The crypto industry is the breeding hub for innovation, with new projects emerging almost daily. In recent times, meme coins have been gaining unmatched popularity for several different reasons. These things start as jokes but somehow perform relatively well in the market.
The Elongate crypto is one of these meme coins which started as a joke but is a fundamental cryptocurrency now. There are more than 400,000 investors with stakes in crypto, making many ask, “will Elongate hit 1 cent anytime soon?” But answering this question is not possible without first understanding the crypto and its performance in the market. So let’s dive in and understand what Elongate is all about.
What Exactly Is Elongate?
Elongate is a popular meme on the Binance Smart Chain (BSC) network. It was a remark from the prominent billionaire that sparked the creation of the token, but there is no way to say if the billionaire himself is behind all this.
The primary intent behind the launch of Elongate is to transform the social impact network sphere. It combines local initiatives with the potential of blockchain technology to foster the growth of social networks and capitalize on the same.
The Elongate network is more comprehensive than you might imagine since there are many different products within this network. These offerings include the Crypto Lightning Exchange, SPARK, and more. SPARK is a social media network based on Defi and rewards users for sharing material that can positively impact society.
On the other hand, the Crypto Lightning Exchange allows businesses to incorporate Bitcoin transactions within their existing workflow.
Elongate Price History
The Elongate crypto first entered on the 25th of March 2021 with about one quadrillion tokens, and about 412 trillion out of this was burned for creation. Following this, about 24 trillion tokens have already burned since Elongate tokens are burned weekly.
This is one of those few cryptocurrencies that benefited from a successful launch, with prices going up immediately after the launch. Three days after the Elongate token was first launched in the prominent crypto exchange the CoinCapMarket in April 2021. Soon enough, the token reached a valuation of $0.0000002, mainly because Tesla announced a giveaway for the token holders.
This was followed by another boost the same month, with more than 150,000 having Elongate tokens in their portfolio. The following day, the crypto reached its all-time high value of $0.00000109 on the 21st of April 2021.
Unfortunately, this was a rather short-lived spike for the Elongate token, as its value fell to a low of $0.0000003 just a week after its end. But the token rose again after it was listed on Bitmart, triggering its second spike and reaching a valuation of $0.00000088 on the 11th of May 2021.
But the token has been performing bearishly after this spike, and recovery is not yet visible on the horizon. 2022 does not have good news for the Elongate token, with the crypto market already dealing with a significant bearish run. By May 2022, the token reached a new low of just $0.0000000112.
As of now, the Elongate token price is $0.000000007118 with a market cap of just $3,401,869 and a fully diluted market cap of $7,133,322. Besides that, the 24-hour trading volume of the Elongate token currently stands at just $2,082, with 475,627,976,172,486 Elongate tokens circulating in the market.
Is Elongate Another Pump And Dump Crypto?
Given the volatile nature of the Elongate crypto prices, many wonder if the token is worth their investments. Most investors need clarification on whether they should invest in Elongate long-term or treat the token as a pump and dump.
This does not come as a surprise given the past price movements of the crypto, which highlights its volatile nature. There were many such cases where Elongate was first pumped and then dumped the same day again.
You need to understand that Elongate is still a relatively new crypto project compared to other meme coins such as Dogecoin. Hence it is justifiable why Elongate sometimes comes off as a pump-and-dump investment.
But that does not change the fact that Elongate is here for the long haul, just like many other meme coins in the market. But it is still recommended you hold your horses and evaluate Elongate price predictions to make informed decisions about the token.
Elongate Token Price Prediction: What’s Next?
Given the volatile nature of the Elongate token, it is always challenging to predict what the future holds for this token. Yet experts rely on available market data and combine them with all the developing trends in the market to get a better idea about the token’s future. That said, it seems very likely that the Elongate token will close in 2022 with a valuation of about $0.00000009.
But 2025 tells a different story for this token, as most Elongate crypto price predictions indicate the token must reach a valuation of at least $0.000015. By 2030 things are likely to change a lot in the crypto market, with many suggesting that everyone should gear up for entering a new age of cryptocurrencies. If things go well with the market, Elongate will reach at least $0.0029 by the end of this decade.
That said, crypto predictions are only accurate. With so many volatilities at play, it is always challenging to predict the future price movement of a token. This makes it essential to do your research and due diligence before investing in any token. Besides that, you must also consider recent market trends to make more informed decisions and secure your returns.
Elongate is certainly one of the most popular meme coins in the market. But the populist tactics these tokens use to promote themselves no longer work well. Furthermore, with inflation increasing by the day, more people are avoiding risky investments, which hurts the Elongate token.
It is better to watch the token for some time and then make investments based on your risk appetite. However, while investing in the token, you must also consider the market’s volatility. All the best!