently asked questions
Who is Elon Musk?
What is ElonGate
Who is ElonGate for?
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