With the fast and large expansion of several virtual currencies in the market, a large number of investors are now interested in purchasing Elongate crypto. However, not all traders know what Elongate crypto is and how it works, which is definitely important to understand how this virtual currency could behave in the market.
One thing is clear, this digital currency was released to the market and it reached a relatively large market valuation. It is just a matter of time to understand whether this crypto project will remain alive or if it would be replaced by other coins.
In the next sections, we are going to share with you all the things you should know about Elongate crypto and why this coin became very popular after being released to the market.
What is Elongate Crypto?
Let’s start with the most important thing: what is Elongate crypto? Elongate is a BEP20 token (that works on the Binance Smart Chain (BSC) blockchain) that was released in April 2021 and it fastly became a hyped virtual currency due to its massive price increase in just days.
The main goal of this digital asset is to power a social impact movement. This is different from other virtual currencies that want to solve blockchain and crypto-related issues. It is also different from traditional Initial Coin Offering (ICO) tokens that tried of revolutionizing different industries around the world with the help of blockchain technology.
Elongate crypto focuses on being a social impact movement. Every single time that a transaction is processed on this network, 10% of the fee rewards holders. Moreover, part of these funds goes to philanthropic activities around the world in order to create and build a strong social impact ecosystem.
It is worth taking into consideration that the token was released with a total supply of 1 quadrillion tokens. However, 412 trillion tokens have already been burned after being created. In addition, 24 trillion tokens have been burned since then as the team decided to regularly burn part of the tokens.
The goal of this coin is to change the way in which we think about blockchain profitability. Rather than thinking in economic terms, the aim is to build a global movement that links profitability with a positive social impact.
There are three main ways in which Elongate crypto can achieve its proposal: by creating a social transformation, building transparent pathways to capital for earning and giving and empowering people to create a sustainable world.
Until now the project has already donated $3.49 million to charities around the world. The name of the virtual currency was created as a meme after a viral tweet from Elon Musk in which he states that if there is a scandal about him, we should call it “Elongate.”
Elongate Crypto Coin in the Market
Elongate crypto price had a volatile story as it fastly became one of the fastest-growing virtual currencies in the world. But we need to know that this virtual currency has a large supply of coins, meaning that the price of each of these coins would be well below $0.01.
Indeed, when the virtual currency was released to the market, it had a price of $0.0000000839, which is even very difficult to count. This is why we should always multiply this coin by 1,000 or 10,000 in order to get an approximate US value per 1k or 10k coins.
After being released, in just a few weeks, it moved from $0.0000000839 to $0.000001061, representing a price increase of 1,164% in just days. Due to this reason, this virtual currency became very popular and a large number of investors wanted to get access to it.
Despite that, the interest in this coin remained relatively small over the last few months. After reaching the highest value mentioned above ($0.000001061) the coni then retraced to $0.0000000283. This is a price reduction of 97% in just weeks. This shows the speculative nature of virtual currencies. A person that purchased the coin close to its top lost most of its value in a matter of weeks waiting for it to move even higher, which in the end didn’t happen.
But could this virtual currency reach its all-time high once again? In the cryptocurrency market, everything is possible. That means that it might happen from one day to the other, as we have seen with other coins in the past. But the risk is massively large. Thus, we should always understand whether the crypto has the necessary fundamentals behind it and if this is not just a pump & dump digital asset ready to disappear as soon as another ATH is reached.
In recent days, with the expansion of Shiba Inu (SHIB) and Decentraland (MANA), we have seen the price of this digital asset move from $0.00000004263 to $0.0000001263. It is just a matter of time to see whether this virtual currency could continue moving higher or not.
How to buy Elongate Crypto Coin?
There are just four different cryptocurrency exchanges to buy Elongate crypto. This is because it is a relatively new virtual currency that has been in the market for just a few months and that works on the Binance Smart Chain (BSC) rather than on top of the Ethereum (ETH) network, which is larger and more adopted than BSC.
At the moment, you could buy Elongate crypto using PancakeSwap, LBank, BitMart and Decoin. 90% of the trading volume of Elongate crypto takes place on the PancakeSwap platform. Thus, if you want to buy Elongate crypto, the best option would be to do so using this decentralized exchange (DEX) rather than other platforms.
Do you know what PancakeSwap is and how it works? PancakeSwap is the largest decentralized exchange on the Binance Smart Chain ecosystem. This is a similar platform to Uniswap (UNI) or Sushiswap (SUSHI). It lets investors buy and sell virtual currencies through liquidity pools rather than through order books.
This is one of the main differences that exist right now between traditional crypto exchanges and DEXs. These types of platforms are very popular but they also have some disadvantages compared to centralized platforms.
The first thing you need to know is that these are decentralized platforms. There is no centralized entity controlling the exchange. Everything is performed via smart contracts, which are automatically executed as soon as certain conditions are met. You can exchange any coin that you want as soon as there is enough liquidity to do so through these exchanges.
The second thing that you should take into consideration is that you would not be able to buy digital assets with fiat currencies. Indeed, decentralized exchanges are usually more advanced platforms to use compared to centralized exchanges. Due to this reason, you might need to go through a centralized exchange if you want to convert your fiat currencies into digital assets.
At the moment of writing this article, the main trading pair to buy Elongate crypto on PancakeSwap is Elongate/WBNB.
How to Store Elongate Crypto?
Now it is time to know how to store Elongate crypto. As you might know, centralized platforms such as exchanges are usually hacked and could eventually be targeted by hackers that want to steal users’ funds.
This is why the recommendation in the crypto market is to use cryptocurrency wallets. There are two main types of crypto wallets: software and hardware wallets. Each of them would be useful for different types of investors and traders.
If you are an Elongate trader, then you could leave your funds on a centralized exchange, as you would be actively trading the digital asset. Nonetheless, if you make a large profit, the best thing is to withdraw your funds.
Instead, if you are an Elongate long-term holder, then you should definitely think about purchasing a hardware wallet. Hardware wallets are hardware devices that you can purchase online and that would let you securely store your private keys in cold storage. In this way, you would not be targeted by hackers or malware that could eventually steal your private keys stored in your phone or computer.
Considering that hardware wallets are not free to use (you need to buy them), you should try understanding whether the funds that you hold are worth keeping in a hardware wallet or not.
If you are a casual user of Elongate and you want to use the coin to participate in different charitable activities, then using a normal software wallet that you could download to your smartphone or desktop computer would be the best way to go. Remember that as this is a token running on top of the Binance Smart Chain platform, your wallet must support this type of network.
Sending your Elongate crypto to the wrong wallet address could end up with your funds getting lost forever. Remember that in the cryptocurrency market we are responsible for our actions and there are no centralized parties that could help us recover our funds.
Potential and Risks and Opportunities of Elongate Crypto
As with every single cryptocurrency in the market, there are potential risks and opportunities that we should take into consideration before we invest in these types of virtual currencies. This is just a list of the potential risks and opportunities of Elongate Crypto.
- It is highly speculative
- The coin has been released not so long time ago
- It uses a name that seems to be just about marketing (to attract users)
- There are no large exchanges supporting this virtual currency
- The trading volume and liquidity is very low
- It might never recover its all-time high
- Elongate crypto could follow the same trend as other speculative ICOs
- Elongate crypto could be a once-in-a-lifetime buying opportunity if its price grows
- The project could have a real impact on different charitable initiatives
- It might bring new investment opportunities to users
- It might become one of the largest digital currencies in the market
- Elon Musk could positively tweet about it and its price could move higher accordingly
There are many risks and opportunities related to this virtual currency, and there are many others that we did not cover in this section. Before investing in a cryptocurrency, it is very important to understand the future prospects of this digital asset. We do not want to make a blind investment without knowing the real risks and opportunities presented by this digital currency.
You could follow the example of other high profile virtual currencies. For example, you could take a digital asset such as SHIB that massively grew in a short period in the case of Bitconnect, which was a Ponzi scheme. Compare both digital assets and try to make your own conclusions.
Disclaimer: this is just for educational purposes only and should not be considered investment advice. Never invest more than what you are able to lose. We are not financial advisors.
Elongate Crypto Team
Finally, we should have a look at the team behind Elongate crypto and which is their background. This lets us understand whether there is a serious team of experts behind this coin or a simple group of scammers that would like to make Elongate a pump & dump virtual currency.
You should also know that even if the team behind Elongate crypto is formed by recognized individuals and professionals in the crypto market, this does not mean that the coin will succeed.
We should know that Elongate was incorporated as a company in July 2021. Moreover, the leadership board is currently formed by Hasan Aziz, the Chief Operations Officer (COO), and Alexander Gambon, the Chief Brand Officer (CBO).
Hasan Aziz has recognized experience in the UK banking industry. He has been working on different projects related to quality assurance, automation and testing for different companies. Meanwhile, Alexander Gambon has worked on different direction and brand strategy projects for non-profits and universities.
In addition, both team members have been involved in the cryptocurrency market for almost ten years as they started investing in digital assets back in 2012.
Other team members include Biran Lobeda, Chief Product Officer, Gene Rhode, Head of Marketing, Austin Worrell, Chief Risk Officer, Rani Barbara, Head of Product Innovation and Nicolas Savy, Head of Engineering. You can know more about this virtual currency and project on their official site.