Elongate (ELONGATE) is a BNB Smart Chain charity memecoin launched in March 2021 immediately after Elon Musk tweeted “Elongate: the next big crypto scandal?” as a joke — with developers deploying the ELONGATE token within hours, allocating 80% of the 10% transaction tax to charitable donations to organizations including UNICEF, Save the Children, Rainforest Trust, and others — positioning itself as the world’s first crypto philanthropy memecoin and claiming to have distributed millions of dollars to registered charities through its tax mechanism, representing one of the earliest and largest experiments in embedding charitable donation into a memecoin’s tokenomics structure.
How It Works
- BEP-20 reflection token — ELONGATE uses the “reflection” tokenomics model popular on BSC in 2021: each transaction incurs a 10% tax, split between static rewards distributed to all holders (2%), charity donations (80% of tax), and liquidity pool additions.
- Charity allocation — 80% of the 10% transaction tax (i.e., 8% of every transaction total) was designated for charitable giving to partner organizations. The ELONGATE team managed charity distribution and published donation records.
- Holder rewards — The remaining 2% of each transaction is redistributed proportionally to all existing ELONGATE holders, rewarding holding over trading.
- Partner charities — Elongate partnered with UNICEF, Save the Children, Rainforest Trust, Water.org, American Cancer Society, and other registered international charities.
Tokenomics
| Parameter | Value |
|---|---|
| Ticker | ELONGATE |
| Total Supply | 500,000,000,000,000 (500 trillion) |
| Chain | BNB Smart Chain |
| BSC contract | 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385 |
| Transaction tax | 10% (8% charity + 2% holder redistribution) |
| Launch | March 26, 2021 |
| Total charity donations claimed | Millions USD (team-reported) |
Use Cases
- Charitable giving — Every ELONGATE transaction donates to registered charities automatically.
- Speculative holding — Holders receive proportional redistribution from transaction taxes.
History
- 2021-03-25 — Elon Musk tweets “Elongate: the next big crypto scandal?” as a playful reply about crypto drama. The tweet is a non-sequitur joke, not about any real project.
- 2021-03-26 — Within hours of Musk’s tweet, anonymous developers deploy the ELONGATE token on BNB Smart Chain, naming it after the tweet. The token launches with 10% transaction tax mechanics and 80% charity allocation, designing it around the joke tweet’s wordplay.
- 2021-04 — ELONGATE gains rapid attention and trading volume. The charity angle differentiates it from pure speculation memecoins. The team begins donating to charities and publishing receipts. ELONGATE claims millions raised for UNICEF and other organizations.
- 2021-05 — ELONGATE peaks in market cap during the BNB Chain memecoin wave alongside SAFEMOON and others. Trading volume drives significant charitable donations. The project claims over $3 million donated by June 2021.
- 2021-H2 — The memecoin cycle wanes. ELONGATE price declines significantly. Charity activity slows as trading volume decreases (transaction tax model makes charity proportional to speculation).
- 2022–present — Elongate operates at minimal scale. The project published charity donation reports periodically. The token represents an early experiment in philanthropy-embedded memecoin tokenomics.
Common Misconceptions
“Elongate is affiliated with or endorsed by Elon Musk.”
Elon Musk has never endorsed Elongate. His tweet was a spontaneous joke that developers used as an opportunity to launch a token. Musk has never owned, promoted, or acknowledged ELONGATE.
“The tax mechanism guarantees ongoing charity donations.”
Elongate’s tax-funded charity model only generates donations when the token is actively traded. During periods of low volume, charity deposits approach zero. The model creates charitable giving proportional to speculation, which can create problematic incentive alignment.
Social Media Sentiment
Elongate attracted attention as a charity-focused memecoin and received favorable coverage from crypto media for its charitable giving model. Critics questioned whether embedding charity into a speculative memecoin creates misaligned incentives (requiring ongoing speculation to generate donations). The reflection token model and charity allocation influenced several copycat projects in the BNB Chain memecoin wave of 2021.
Last updated: 2026-04