How to buy ElonGate (ELONGATE) now • Benzinga
Elongate is a new favorite in the world of Binance Smart Chain. Trading on Binance Smart Chain is significantly cheaper than trading fees on Ethereum, making the platform much more accessible to retail investors. With this low barrier to entry, many new cryptocurrencies have appeared on the market. These coins are skyrocketing in value even without real products or competitive advantages over other cryptos already on the market.
What is ElonGate?
ElonGate is a BEP-20 token on Binance Smart Chain. This is similar to an ERC-20 token on Ethereum, but instead of using the Ethereum network, ElonGate uses the Binance smart chain. Ethereum’s network is plagued by high gas fees, making it difficult for investors with little capital to use its network.
Since Binance Smart Chain uses a unique proof of stake model to secure its blockchain, the network can process transactions at a fraction of the cost it would take on Ethereum. However, this efficiency comes at a price. Binance Smart Chain is much more centralized than Ethereum, as Binance controls many validators on the network.
ElonGate has tokenomics (token economy) similar to other Binance Smart Chain tokens like SafeMoon. SafeMoon and ElonGate have ridiculously high peak supplies: SafeMoon has a peak supply of 640 trillion tokens, while ElonGate has a peak circulating supply of around 600 trillion, which is the 400 trillion tokens that have already been burned. .
This high supply directly affects the price of ElonGate, causing it to stay well below a dime while having a market cap of several million dollars. The supply is technically deflationary, as tokens are burnt when investors sell their position. A portion of the funds collected as fees are placed in a charity pool and the proceeds from these tokens are donated to a charity chosen by the community.
Brief history of ElonGate
ElonGate started trading on Pancakeswap in early April 2021 for around $ 0.000000084. The token peaked on 4/21 at a price of $ 0.000001000 per token, which is approximately 1200% return since the token began trading. Since then, the token has dropped back down to around $ 0.00000080, which is roughly 10 times the value of ElonGate’s initial trading price.
Step 1: Open an online account with Binance.
To purchase ElonGate or any other BEP-20 token, you will need to create a Binance account. If you are from the United States, it may take a few days for your Binance account to be approved. If your IP address is not from the United States, you can use binance.com to create an account within minutes.
Once you have signed up for a Binance account, you will need to purchase BNB tokens. Make sure you buy as much BNB as you want to invest in ElonGate, as Pancakeswap uses BNB tokens to buy BEP-20 tokens like ElonGate.
A software wallet is required to start trading on Pancakeswap. The 2 best cryptocurrency wallets to use with Pancakeswap are Trust Wallet and Metamask. Trust Wallet can be downloaded on iOS and Android, while Metamask can be purchased from the Google Chrome Store.
What’s great about Metamask is that it’s a Google Chrome extension. This makes it easy to connect your wallet to any website that supports Metamask, such as Pancakeswap and Uniswap. When you download Metamask, it will default to Ethereum’s network. In order to configure your wallet to be interoperable with Binance Smart Chain, you will need to click on the icon at the top of your wallet labeled “Ethereum Mainnet”. Once you click on this icon, you need to go to “Custom RPC” and enter the following parameters:
- Network Name: Binance Smart Channel
- New RPC URL: https://bsc-dataseed1.binance.org:443
- ChainID: 56
- Symbol: BNB
- Block explorer: https://explorer.binance.org/smart
Once you have entered this information, you will be logged into Binance Smart Chain. You can now send your BNB tokens to your Metamask wallet and you will be ready to start trading on the Pancakeswap exchange.
Step 3: complete your purchase.
Fortunately, buying tokens on Pancakeswap is much easier than setting up your cryptocurrency wallet to interact with Binance Smart Chain. To buy an asset, just search for the token you want to buy – in this case, ElonGate.
The Automated Market Maker (AMM) on Pancakeswap will quote you a price for ElonGate based on the number of tokens you wish to purchase. Unless you’re buying hundreds of thousands of dollars worth of crypto, you shouldn’t experience very high slip rates. However, be sure to verify the slip before confirming your transaction. Slip is the difference in value of the 2 investments, and you can set a maximum slip percentage directly on Pancakeswap.
Bonus section: Binance Smart Chain tokens are among the most volatile investments on the market today. If you can find a winner, these tokens can appreciate over 1000% in a matter of days. However, these coins are unlikely to hold their value in the long run, so make sure you have a plan in place to take profit.
Leverage your crypto with BlockFi
BlockFi uses cryptocurrency guarantees on loans to lend money to investors without any credit approval required. Instead, if you default on your loan, your collateral will be foreclosed. Investors who wish to use leverage can take out loans on their crypto to gain market exposure, although this strategy is risky.
For investors who are less risk-tolerant, BlockFi offers cryptocurrency savings accounts with high annual interest rates. By depositing Ethereum, Bitcoin, or even Stablecoins, you can earn over 10% annual interest on your investment.
Trade, sell or convert your ElonGate
Since ElonGate is a Binance Smart Chain token, it is currently only offered on Pancakeswap. If you decide to sell your ElonGate tokens, you can do so using the Pancakeswap DEX. You will need to exchange your ElonGate for BNB tokens, and you can send these BNB tokens to your Binance account to cash out in USD.
Current crypto prices
Cryptocurrencies were the hottest investment of 2021. Not only has Bitcoin appreciated nearly 100% this year, but Ethereum has shown returns of around 400% over the same time frame. Smaller altcoins like those from Binance Smart Chain have shown even higher returns, versus melting returns, but you take a much higher risk with smaller market cap coins.
Is ElonGate a good investment?
ElonGate does not have any products and does not provide any unique benefits to its users. The projected roadmap for ElonGate recognizes that there are no real use cases. ElonGate has a roadmap on their website, and their final step is to implement “real world use cases”. However, it is extremely vague; your guess as to what that means is as good as mine.
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