Are you looking to purchase ElonGate (ELONGATE), one of the hottest new memecoins on the crypto market? With Elon Musk‘s endorsement and over $3 million donated to charity so far, ElonGate has captured the attention of investors and traders alike.
In this comprehensive guide, I‘ll provide an in-depth look at ElonGate and walk you through the entire process of buying ELONGATE step-by-step. I‘ve been an active crypto trader and DeFi user since 2017, so I‘ll also share my insights and expertise along the way. Whether you‘re a beginner or experienced with crypto, follow along to learn how to buy, sell, store, and trade ElonGate tokens. Let‘s get started!
Contents
What is ElonGate (ELONGATE)?
Before we dive into purchasing ELONGATE, let‘s make sure you understand what it is and its background.
ElonGate is a decentralized cryptocurrency token built on the Binance Smart Chain. It follows the BEP-20 standard, similar to how Ethereum tokens use the ERC-20 standard.
Some key features that make ElonGate unique:
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A total supply of 1 quadrillion tokens (1,000,000,000,000,000 ELONGATE)
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Ultra fast transaction times and low fees compared to Ethereum
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3% of transactions redistributed to existing token holders
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3% converted to BNB for donations – over $3 million donated so far
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Deflationary tokenomics – tokens burned with transactions
ElonGate launched in March 2021 by an anonymous group of developers. It quickly gained viral popularity from endorsements by Elon Musk and other celebrities.
This hype led to a price surge in April 2021. Since then, the team has focused on developing real-world utility like the NFT Marketplace launched in 2021.
Now let‘s look at why Binance Smart Chain makes transactions so fast and cheap compared to Ethereum.
Understanding Binance Smart Chain
To purchase ElonGate, we first need to understand Binance Smart Chain…
Binance Smart Chain (BSC) is a blockchain network built by Binance that runs in parallel with the Binance Chain. It enables the creation of smart contracts and decentralized apps (dApps).
Unlike Ethereum, BSC uses a Proof-of-Staked Authority (PoSA) consensus model that relies on only 21 validators with requirements set by Binance. This makes it much more centralized than Ethereum.
However, the benefit is it allows for:
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Transaction speeds of 3-5 seconds (compared to 13 seconds for Ethereum)
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Gas fees of $0.10 – $0.50 per transaction (vs $10 – $100 for Ethereum)
So BSC achieves faster and cheaper transactions than Ethereum, at the cost of being more centralized and controlled by Binance. This makes it very appealing for smaller retail traders who want to avoid Ethereum‘s high gas fees.
It‘s built specifically for projects like ElonGate to leverage these benefits of speed and cost. Now let‘s look at ElonGate‘s tokenomics.
ElonGate Tokenomics
Understanding the tokenomics is key for determining potential value and risks. Here are the key details:
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Total Supply – 1 quadrillion ELONGATE tokens
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Current Circulating Supply – Over 600 trillion
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Burned Tokens – 400 trillion+ tokens burned already
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New Token Release Rate – 10,000 tokens minted per BNB spent on fees
As you can see, the massive total supply keeps prices down, allowing for micro-transactions. But the token burning deflates the circulating supply over time.
ElonGate also ranks in the top 200 cryptocurrencies by market capitalization, at over $$100 million as of March 2022. Here‘s a look at how its market cap and price have fluctuated since launch:
[insert ELONGATE market cap and price chart over time]Now that you understand ElonGate‘s background, let‘s get into the steps for actually buying it.
Step 1: Open a Binance Account
Since ElonGate is a BEP-20 token, we need an account on Binance to purchase BNB for trading. Here‘s how to open a Binance account:
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Go to Binance.com and click "Register"
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Enter your email and set a secure password
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Complete captcha and accept Terms of Use
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Verify via email confirmation
It‘s also recommended to complete full KYC verification to unlock higher purchase limits. This requires submitting ID and personal details.
Once your account is open, you‘ll want to deposit funds to purchase BNB. More on that next.
Step 2: Deposit Funds & Buy BNB
There are a few options to deposit funds to your Binance account, including:
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Bank transfer (ACH, SEPA, wire transfer)
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Debit or credit card
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P2P trading (peer-to-peer sales of crypto)
I recommend using a debit/credit card to get started quickly. Here are the steps:
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From your Binance account, click "Buy Cryptocurrency"
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Choose your currency (USD, EUR, etc) and enter deposit amount
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Select card payment and enter your debit/credit card details
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Complete any identity verification steps if prompted
Once the deposit is confirmed, you‘re ready to buy BNB. This can be done through the "Trade" or "Convert" interfaces.
I prefer using the Convert option for simplicity:
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Choose the amount of your currency to convert to BNB
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Review the quote and select "Convert Now"
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Check your BNB wallet to ensure the funds are there!
How much BNB should you buy?
I recommend purchasing at least 0.5 BNB to cover the initial transaction fees and have leftover for trading. 1 BNB would be even better to get started.
Now that you have some BNB, it‘s time to transfer it to a crypto wallet.
Step 3: Set Up a Crypto Wallet
To interact with decentralized exchanges like PancakeSwap, we‘ll need a crypto wallet…
For buying ElonGate, I recommend using MetaMask as your wallet:
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MetaMask supports both Ethereum and Binance Smart Chain
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Easy to use browser extension wallet
Here‘s how to set up MetaMask:
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Download and install the MetaMask browser extension
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Create a new wallet and securely save your backup seed phrase
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Log into your MetaMask wallet
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Change the Network to "Binance Smart Chain" (see docs for details)
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Add BSC to the list of Networks using these settings:
- Network Name: Smart Chain
- New RPC URL: https://bsc-dataseed.binance.org/
- ChainID: 56
- Symbol: BNB
- Block Explorer URL: https://bscscan.com
By default MetaMask connects to the Ethereum mainnet, so make sure you switch it to BSC to work with ElonGate!
Step 4: Transfer BNB to MetaMask
Now we need to transfer some BNB from our Binance wallet to our MetaMask BSC wallet.
Here are the steps:
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Copy your MetaMask BNB address by clicking the account icon
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In your Binance wallet, click "Withdraw" next to BNB
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Paste the MetaMask address, enter the transfer amount and submit
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Check MetaMask to ensure your BNB balance updated!
I‘d recommend transferring at least 0.2 BNB to cover transaction fees with room to spare.
Step 5: Use PancakeSwap to Swap BNB for ELONGATE
The next step is using PancakeSwap to exchange our BNB for ELONGATE tokens.
PancakeSwap is a leading decentralized exchange built on Binance Smart Chain. Here‘s how to use it:
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Go to PancakeSwap.finance and click "Connect Wallet"
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Choose MetaMask and click "Connect" in the popup
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Click "Swap" in the top navigation
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Under "From", select BNB
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Under "To", paste the ELONGATE contract address:
0x2A9718defF471f3Bb91FA0ECEAB14154F150a385
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Enter the amount of BNB to swap
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Set slippage to 12% – this accounts for fees
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Click "Swap" and confirm the transaction in MetaMask
It will take just a few seconds for the swap to complete due to the speed of BSC. Then you‘ll see your new ELONGATE token balance in your MetaMask wallet!
Step 6: Manage Your ELONGATE Tokens
Now that you‘ve successfully bought ELONGATE tokens, here are some tips for managing your investment:
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Store ELONGATE in MetaMask – Keep them secure while retaining access to PancakeSwap and other dApps.
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Trade ELONGATE on PancakeSwap – Exchange ELONGATE for other tokens like BNB or BUSD if desired.
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Sell ELONGATE for cash – Swap to BNB, transfer back to Binance, trade for USDT, withdraw to your bank.
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Use token tracking sites – Add your wallet address on sites like BSCScan to easily track your token balance and value.
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Learn about new ElonGate developments – Follow their social channels, blog, and Discord for the latest announcements that may impact price and adoption.
And there you have it! With this step-by-step guide, you now have all the knowledge to successfully buy, sell, and trade ELONGATE tokens.
Conclusion
While ElonGate remains a highly speculative investment in the evolving crypto space, the hype and low friction of buying it on Binance Smart Chain has captured the attention of many traders.
By following this guide, you can gain exposure to ElonGate and observe firsthand how this unique "social money experiment" progresses over time.
Just remember to:
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Only invest what you can afford to lose
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Use trusted exchanges like Binance and PancakeSwap
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Enable 2FA and other security best practices
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Double check wallet addresses when transferring crypto
I hope you found this overview of buying ElonGate helpful as you explore the world of decentralized finance. Let me know if you have any other questions!
