Elongate is a new favorite in the Binance Smart Chain world. Transactions on Binance Smart Chain are significantly cheaper than transaction fees on Ethereum, making the platform much more accessible to retail investors. With this low barrier to entry, many new cryptocurrencies have emerged on the market. These coins are skyrocketing in value, even without any true 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 Ethereum’s network, ElonGate uses the Binance Smart Chain. Ethereum’s network is plagued with high gas fees, making it hard for investors with small amounts of 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 of the validators on the network.
ElonGate has similar tokenomics (token economics) to other Binance Smart Chain tokens like SafeMoon. Both SafeMoon and ElonGate have ridiculously high maximum supplies: SafeMoon has a maximum supply of 640 trillion tokens, while ElonGate has a maximum circulating supply of around 600 trillion, accounting for the 400 trillion tokens that have already been burned.
This high supply directly affects the price of ElonGate, causing the price to stay well below a cent while having a multi-million dollar market cap. The supply is technically deflationary, as tokens are burned when investors sell out of their position. A portion of the funds taken as a fee are put into a charity pool, and the proceeds from these tokens are donated to a charity of the community’s choice.
Brief History of ElonGate
ElonGate started trading on Pancakeswap in early April 2021 for about $0.000000084. The token peaked on 4/21 at a price of $0.000001000 per token, roughly a 1200% return since the token began trading. Since then, the token has dipped back down to around $0.00000080, approximately 10 times the value of the initial trading price of ElonGate.
Bonus Section:
Binance Smart Chain tokens are some of the most volatile investments on the market today. If you can find a winner, these tokens can appreciate over 1,000% in the matter of days. However, it’s unlikely these coins will hold their value over the long term, so be sure to have a plan in place to take profits.
How to Buy ElonGate
- Open an online account with Binance.
In order to buy ElonGate or any other BEP-20 token, you’ll need to make a Binance account. If you’re from the U.S, then it may take a few days for your Binance account to be approved. If your IP address isn’t from the U.S, you can use binance.com to create an account within a few minutes.
Once you’ve registered for a Binance account, you’ll need to buy BNB tokens. Make sure to buy as much BNB as you’d like to invest in ElonGate, as Pancakeswap uses BNB tokens to purchase BEP-20 tokens like ElonGate.
- Download Trust Wallet or Metamask.
A software wallet is necessary to begin trading on Pancakeswap. The best 2 cryptocurrency wallets to use with Pancakeswap are Trust Wallet and Metamask. Trust Wallet can be downloaded on iOS and Android, while Metamask can be bought on 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’ll be set to Ethereum’s network by default. In order to configure your wallet to be interoperable with Binance Smart Chain, you’ll need to click the icon at the top of your wallet labeled “Ethereum Mainnet”. Once you click this icon, you must navigate to “Custom RPC” and enter the following parameters:
Network name: Binance Smart Chain
New RPC URL: https://bsc-dataseed1.binance.org:443
ChainID: 56
Symbol: BNB
Block Explorer: https://explorer.binance.org/smartOnce you’ve entered this information, you’ll be connected to Binance Smart Chain. You can now send your BNB tokens to your Metamask wallet, and you’ll be ready to start trading on Pancakeswap’s exchange.
- Make your purchase.
Luckily, buying tokens on Pancakeswap is much more simple than configuring your cryptocurrency wallet to interact with Binance Smart Chain. To buy an asset, simply 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 amount of tokens you want to buy. Unless you’re buying hundreds of thousands of dollars worth of the crypto, you shouldn’t experience very high slippage rates. However, be sure to check the slippage before confirming your transaction. Slippage is the difference in value of the 2 investments, and you can set a max slippage percentage directly on Pancakeswap.
Leverage Your Crypto With BlockFi
BlockFi uses cryptocurrency collateral on loans to lend money to investors without any credit approval necessary. Instead, if you default on your loan then your collateral will be seized. Investors who want to take on leverage can take out loans against their crypto to gain exposure to the market, albeit a risky strategy.
For less risk tolerant investors, 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’s currently only offered on Pancakeswap. If you decide to sell your ElonGate tokens, then you can do so using the Pancakeswap DEX. You’ll need to trade your ElonGate for BNB tokens, and you can send these BNB tokens to your Binance account to cash out to USD.
Current Crypto Prices
Cryptocurrencies have been the hottest investment of 2021. Not only has Bitcoin appreciated close to 100% this year, but Ethereum has shown roughly 400% returns in the same time span. Smaller altcoins like those on Binance Smart Chain have shown even higher, face melting returns, but you’re taking on a much higher risk with small market cap coins.
Is ElonGate a Good Investment?
ElonGate has no product nor does it provide any unique benefits to its users. The projected roadmap for ElonGate admits it doesn’t have real world use-cases. ElonGate has a roadmap on its website, and its final stage is to implement “real world use cases”. However, this is extremely vague; your guess as to what this means is as good as mine.
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