The world of cryptocurrencies is getting more and more diverse. ElonGate is one of the less-known cryptocurrencies, but it’s gaining popularity because its concept started from a meme.
If you’re interested in crypto but want to go even deeper than Bitcoin and Ethereum, then ElonGate might be just for you.
If you’re curious about how exactly to buy ElonGate tokens, there’s information below!
What is ElonGate Crypto?
ElonGate is a relatively new cryptocurrency that has exploded in popularity.
Surprisingly, it all started with a meme — in other words, the cryptocurrency started as a jest and gradually evolved from there.
Thus, all began with a tweet written by Elon Musk. He was advising his Twitter followers that if he was ever involved in a controversy, it should be termed “ElonGate,” which is how the cryptocurrency got its name.
Following the tweet’s publication, a fan immediately began working on the ElonGate website.
ElonGate is a Binance Smart Chain BEP-20 token. This is comparable to an ERC-20 token on Ethereum, except that ElonGate utilizes the Binance Smart Chain rather than the Ethereum network.
Ethereum’s network is hampered by high gas fees, making it prohibitively expensive for investors with tiny amounts of capital to use.
Binance Smart Chain’s blockchain is secured by a novel proof-of-stake architecture. As a result, the network is capable of processing transactions at a fraction of the cost compared to Ethereum.
Such efficiency, however, comes at a cost. Binance Smart Chain is far more centralized than Ethereum since Binance owns the network’s numerous validators.
ElonGate’s token economics are comparable to those of other Binance Smart Chain tokens such as SafeMoon.
Both SafeMoon and ElonGate have absurdly large maximum supply limits: SafeMoon holds a maximum supply of 640 trillion tokens, whereas ElonGate holds a maximum circulating supply of about 600 trillion tokens, after accounting for the 400 trillion tokens already burned.
As a result, ElonGate’s price remains below a cent. Furthermore, when investors liquidate their investments, the tokens are burned.
Additionally, a portion of the fees collected will be donated to charity.
As a result, the token revenues will be donated to a charity selected by the community.
The cryptocurrency began trading on Pancakeswap in April 2021, with a price of $0.000000084. It peaked on 4/21 at $0.000001000 per token. This was a gain of approximately 1,200% since the token began trading.
Since then, it has returned to approximately $0.00000080, which is approximately ten times the value of the initial trading price. Therefore, it is critical to understand that these coins are now among the most volatile assets available.
How to Buy ElonGate
Many people are interested in trading ElonGate crypto because it can be used as an investment and a digital currency. If you want to buy ElonGate, then here is what it will take:
Create a Binance account
The first step to invest in ElonGate is opening an account with Binance. You will have to wait for approval if you’re from the U.S., but it shouldn’t take long at all! When that’s done, buy as many Binance Coins (BNB) as you wish to invest in ElonGate. This is due to the fact that Pancakeswap uses BNB tokens to purchase BEP-20 tokens.
If you want to trade on Pancakeswap, an external cryptocurrency wallet is required.
Download a Third-Party Cryptocurrency Wallet
To trade on Pancakeswap, you’ll need a third-party bitcoin wallet.
Metamask and Trust Wallet are the two best for Pancakeswap use.
MetaMask can be downloaded for Google Chrome, Mozilla Firefox, Brave, and Microsoft Edge. In comparison, users can download Trust Wallet on an Android or iOS smartphone.
Metamask is a Google Chrome extension that makes it easier to connect when using your PC and connect to a website that accepts it.
Particularly, MetaMask is a browser extension that enables you to access Ethereum-enabled distributed applications (Dapps) directly from your browser!
Once you download the software crypto wallet, Metamask will be configured to use the Ethereum network by default.
Therefore, in order to change it to the Binance Smart Chain, you must click at the top of the Ethereum Mainnet wallet.
Following that, navigate to “Custom RPC.” When you arrive, the following parameters should be set accordingly:
Network name: Binance Smart Chain
New RPC URL: https://bsc-dataseed1.binance.org:443
Block Explorer: https://explorer.binance.org/smart
One more step, and you’ll be trading on Pancakeswap! After this information is entered, you will be connected to Binance Smart Chain. You can now transfer your BNB tokens to your Metamask wallet and begin trading on the Pancakeswap exchange.
Buying ElonGate tokens
You’ve been looking for an easy way to purchase ElonGates, and you have just found it! The most remarkable thing about this is that it’s straightforward and quick with Pancakeswap.
It is extremely simple to purchase tokens on Pancakeswap. All that is required is to conduct a search.
An automatic market maker exists, which will subsequently quote you a price for ElonGate based on the quantity you plan to buy.
However, there should be no significant slippage rates provided that you do not purchase hundreds of thousands of dollars.
Nevertheless, before confirming your transaction, ensure that you have checked for slippage.
Where to Buy Elongate
You can buy ElonGate through a variety of means. First and foremost, this cryptocurrency is not available on large exchanges like Coinbase. Unfortunately, this is the case, at least until it gains more popularity, and chances are you could still obtain your coins online if you know where to look!
If you want to buy it, your best bet is probably Binance. One method is to visit Binance, purchase Binance Tokens, and then exchange them for ElonGate.
Trading, Selling, or Converting
Pancakeswap is the most reliable exchange for trading, selling, and converting ElonGate tokens. Selling your tokens can be done on this DEX, but you’ll need to send them through an account at Binance first before cashing out in USD!
On the Pancakeswap DEX, you can sell ElonGate tokens. Trading the tokens for BNB tokens is also viable, as is sending the BNB tokens to a Binance account and then cashing them out in fiat.
Following your purchase of BNB, you must move it to an external cryptocurrency wallet of your choice, whatever you believe is the most appropriate for this purpose.
Then, navigate to Pancakeswap and use the ElonGate token address 0x2A9718defF471f3Bb91FA0ECEAB14154F150a38. This enables you to trade it for your own BNB.
The Cryptocurrency That’s Growing in Popularity
ElonGate is a fun, easy-to-buy token that has been growing in popularity. It’s easy to buy them on Pancakeswap, and they’re worth keeping an eye on for future potential growth.
If you want to get your hands on some tokens and become a part of this exciting new world, make sure you create an account with Binance and obtain a third-party wallet so you can ultimately invest in its growth potential. You don’t have to worry about the process being difficult because we walked you through everything step by step.
What do you think? Is now the time for ElonGate?