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 Elon Gate. 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.”
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.