For many of us who have recently started gaining interest in cryptocurrencies, investing in bigger coins such as Bitcoin and Etherium can be a bit daunting. However, there is lesser-known crypto called ElonGate that is significantly cheaper than other cryptos and provides great returns.
ElonGate gained popularity recently after the famous tweet of Tesla CEO Elon Musk. It is now skyrocketing to a much higher value, even with no edge over other cryptocurrencies. In this article, we will talk about this newly introduced cryptocurrency and how to buy one.
A Bit About ElonGate Crypto
It all started with a meme Elon Musk tweeted, “If there’s ever a scandal about me, please call it ElonGate.” After Musk posted his tweet, a fan immediately started working on the ElonGate website.
ElonGate is a BEP-20 deflationary token, which is quite similar to the ERC-20 token in Ethereum but uses the Binance Smart Chain instead of Ethereum’s network. Since the Binance Smart Chain is more centralized than Ethereum because of its several network validators, it processes transactions at a cost much less than that of Ethereum.
The good thing about the Binance Smart Chain network is that it is secured with unique encrypted architecture, making it more efficient. When ElonGate first started trading in 2021 on Pancakeswap (a Binance Smart Chain-based decentralized application), it was listed at $0.000000089.
Within just four days, it reached $0.000001000, making a return of more than 1000% on its investment. It then stayed at 0.000000080, which was around 10 times the initial trading value.
Reason for the Skyrocketing
Elon Musk has been the main driving factor leading to several cryptocurrencies rising higher. If he tweets about a coin and draws people’s attention to it in any way, his followers go after that without a second thought.
As a result, the value of the currency increased immensely. Musk’s influence on the Dogecoin cryptocurrency has been well documented. Dogecoin, which was created as a prank in 2013, skyrocketed in value within a year. The value of one Dogecoin was $0.011427 at the start of the year 2021.
Another such coin that gained attention because of Elon Musk was Supermoon, which was developed in early March of 2021 and is the latest predecessor of ElonGate. The progress of Dogecoin fueled the interest of Supermoon investors, who have been keeping a close eye on Musk’s Twitter account for any reference to the cryptocurrency. It has previously been demonstrated that anything Musk tweets is sent “to the moon.”
Since ElonGate is deflationary, one is not allowed to mine new coins. Therefore, if the demand is high, the price can increase significantly. ElonGate endeavors to provide its customers with the highest level of security and trust by maintaining long-term viability through a rapidly evolving acquisition of market reviews and significant changes.
How Many Tokens are There Currently?
When the ElonGate cryptocurrency went live in 2021, it had a total supply of one quadrillion tokens and has been in circulation since then. At the time of its inception, tokens almost worth 412 trillion were burned. The tokens are burned on a weekly basis, and till now, the count has reached up to 24 trillion.
Step by Step Procedure to Buy ElonGate
Being a relatively new cryptocurrency, ElonGate is not available on bigger platforms such as Binance and Coinbase. But you can buy BNB tokens on your Binance account and convert them on Pancakeswap to buy ElonGate. Here is a step-by-step procedure to guide you:
1. Open A Binance Smart Chain Account
To buy ElonGate, the first step is to open a Binance account. As we mentioned earlier, you will have to register on Binance Smart Chain and wait for approval. It may take longer if you live in the US (maybe a few days). However, if you are from another country, it will hardly take a few minutes to access your online account.
Once you get access, you can purchase some BNB tokens from the Binance account and swap them on Pancakeswap for BEP-20 to trade ElonGate tokens.
In order to avoid high charges, you will need to connect your bank account with the platform, but it will take some time. If you want a quick fix, you can use your debit or credit card for a small charge.
2. Download An External Crypto Wallet
To trade your crypto, you need an external crypto wallet. You can download Trust Wallet or Metamask wallet. Metamask is a Google Chrome extension, so you can easily add it to your browser. By default, the Metamask wallet is set to be on Ethereum’s network. To change it to Binance, you will have to go to the settings and customize it accordingly.
As for Trust Wallet, you can download the app on your phone and sign up to create an account. Remember to save your key somewhere safe (not on paper) so that you don’t lose it.
After signing up, click on the settings and search for BNB or Binance token. It will pop up right away. Now, go back to the original page. It will automatically show the BNB option. Click on that, and it will redirect you to the respective page.
Click on the “Receive” button and copy the ElonGate token address to receive all your BNB tokens from Binance. Now go to your account, click “Withdraw,” and paste the copied URL. It will allow you to send all your BNB tokens to the app. You can use these tokens to buy ElonGate.
3. Purchase ElonGate Cryptocurrency
Based on the guidelines, your exchange process will probably need another verification, taking anywhere between 30 minutes and a few days. The purchasing process on Pancakeswap is quite easy because of its user interface, even easier than registering for your Bitcoin wallet to utilize Binance Smart Chain.
To buy ElonGate on the platform, you simply have to do a query for it, and Pancakeswap will provide all of the necessary details to you. You will get an automated ElonGate price based on how much you want to purchase when it comes to payment. Make sure to check the slippage before completing any transaction. You may be required to complete another KYC procedure, which should take around 30 minutes to a few days at the most, depending on the exchange regulations.
But the procedure should be straightforward and simple to follow, regardless of the guidelines. Upon completion, you should have complete access to your cryptocurrency exchanges.
If you are creating a cryptocurrency account for the first time, you may find the process to be a little overwhelming. Do not be concerned; the process is virtually similar to that of making a money transfer.
Pros and Cons of Buying ElonGate
Like any other cryptocurrency, ElonGate also has its own pros and cons. What is particularly intriguing about this coin is its emphasis on charitable work. Plans to initiate a support system for the United Nations World Food Programme, the Big Green Corporation, and Action Against Hunger are in the works.
This project is linked to an NFT market system, from which 80 percent of the funds raised will be donated to a charity pool. Those are ambitious goals for a coin that was largely conceived as a joke. It is also planned for ElonGate cryptocurrency to create its own NFT launchpad not too far in the long term.
Let’s look at the pros and cons one by one:
- It provides exciting rewards to every holder, which means that whenever you make a transaction, you will get something apart from the tokens.
- The deflationary model allows the coin to be of more value.
- It is sustainable.
- The currency is not available on bigger platforms. So those interested in buying Elongate will have to follow a trail of going through different platforms, buying tokens, and converting them.
- The deflationary methods could also be a disadvantage because the coins are burned every two weeks, and there is no surety of how much the cost would fluctuate.
- Since the price is volatile, it can lead to low inherent value.
- It originated from a meme, and that is not something viable to rely on.
So, Should You Get It?
There is no sure shot “yes” or “no” to this question. Investing in cryptocurrencies is tricky and questions the security of your money. There are high chances that a coin that has no value today can be of a much higher value than its counterparts in the future. Since the token is relatively new, it is tough to predict whether the results will be positive or negative.
Honestly, it’s a risky investment. Therefore, make sure you do your research before buying it. Don’t throw all your money into it. Instead, invest a small chunk of your funds that you will not need in the near future and that you can handle if it goes down.
ElonGate is considered a safer option because of its token, section earnings, token extractions, and many more factors. In the long run, it seems to have potential. So, if you want to buy ElonGate, go ahead. Just make sure not to put all your hard-earned money and play on the safe side.