The tweet had nothing to do with cryptocurrencies throughout the least. Musk had just made a joke or, more accurately, a meme with clever wordplay, with ElonGate as the word. Even Musk is baffled as to how the word came to be the face of a cryptocurrency.
Musk joked late last month about what he’d like to be called a scandal if one ever arises involving him. Musk pleaded with his supporters to refer to any controversy involving him as “ElonGate.”
The tweet was a reference to the Watergate scandal, which led to the resignation of then-US President Richard Nixon in the summer of 1972. Clearly, there is no connection between the tweet and cryptocurrency.
What is ElonGate?
After three weeks, the word has been adopted as the name of a new cryptocurrency on the market with “an involved group of over 100K holders.” The cryptocurrency’s creators claim that it will be used to raise funds for charity via memes and internet culture. ElonGate has raised over $1 million for charity in its first month.
The crypto project was created as a spoof of Elon Musk’s tweet about the Watergate Scandal, according to the creators. They do, however, state that Elon Musk is unrelated to ElonGate.
The creators have promised to “give back 80% of its profits to charity” in the future. ElonGate has contributed USD 75,000 to Children International, USD 245,000 to Action Against Hunger, and USD 245,000 to Ocean Cleanup as of this writing.
ElonGate is a BEP20 deflationary token distributed on the Binance Smart Chain, according to the company. This means that the tokens will be phased out of the market on a regular basis. For the time being, it has a set supply of 1 Quadrillion (1015) tokens.
Another Elon Musk effect?
Musk’s tweets have been known to have a major impact on the investment environment. The fact that his electric vehicle company Tesla’s stock is closely related to how the tech genius behaves online has been proved time and time again. The impact has recently been seen on Musk’s ostensibly favourite cryptocurrency, Dogecoin.
Musk made several tweets about Dogecoin last month, sending the cryptocurrency to new heights throughout the sector. The CEO of SpaceX has stated publicly that he intends to increase the value of Dogecoin.
Though ElonGate isn’t on Musk’s radar right now, you never know when he’ll get a whiff of it and use his Twitter to skyrocket its prices.