Are you interested in cryptocurrency but want to go a step further and settle for a less well-known cryptocurrency rather than Bitcoin or Ethereum? Elongate is one of the cryptocurrencies that lately gained traction, mainly since the notion originated as a meme. However, before dealing with the money, you must first learn how to acquire ElonGate crypto. In this post, we’ll walk you through the steps.
What Is ElonGate Crypto, And How Does It Work?
ElonGate is a relatively new cryptocurrency that has quickly acquired traction. Believe it or not, it all started with a meme – the crypto started as a joke and grew from there. So it all started with a tweet from Elon Musk. He was instructing his followers on Twitter that any issue involving him should be dubbed “ElonGate,” thus the name of the cryptocurrency. A fan immediately began working following the message just on the ElonGate website.
The coin debuted on Pancakeswap in April 2021, with a price of $0.000000084. It peaked on 4/21, at a price of $0.000001000 per token. Since the token first began trading, it has returned roughly 1,200 percent. Since then, it has fluctuated between $0.00000080 and $0.00000080, roughly ten times the value of the original trading price. It is critical to understand that these coins are now among the most volatile assets.
ElonGate is a BEP-20 token on the Binance Smarter Chain, identical to another token, the ERC-20 token on Ethereum. However, instead of Ethereum, the Binance Smarter Chain network is employed. Because the Ethereum network is densely packed with high gas expenses, this is ideal for investors with little funds.
In comparison, the Binance Smart Chain network can execute transactions at a far reduced cost, thanks to the proof-of-stake methodology that helps protect the blockchain. Binance is more centralised than Ethereum since it controls many network validators.
ElonGate is similar to other tokens like SafeMoon in terms of token economics. The maximum supply of both tokens is quite high. SafeMoon has a 640 billion token supply, while ElonGate has a 600 trillion token supply. This is to compensate for the 400 billion tokens already been burned.
As a result, the cost of the ElonGate is kept below a penny. The tokens are burnt when investors sell out of their positions. In addition, a portion of the payments will be donated to charity. As a result, the token revenues will be donated to a charity chosen by the community.