Elongate Crypto Price Prediction: Time to Buy Elongate?
Meme coins are increasingly gaining popularity in the social media world, with some of the most talked about crypto projects being memecoins, such as Dogecoin and Shiba Inu. Thus there is no wonder more memecoin projects emerged soon after. Elongate crypto in one of them. The social impact coin has seen investors flocking to it amidst recent controversies, but is it sustainable in the long run? This post covers a detailed Elongate crypto price prediction and the factors that affect the price of Elongate down the line.
Elongate Crypto Price Prediction 2022
A complete Elongate coin price prediction is presented later in this article, but for now, take a look at a quick abstract of our Elongate price prediction given below:
- By the end of 2022: The Elongatetoken price has fallen about 98% since its peak in May 2021 at the time of writing. However, our Elongate price forecast predicts that the token could reach $0.00000035 by the end of 2022 if the market resumes its upward trend and the token maintains its social media popularity.
- By the end of 2023: As is typical for memecoins, Elongate will have to rely on more than just a short-lived hype to gain promising traction. With a fairly diverse product and token use case and strong community support, our Elongate crypto price prediction could price EG at $0.00000080 by the end of 2023 if the cryptocurrency market experiences a bullish uptrend.
- By the end of 2030: By that time, larger macroeconomic factors and the coin’s utility curve may play a greater role. If positive market sentiment persists, the ELONGATE token could peak at $0.000003 in 2030, or if it fails to deliver on its roadmap, it will die like many altcoins – proceed with caution.
Elongate Price History
Before we dive right into the price history of the token, let us discuss a little about the Elongate crypto project first. Its team created the meme cryptocurrency as a social impact token to change the social impact of the blockchain. Token holders are rewarded from a 10% transaction charge, and a significant portion of this money is then donated to charity.
As of March 25, 2021, the initial supply of ELONGATE tokens was 1 quadrillion tokens. About 412 trillion out of these were burned at creation. Since then, more than 24 trillion have been burned. ELONGATE tokens are burned weekly on an ongoing basis.
The Elongate team says that they are challenging the status quo of the crypto industry, tying profits organically to positive social impact through three pathways: sparking a social transformation, creating transparent channels, and promoting earning and giving simultaneously.
The token was an immediate success upon launch. In three days of being listed on CoinMarketCap on April 8, 2021, the coin climbed to a high of $0.0000002. The spike came with a publicity stint announcing a Tesla giveaway for token holders.
On 20 April, the number of Elongate holders increased again. Over 150,000 individuals were holding a portion of the crypto immediately after Coinbase began the token’s price tracking. The next day, Elongate reached an all-time high of $0.00000109.
The spike was short-lived, however. The token’s price corrected to a low of $0.0000003 a week later only to rise again a month later after its first major listing on Bitmart. Ever since a second peak of $0.00000088 on 11 May, Elongate has been plunging low. Leaving aside the October 2021 bullish trend that was common for the entire crypto market, the coin has shown no significant improvement. It reached an all-time low of $0.0000000112 on 12 May 2022.
The key milestones in ELONGATE price history to date were:
- Elongate was launched on March 25, 2021
- Out of the original supply of 1 quadrillion tokens, about 412 trillion were burned at creation.
- More than 24 trillion ELONGATE tokens have been burned already, burned weekly.
- The coin saw two peaks; one in April 2021 after Coinbase started tracking its price, and the second in May 2021 after its listing on Bitmart.
- After reaching these highs, ELONGATE has now fallen98% since the second peak
Note that Elongate is sometimes referred to as EG on social media platforms on Twitter, e.g. with the abbreviated form of the cashtag $eg or hashtag #eg.
Elongate Crypto Price Prediction 2022
Much of Elongate crypto price prediction 2022 has to do with recent events sparked by tech giant Elon Musk. The cryptocurrency has been on a bullish rally ever since the tech tycoon tweeted about how people should call scandals related to him “Elongate”, referring to earlier scandals like Watergate.
The tweet has reciprocated in the form of accidental awareness for Elongate in light of these events – but it wasn’t an actual endorsement of Elongate’s crypto asset.
Elongate token rose 86.20% in 7 days before retracing completely. Currently, Elongate is priced at $0.00000016 with a 24-hour trading volume of $4,296.8.
One thing to remember is that this bullish behavior was not triggered by interest in the token itself or its benefits for the user community. The pump appears to be associated with a short-lived Twitter hype – which has absolutely nothing to do with the token itself. It is quite possible that some fake Twitter bots are at play, hyping up the token’s virtual popularity and hence investor interest.
Those who regularly invest in crypto will know that such engagement is only temporary. Musk has not talked about the coin himself, so he is likely unaware of its existence. A direct project shoutout would have been much better in terms of a demand push and bullish momentum.
If the Elongate team can get A-lister celebrities, including Musk himself to promote their token in the light of recent events, that could drive the coin significantly and sustainably. If this happens, Elongate’s value could reach $0.00000035 by the end of the year, an increase of 119%.
Elongate Crypto Price Prediction 2023
In the long run, our price prediction factors in the utility and value proposition of the coin, not the temporary social media types. The use cases of Elongate token are well mapped out – as a store of value, for augmenting earnings through staking, and to buy NFTs (after swapping for BNB).
The project also has a roadmap outlining products such as the platform-native Salesforce Crypto Lightening Exchange, the decentralized multi-chain token burning platform BurnParty, the Elongate Swap for swapping BNB/BUSD, and the Gator Gang NFT collection.
However, all these features and launches are relatively new – up to four months old. The NFT collection is also quite limited at the moment, and while the platform’s mission to combine cryptocurrency and social media to “revolutionize philanthropy” sounds good, we have yet to see any concrete work in this area.
Assuming the Elongate team can address these gap areas, Elongate could build on its growth potential in the coming years. By the end of 2023, we could see the price of the token reach $0.00000080.
Elongate Crypto Price Prediction 2025-2030
Finally, to make a price forecast for the coin towards the end of this decade, it is important to consider not only the project’s individual offerings but also the broader macroeconomic scenario.
While the majority of altcoins typically gain when investor sentiment is favorable, memecoins have not had a particularly positive history so far. Experienced investors will recall that memecoins like Dogecoin, Shiba Inu, and more recently Dogelon Mars all saw sharp gains during periods of social media hype but slowed down in the absence of it.
Ultimately, bigger macroeconomic factors such as growing inflation and interest rates could certainly impact token adoption and prices. Rising liquidity will assist cryptocurrencies like EG and support their price in the long run, but a crypto crash towards the end of the decade will have prices reeling back down.
The community around the cryptocurrency is equally important. EG’s popularity on social media has recently soared, with its followers reaching 170,000. However, we must consider the fact that a large chunk of this could be spammy or bot engagement in the wake of Musk’s tweet. A closer look at “genuine engagements” on other platforms correlates with this observation.
We would like to look at Elongate’s price movement over the decade as likely a “pump and dump” as soon as the wave of the social media frenzy around it passes. The crypto project is too new to evaluate its products at the moment, which may make or break its trajectory in the long run. Hoping for a gradual upward trend, Elongate’s price forecast could be pegged at $0.0000030 by 2030.
Elongate Price Prediction: Conclusion
This Elongate crypto price prediction has highlighted how, despite its recent dramatic drop in value, ELONGATE can still prove to be valuable if it can meet some key expectations.
While some have taken the cryptocurrency world by storm and continue to top the market cap charts, others offer little value, and still others are outright scams. Not all memecoins pumped up the initial hype right after launch, making long-term investments in these coins a bad idea. Arguably, Elongate is one of them.
This article reviews an optimistic price forecast for the ELONGATE coin over the next few years, yet given its low trading volume, it could be delisted from exchanges and abandoned altogether.
We also cover the economics of the token, the background of the Elongate project and the reasons why it is gaining market attention in certain areas. Although the price of the ELONGATE crypto has moved away from its May 2021 highs, the coin’s high social media following provides a potential platform for its recovery – if those involved are not fake and paid bots.