Elongate is another meme coin that has been inspired by Elon Musk’s tweets. Despite its minuscule worth and weathering of the initial hype, many people are still eager to buy it. Mainly, the solid community backing is motivated by the charitable nature of this crypto
When you look at the name of the coin, Elon Musk is the most obvious association you can make. Surely, the project team was inspired by the famous billionaire. Namely, the token name comes from one of Musk’s tweets: “If there’s ever a scandal about me, *please* call it Elongate”. Nevertheless, Mr. Musk doesn’t have anything to do with the Elongate cryptocurrency.
ELONGATE was legally incorporated as a company on July 23, 2021. It is governed by a leadership board, which includes Hasan Aziz, Chief Operations Officer, and Alexander Gambon, Chief Brand Officer. Along with the rest of the team, they have been enthusiasts and scholars in the crypto space since 2012.
Elongate crypto is one of the so-called deflationary coins operating on the Binance Smart Chain. It means there’s a certain cap placed on the number of existing coins. After reaching the pre-set limit, it will be impossible to mint new Elongate tokens.
In a short time, the crypto has gained immense popularity. Firstly, the joke name brought major hype. Secondly, the project stands out among other crypto assets, having a charitable twist. The mission of the Elongate team is to bring “philanthropy and humanitarian perspective” back to “the crypto narrative”.
Charity is part of Elongate’s tokenomics. Namely, about the third of the 10% fee for all transactions with Elongate tokens goes to charitable initiatives. Currently, the project has already donated to Human Relief Foundation (HRF), Big Green, Action Against Hunger, Children International, and the Ocean Cleanup. According to its official website, total Elongate charity donations have almost reached $3.5 million since the project’s inception.
How to buy Elongate?
Elongate tokens are traded on several blockchain exchanges: Elongate Swap, PancakeSwap, Bismark, and LBank.
Currently, the price for one token is very low: $0.00000009003. The Elongate price today is about 90% lower than its April’s highs of $0.00000109. As the price quickly retreated from this peak, many people started assuming it was another scam. Yet, so far the project still exists and has a certain credibility.
Therefore, you don’t need much money to buy Elongate. Nevertheless, you do need a MetaMask wallet.
Get a wallet
If you’re not already using it, download and install MetaMask. Follow the prompts to set up your account and create your wallet. Make sure to save your Secret Backup Phrase offline.
Since Elongate is one of Binance Smart Chain tokens, Metamask users should be aware that the wallet is not configured to be compatible with BSC by default. You’ll need to change its settings first. Select Settings from the dropdown menu. On the Settings page, locate the Networks option. Click Add Network in the top-right corner to manually add the Binance Smart Chain one – it doesn’t come packaged with MetaMask. You’ll need to fill in some technical details that can be found in the Binance tutorial. Once the BSC network is added to your MetaMask, switch from Mainnet Ethereum Network to Binance Smart Chain.
Load the wallet with BNB
The main BSC token is the Binance Coin (BNB). To get it, you may register at Binance or use other exchanges like KuCoin, eToro, or Crypto.com. You can buy BNB with every crypto or fiat asset that Binance supports or pay with a credit card, though the fee will be higher. You may be appalled by the high price of BNB ($633), but it’s possible to buy a small fraction of the token if you wish.
Next, send it over to your Metamask using your MetaMask’s Binance Smart Chain address. Visit your wallet. Ensure that the wallet is on the Binance Smart Chain network, and click on the address. It is copied automatically. You must enter this address at Binance to withdraw your funds. Select Binance Smart Chain as the transfer network, and enter the amount you want to withdraw. Proceed with the pop-up confirmation screens to finalise your transaction.
Add ELONGATE to MetaMask
Now your MetaMask wallet is on the Binance Smart Chain Network. However, you still need to add the token manually to your wallet.
Unlike an ERC20 on the Ethereum network every token that lives on the Binance Smart Chain Network is a BEP-20 token.
Click on Assets > Add Token > Custom Token
Token Contract Address: 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385
Token Symbol: ElonGate
Decimals of Precision: 9
Connect MetaMask with PancakeSwap or other exchange
Now that you have set up your MetaMask wallet go to the chosen exchange resource. For illustration, the address of PancakeSwap is https://exchange.pancakeswap.finance/.
Then click on the Connect button in the top right corner of your screen. A small window will pop up from where you can select the wallet you wish to connect to. Select MetaMask. It should automatically connect your wallet.
For mobile Metamask versions, tap on the burger icon in the top-left. Tap Browser. Type “PancakeSwap” into the search field and start the search. The top result will be the PancakeSwap exchange. Tap to enter it. Your wallet will ask you to connect. Confirm it with the Connect button to access PancakeSwap.
Note that connecting Metamask to PancakeSwap requires configuring the BSC network in the first place. You should have done it when you transferred BNB to your wallet, but if you’re using a different wallet interface (mobile or web), double-check if the settings are changed to BSC.
In an exchange field, you’ll see an option Select a currency. Copy and paste ELONGATE token contract address and add it to the exchange.
ELONGATE token address is below:
Put in the amount you wish to exchange and click on “Swap”.
If your transaction fails, you may want to adjust your Slippage Rate to 11%. If that doesn’t work try to gradually increase it by 1% at a time.
If everything is fine, confirm the transaction in the pop-up window.
If you decide to use ELONGATE Swap, you won’t need to copy and paste the token’s data. Elongate here can be selected automatically. Besides, you can also use BUSD as an alternative trading pair along with BNB.