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ElonGate, a joke by Elon Musk on Twitter, is now an official cryptocurrency

Elon Musk joked about a hypothetical situation in one of his tweets last month. The term from the tweet has now been picked as the name of a new cryptocurrency in the market.

twitter-logoSarthak Dogra | April 19, 2021 | Updated 19:50 IST

Highlights

  • A new cryptocurrency called ElonGate is in the market now.
  • It promises to give away 80 per cent of its income to charity.
  • The currency comes as an attempt to raise charity through internet trends and memes.

There's a new cryptocurrency in the market with a rather amusing tale of origin. Called 'ElonGate', the currency came into being after a recent viral tweet by technology entrepreneur Elon Musk.

The tweet was not even related to cryptocurrencies in the remotest sense. Musk had only made a joke or, rather, a meme with witty wordplay, with the word being ElonGate. How the term found itself as the face of a cryptocurrency is sure to escape even Musk.

Late last month, Musk joked about what he would like people to call a scandal, if there ever is, related to him. If there is ever a scandal about him, Musk pleaded with his followers to call it "ElonGate."

(Image: Twitter/ Elon Musk)

The tweet was a reference to the Watergate scandal in the summer of 1972 that eventually led to the resignation of then US President Richard Nixon. Clearly, there is no connection to cryptocurrency involved with the tweet.

What is ElonGate?

Three weeks on, the term has now become the name for a new cryptocurrency in the market that already has "an active community with over 100K holders." Its makers say that the cryptocurrency will be used for raising charity through memes and internet culture. Within the first month, ElonGate has raised over USD 1 million for charity.

The makers specifically mention that the crypto project came into being as a parody of Elon Musk's tweet referencing the Watergate Scandal. They, however, clarify that Elon Musk has no affiliation with ElonGate.

Going forward, the makers promise to "give back 80 per cent of its income to charity." To date, ElonGate has donated USD 75,000 to Children International, USD 245,000 to Action Against Hunger and USD 245,000 to Ocean Cleanup.

As for what it is, the company says that ElonGate is a BEP20 deflationary token issued on the Binance Smart Chain. This means that its tokens will be removed periodically from the market over time. For now, it is available with a total fixed supply of 1 Quadrillion (10^15) tokens.

Another Elon Musk effect?

Musk is known to have serious effects on the world of investments with his tweets. The same has been proven time and again, with his electric vehicle company Tesla's stocks closely linked to how the tech genius behaves online. More recently, the effect has been seen on Musk's seemingly favourite cryptocurrency Dogecoin.

Last month, Musk posted several tweets around Dogecoin, which sent the cryptocurrency soaring in the market like never before. The SpaceX CEO publicly admits that he wants to raise the value of Dogecoin.

Though ElonGate is not on his radar as of now, you never know when Musk catches a whiff of it and skyrockets its prices with his tweets.

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