ElonGate coin differentiates itself as a social impact cryptocurrency that uses blockchain technology to address social problems. The firm was incorporated in Switzerland as EG Association and ELONGATE Global. EG Association manages donations, fundraising, and community events. ELONGATE Global is the arm that oversees the technical aspects.
ElonGate is involved in several philanthropic works, especially in disaster-prone areas. It partnered with The Giving Block to contribute to social impact organizations and champion charitable crypto adoption. Since its inception, the project has donated over $3 million. Human Relief Foundation, Malala Fund, National Kidney Foundation, and Give India are some of the beneficiaries.
Elongate started as a meme token inspired by a tweet from Elon Musk. Afterward, it was listed on PancakeSwap in April 2021, surging over 1,200% to $0.000001 at debut. However, like many BSC tokens, it has remained highly volatile.
This write-up will analyze the ElonGate coin, its fundamental aspects, and whether it is a good investment. It will also look at the forecast and prediction.
What is Elongate?
It is the native token to the ElonGate project. It is an ERC20 standardized asset issued on Binance Smart Chain and supported across multiple chains. The protocol rewards holders in native tokens with a 10% transaction fee and donates a large portion to charity.
ElonGate was founded in 2021 as a revolutionary platform that generates profits linked to a positive social impact. The project executes its mission guided by three pathways of earning to give, transparency to capital, and enabling people to create a sustainable world.
The smart contracts deployed on the ElonGate have passed the Certik audit, and a permissionless contract is available on BSCScan. The audit gave it a rating of 88%, certifying it as secure with no major issues. Its team has locked over 80% in liquidity and restricts any single wallet from owning more than 1% of the total supply.
Hasan Aziz, the Chief Operating Officer, and Alexander Gambon, the Chief Brand Officer, lead the team behind ElonGate.
ElonGate coin: should you invest in ELONGATE today?
ELONGATE may not offer good returns for a short-term investor. In the past three months, the token has been on a downtrend. It dropped from $0.0000001041 on November 5, 2021, to $0.00000003109 as of February 3, 2022. The sell-off led to more than 200% losses in just three months. Similarly, the daily trading volumes declined by 6,346%, from $967,589 on November 5, 2021, to $15,010 as of February 3.
Currently, ELONGATE remains under bearish pressure as long as it trades below the $0.00000002998 level. The price must break above to welcome any bullish rally. What is also important to note is that the general crypto market started the year at a correction, with major cryptocurrencies dropping significantly. Moreover, the relatively more minor market capitalization in ELONGATE makes it susceptible primarily to manipulation, which attracts both short and long-term risks.
On a more bullish view, the deflationary aspect of the ELONGATE has a positive impact on the price. The project burns some of the circulating tokens weekly. As supply reduces, demand rises, as well as the price.
Will ELONGATE reach 0.0000011 USD in 2022?
The overall chart shows that ELONGATE has been losing popularity, trading at a downward momentum of lower highs and lower lows. However, with the project addressing a specific market niche in the crypto space, it could regain popularity, and the price could bounce back. At the time of analysis, ELONGATE was trading at $0.00000003641.
Our price prediction puts ELONGATE at $0.0000001186 by mid-2022. In the next two years, we expect the token to trade around $0.0000005023, driven by investors looking for low-priced digital assets. In the long-term view, ELONGATE would trade above $0.0000011 by 2025.
Currently ranked at number 5,561, ELONGATE has a market capitalization of $17,434,203. There are 475,627.98 billion circulating tokens from a total supply of 569 trillion and a company-reported hard cap of one quadrillion. The developers burned about 412 trillion tokens at inception, and 24 trillion more have been burned to date. The current value of the staked ELONGATE token is $2,378,148.314.
In tokenomics, 60% of the Liquidity Pool fees are removed from PancakeSwap, half as BNB and half as ELONGATE. Of the extracted BNB tokens, 58% are allocated to charity, while 67% of the ELONGATE tokens are burned.
ElonGate’s Spark is a DeFi app that introduces the concept of engage-to-earn. With Spark, a pool of tokens is created to reward users for producing content that supports social projects. The distributed tokens can be staked for rewards.
Want to buy ELONGATE?
If you want to buy ELONGATE, it is available on PancakeSwap, PancakeSwap (V2), Bitmart, MEXC, LBANK, and Decoin.
Follow these steps:
Step1. Open a Binance account and buy BNB tokens.
Step 2. Transfer the tokens to an external cryptocurrency wallet like MetaMask.
Step 3. Log on to PancakeSwap and exchange BNB for ELONGATE using the Elongate address.