ElonGate has emerged as a new favorite in the Binance Smart Chain community. Binance Smart Chain transactions are substantially less than Ethereum transaction costs, making the platform far more accessible to ordinary investors.
Many new cryptocurrencies have developed on the market as a result of the low barrier to entry. These currencies are soaring in value despite the fact that they lack actual products or competitive advantages over other cryptos already on the market.
If you are interested in getting started with ElonGate crypto, then keep reading this guide because we will talk about what ElonGate crypto is, how to buy it, where to buy it, and how you can trade, sell and convert it so that you can get a head start in this cryptocurrency that everyone is talking about.
What Is ElonGate Crypto?
ElonGate is a relatively new cryptocurrency that has quickly acquired traction. Believe it or not, it all started with a meme – and therefore the birth of the cryptocurrency began as a joke and gradually evolved from there.
It all started with a tweet from Elon Musk as he was saying to his Twitter followers that if he was ever involved in a controversy, it should be named “ElonGate”, thus the name of the cryptocurrency currently.
After the tweet was sent, a fan immediately began working on the ElonGate website. It may have started out as a joke but as time goes on, this currency is getting much more serious!
The coin debuted on Pancakeswap in April 2021, with a price of $0.000000084. It peaked on 4/21, at $0.000001000 per token.
Since the token’s inception, it has returned almost 1,200 percent. Since then, it has returned to about $0.00000080, which is around ten times the value of the initial trading price.
It is critical to understand that these coins are now among the most volatile assets.
The ElonGate coin is a BEP-20 token on the Binance Smart Chain, and it is comparable to another token on Ethereum, which is an ERC-20 token.
However, instead of the Ethereum network, the Binance Smart Chain network is employed. This is preferable for investors with little funds, as the Ethereum network is densely packed with hefty gas expenses.
In comparison, the Binance Smart Chain network can execute transactions at a far cheaper cost, thanks to the proof-of-stake methodology that helps protect the blockchain. Binance is more centralized than Ethereum since it controls many network validators.
ElonGate’s token economics are quite comparable to those of other tokens like as SafeMoon. The maximum supply of both tokens is quite high.
SafeMoon has a token supply of 640 trillion but ElonGate has a quantity of around 600 trillion. This is compensation for the tokens amounting to 400 trillion that have already been burned.
As a result, the price of ElonGate’s remains below one cent. When investors sell their positions, the tokens are destroyed.
In addition, a portion of the revenues collected will be donated to a charity. As a result, the token revenues will be donated to a charity chosen by the community.
How Do You Buy ElonGate Crypto?
The first step is to create an online account with Binance. This is the method for purchasing ElonGate. You will have to wait for Binance account approval, particularly if you are from the United States. This might take a few days.
If you have an IP address that is not from the United States, you may be able to access your Binance account in a matter of minutes.
After you’ve finished registration, the first thing you should do is buy some BNB tokens. Purchase as much ElonGate as you want to invest. This is because Pancakeswap uses BNB tokens to purchase BEP-20 tokens.
You will need an external bitcoin wallet to trade on Pancakeswap. Metamask and Trust Wallet are the two best for Pancakeswap usage.
Trust Wallet may be downloaded on an Android or iOS phone, whilst MetaMask can be purchased via the Google Chrome store.
Metamask is a Google Chrome plugin that will make it easy to connect if you are on your PC and connected to a website that supports it.
After you download Metamask, it will be configured to the Ethereum network automatically but if you want to use the Binance Smart Chain you have to select it where it is located at the top of the wallet, then click ‘custom RPC’.
Where To Buy ElonGate Crypto?
ElonGate, unlike other cryptocurrencies, will not be available on mainstream crypto exchanges such as Coinbase. This will be the case until the token becomes more popular.
Fortunately, if you know where to search, you can still buy the cryptocurrency online. One method is to go to Binance, buy some Binance Token, and then trade it for ElonGate.
After purchasing BNB, you must move it to an external cryptocurrency wallet of your choosing, whatever you believe is most suited for this purpose.
Then, go to Pancakeswap and enter the ElonGate token address, 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385. This allows you to swap it for your own BNB.
Trading, Selling, And Converting ElonGate Crypto
For the time being, the only way to trade, sell, or convert ElonGate tokens is through Pancakeswap. ElonGate coins may be sold on Pancakeswap DEX.
You can also trade these tokens for BNB tokens and transfer the BNB tokens into your Binance account to cash out in USD.
Summary
Pancakeswap makes it incredibly simple to obtain ElonGate tokens. Despite the fact that the token began as a joke as a result of a tweet made by Elon Musk, it grew to become very popular and convenient as a token on the market.
If it continues to be traded by people, there are a lot of opportunities for this currency to grow more and more in the future.
If you wish to purchase ElonGate, you must first open a Binance account and obtain an external crypto wallet.
The process of opening a Binance account may take a few days for US citizens, while users in other countries may be able to acquire ElonGate soon.
If you enjoyed this article, you might enjoy our post on ‘Does Dogecoin Have A Cap?‘.
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