How to Buy ElonGate Crypto
Posted by Frank Gogol
Are you interested in crypto but want to go a bit further and settle for a less known crypto instead of Bitcoin and Ethereum? Elongate is one of the cryptocurrencies that started gaining more popularity just recently, especially since the concept all started from a meme. But in order to work with the currency, you need to know how to buy ElonGate crypto, to begin with. We will take you through the steps in this article.
Table of Contents
What Is ElonGate Crypto?
ElonGate is one of the newer cryptocurrencies that gained popularity pretty fast. Believe it or not, but it all started from a meme – so, the crypto began as a joke and slowly developed from that. So, it started from a tweet posted by Elon Musk. He was telling his Twitter followers that if he is ever part of any scandal, it should be called “ElonGate”, hence the name of the crypto now. After the tweet was posted, a fan instantly started working on the ElonGate website.
The token started trading in April 2021 on Pancakeswap, and it was listed at $0.000000084. On 4/21, it reached its peak, at $0.000001000 per token. This was a return of about 1,200% since the token first started trading. Ever since, it went back to about $0.00000080, which is around 10 times the value of the first trading price. It is essential to know that currently, these tokens are some of the most volatile investments.
The ElonGate token is a BEP-20 one on the Binance Smart Chain, and it is similar to another token, respectively an ERC-20 one on Ethereum. However, the Binance Smart Chain network is used instead of the Ethereum one. This is better for investors with less money, considering the Ethereum network is packed with a lot of high gas fees.
The Binance Smart Chain network can process transactions at a much lower cost in comparison, and this is aided by the proof-of-stake model that helps secure the blockchain. Since Binance controls a lot of network validators, it is more centralized than Ethereum.
In terms of token economics, ElonGate is quite similar to other tokens such as SafeMoon. Both tokens’ maximum supplies are very high. SafeMoon has a 640 trillion token supply, whereas ElonGate has a supply of about 600 trillion. This is to make up for the 400 trillion tokens that were burned already.
The price of the ElonGate is maintained at below a cent as a result. When investors sell out of their position, the tokens are burned. Also, some of the funds taken from fees will be put into a charity pool. So, the token proceeds will end up donating to a charity that the community gets to choose.
How to Buy ElonGate
It’s important to know how to buy ElonGate crypto if you want to trade it. Therefore, here are the steps that you will need to take:
Open a Binance Account
The first thing you have to do is open an online account with Binance. This is the way to purchase ElonGate. You will have to wait for the Binance account approval, especially if you are from the U.S. This may take several days. If you have an IP address that is not from the U.S., it may only take a few minutes to gain access to your Binance account.
When you’re done registering, the first thing you should do is purchase some BNB tokens. Buy as much as you would like to invest in ElonGate. This is because BNB tokens are used by Pancakeswap to buy BEP-20 tokens.
Download an External Crypto Wallet
If you want to trade on Pancakeswap, you will need an external cryptocurrency wallet. The two best ones for Pancakeswap use are Metamask and Trust Wallet. MetaMask can be bought from Google Chrome’s store, whereas Trust Wallet can simply be downloaded on an Android or iOS phone. Metamask is an extension for Google Chrome, which will make it easier to connect if you are on your PC and if you are connecting it to a website that supports it.
You should know that after downloading it, Metamask will be automatically set to the Ethereum network. So, if you want to set it to the Binance Smart Chain, you will have to click at the top of the Ethereum Mainnet wallet. Afterward, you will have to go to “Custom RPC”. Once you’re there, these parameters should be introduced:
Network name: Binance Smart Chain
New RPC URL: https://bsc-dataseed1.binance.org:443
Block Explorer: https://explorer.binance.org/smart
You will get connected to the Binance Smart Chain after entering this information. Now you are able to send the BNB tokens to the MetaMask wallet, which will allow the Pancakeswap exchange to begin.
Buy the ElonGate Tokens
You are now ready to buy some ElonGate. The coolest thing about this is that it’s very easy to buy tokens on Pancakeswap. All you have to do is look it up. There is an automated market maker that will then quote you an ElonGate price based on how much you wish to purchase. There shouldn’t be high slippage rates as long as you do not buy hundreds of thousands of dollars, though.
Still, it’s very important to check the slippage before making the transaction confirmation.
Where to Buy ElonGate
Unlike other cryptocurrencies, ElonGate will not be found on large crypto exchanges such as Coinbase, for instance. This is the case at least until the token gains more popularity. Luckily, you can still purchase the cryptocurrency online if you know where to look. One way to do it is by going to Binance, purchasing some Binance Token, and trading it for Elongate.
After buying the BNB, you have to transfer it to an external cryptocurrency wallet of your choice, whichever you think is the most suitable for this. Then, go to Pancakeswap and use the 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385 address, which is the Elongate token address. This will allow you to exchange it with the BNB that you own.
How to Trade, Sell and Convert ElonGate
If you are interested in trading, selling, and converting the ElonGate tokens, then you can only do so through Pancakeswap at the moment. Selling the ElonGate tokens can be done on the Pancakeswap DEX. Trading the tokens for BNB tokens is possible too, and you can even send the BNB tokens to the Binance account, after which you can cash it out to actual USD.
The Bottom Line
You can buy ElonGate tokens very easily using Pancakeswap. Even though the token started as a joke due to Elon Musk’s tweet, it expanded and became one of the most popular tokens on the market and one of the most convenient ones. It has great potential to grow even more in the future if people start trading it.
Make sure that you create a Binance account and get an external crypto wallet if you want to buy ElonGate. The Binance account creation process may take a few days for U.S. citizens, but people from other places may be able to start buying ElonGate right away.