Elon Musk is the ultimate troll in the crypto industry. After a recent tweet by Tesla’s CEO, a new cryptocurrency was created, called Elongate. Let’s see what it is and how to buy it, before it skyrockets. The memestock explained.
Notice: Egorithms is not a financial advisor, provider, or expert. We are a fun media just trying to provide you information. We are not advising you on investing, because we are no experts, either. We will just tell you about the opportunity.
What is Elongate?
If there’s ever a scandal about me, *please* call it Elongate— Elon Musk (@elonmusk) March 25, 2021
So, long story short, this tweet from March 25th is what started it all.
Within a couple of hours, a website, called ElonGate.com was created for a cryptocurrency which goes by the name “ElonGate”.
As you can see, people are not referring to a scandal but rather to a investment opportunity.
About the Elongate cryptocurrency
Some traders believe that the new elongate crypto has a great potential, because whenever Elon tweets about a certain coin – it skyrockets. An example is what happened to Blockchain and Dogecoing.
Elon, himself, is a big fan of “meme coins”. And still, everything is fun and fresh until we start talking about real money.
Did Elon Musk create Elongate?
So, is it possible that Elon is behind all of this? Is it possible that Elon Musk, himself, created Elongate?
Well, at first glance, the website was clearly made up in a couple of hours.
Who created Elongate?
Nobody knows, but on the website it says that the token has a charity purpose too. The team says they are planning to add a donation system for support to the United Nations’ World Food Programme in help of starving kids.
How to buy Elongate? Step-by-step guide
There is a step-by-step guide on buying Elongate on the official website of the coin. It says that you should use PancakeSwap in order to buy the crypto. You can also buy the currency by using Metamask or Trustwallet.
If you are a beginner, a new investor or this is ther first time you are thinking about buying crypto, we can describe the process in 5 simple steps.
- Create a Binance account
Binance is the largest cryptocurrency exchange in the. From 2019 till now.
2. You put some money (dollars, euros) and trade them into BNB
BNB is the cryptocurrency (token) of the Binance platform. It’s easier if you do this on mobile.
3. Download the Metamask Wallet web extension. Connect your BNB to Metamask Wallet by using a Binance Smart Chain.
You can do that in Metamask > Settings > Networks > Add Network. Full tutorial here.
4. Withdraw your BNB and send it to your wallet. Tutorial
Notice: It may take a couple of minutes to process, your money is not lost if you selected everything right, so chill.
5. Use PancakeSwap to buy Elongate by following the button on elongate.co. Set the desired amount for swap and select slippage between 11% – 12%.
Bought an Elongate token but can’t find it in my wallet. Where is it?
Follow these steps
- Click on your Meta Mask Website Extension
- Select View in explorer
- Scroll down on the new page and open the tab “BEP Token”
- Find the Elongate token and copy the contract adress
- Click on the Meta Mask Website Extension once again and add a custom token. In the address form, paste the address.
- Select add token. Congrats!
Is Elongate safe to buy?
No, because all investments are risky. By investing you are putting your money on risk, so be careful and wise, please. No matter how many platforms you use, investing is always a risky thing to do, so never use your only savings. Only money which you are sure you won’t need in short term. Invest only with money which you are ready to sacrafice.
Should I invest in Elongate?
Let’s find the answer to your question by taking a short quizz:
- Are you planning to invest money that belongs to your savings account?
- Is the percentage that you are willing to invest, more than 30% of all the money you have?
- Are you planning on buying something once-in-a-lifetime anytime soon?
- If an accident happens, can the amount which you are willing to invest, be useful, needed, and life-saving?
- Did you go through a life-changing event recently?
If most of your asnwers are “Yes” – You most probalbly shouldn’t invest at all.
If most of your answers are “No” – Maybe you can, but it’s still a risk.
Be responsible. Be safe!
I can’t buy the Elongate token. What to do?
Update: As of March 28th, the PancakeSwap system states the following error when attempting to buy the token:
“The transaction cannot succeed due to error: PancakeRouter: INSUFFICIENT_OUTPUT_AMOUNT. This is probably an issue with one of the tokens you are swapping.”