Elongate, a project that started off as a parody, is a meme coin and the world’s first social impact currency. If you have been thinking about purchasing Elongate, we have got you covered.
This article discusses how to buy Elongate cryptocurrency and how well it can perform as an investment.
What is Elongate?
Remember Elon Musk tweeting, “If there’s ever a scandal about me, *please* call it Elongate”? Well, Elongate is a crypto project that started off as a parody of this tweet. Elongate is a BEP-20 token on the Binance Smart Chain.
However, there’s a little more to this project. Elongate aims to make a significant donation to social organizations such as Human Relief Foundation, Action Against Hunger, and The Ocean Cleanup. It does this with the help of a 10% transaction fee that also rewards the holders. Moreover, holders don’t need to do anything but hold tokens to win rewards.
But is it a good investment? Will it bring about any social change? Before we discuss all of that, let’s talk about all the ways you can buy Elongate crypto.
How to Buy Elongate Cryptocurrency
Unlike many other cryptocurrencies, Elongate cannot be directly bought with fiat or government-issued currencies. In order to own Elongate, we have to buy other crypto tokens and exchange them with Elongate on exchange platforms that support both currencies.
So, the basic steps to buy Elongate crypto are:
- Buy crypto tokens that can be exchanged with Elongate.
- Pick an altcoin exchange platform such as Pancakeswap and connect the wallet that contains the tokens you want to exchange for Elongate.
- Exchange your crypto tokens for Elongate, and now, you have successfully purchased the token.
Metamask and PancakeSwap
To help you understand the process better, let’s discuss how you can buy Elongate through an example. We are going to use the Metamask software wallet and the Pancakeswap exchange platform.
Step 1: Download Metamask wallet and set up your account. Since we are going to use Pancakeswap, a software wallet will be essential. While you can also use Trust Wallet with Pancakeswap, Metamask has a Google Chrome extension, making it easy to connect with any website that supports DEXs (decentralized exchange).
Step 2: Open a Binance account. Pancakeswap uses BNB tokens to buy Elongate crypto and other BEP-20 tokens. So, you can buy BNB tokens to get a headstart.
If you want to send your BNB tokens to your Metamask wallet, you can do so by going to your Binance account. Then, you need to select the amount you want to withdraw and paste your Metamask account address (make sure Metamask is set on Binance Smart Chain; we explain how to do so in the next step). Finally, simply confirm the transaction on Binance.
Step 3: Connect your Binance Smart Chain account with your Metamask account. The default network that Metamask uses is Ethereum. Click on the tab that says “Main Ethereum Network” and choose the option that says “Custom RPC”.
Next, you will need to fill out a form manually to connect to Binance. The required information for the form, as mentioned in Elongate’s official website, is as follows:
Network name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
BNB Block Explorer: https://bscscan.com
Step 4: Add Elongate to Metamask. To do so, you will need to copy and paste the token contract address in Metamask. To do so, click on Assets > Add Token > Custom Token. You will find a form that needs to be filled out as follows:
Token Contract Address: 0x2A9718defF471f3Bb91FA0ECEAB14154F150a385
Token Symbol: ElonGate
Decimals of Precision: 9
Step 5: At last, we are at Pancakeswap. In order to connect to Metamask, go to Pancakeswap’s website and click on Connect > Metamask. Finally, set the currency to Elongate by pasting the token contract address mentioned above. To swap your BNB to ELONGATE, simply put the amount you wish to swap and click “Swap”.
It is essential to note the slippage rate before you confirm your transactions. If your transaction fails, you can increase the rate by 1% and try again.
In this example, we are going to use USDT or Tether. Any other major cryptocurrency that can be exchanged with ELONGATE can be used for the exchange.
Step 1: Buy any major cryptocurrency with fiat money using platforms such as Coinbase or Uphold. You will need to first make an account and fill up a KYC form on either of these apps. Then, you can simply use a debit/credit card to buy the cryptocurrency, let’s say USDT, at the given market rate.
Step 2: Transfer the USDT to an altcoin exchange platform- which is Bitmart in this case. It is essential to note that you cannot connect any software wallet to Bitmart. Instead, we transfer whatever amount of the cryptocurrency we are using to Bitmart.
Another thing to note here is that Bitmart is a centralized platform, which means unlike PancakeSwap, it might need you to provide your information through a KYC form.
To transfer the money, you need to copy the USDT address on Bitmart. Go to Coinbase and click on “Send”. In the recipient section, paste the address. Confirm the transaction and you have USDT ready to be exchanged with Elongate.
Step 3: Now we have to select the altcoin pair of “ELONGATE/USDT” in the exchange section. Type in the amount of USDT you would like to spend and click “Buy ELONGATE”.
And there you go. Now you know how to buy Elongate crypto currency.
Exchange and Trading with Elongate
If you are interested in trading, Bitmart and LBank also support this exchange. A handful of crypto exchanges have pretty standard daily trading volumes and a substantial user base. This means that you will be able to trade your Elongate tokens at a possible profit by taking a look at the market parameters.
Dex.guru is a trading platform that is recommended by Elongate’s official website. This is a relatively advanced trading website where you can be in control of the price and trade. This is unlike PancakeSwap, which only allows you to swap coins based on the market value.
Should You Invest in Elongate?
Cryptocurrencies are naturally more volatile than other assets. The market is still evolving. However, there are certain currencies in the crypto world that are way more prone to risks. Any kind of meme coin would fall under that category.
Elongate is thus a very risky investment. It doesn’t really have any specific product or service to offer. Unlike other cryptocurrencies or platforms, even their roadmap is not particularly clear.
As for the performance, Elongate seems to be declining in market value. While its value shot up by over 1,000% in value just within 3 days of launch, as of 5 August 2021, the token ranks at #3215 and has been down 7.28% in the last 24 hours. 
This does not mean that people who have invested in the currency will surely face losses due to the market’s inherently volatile nature and meme coins. Just take a look at Dogecoin’s performance over the last several months. However, meme coin ecosystems can be breeding grounds for pump-and-dump schemes that inadvertently lead to financial loss.
It is also worth noting that if you are a serious investor who is not afraid to take risks, meme coins still might not be worth your while. This is because these projects are often born out of impulsive ideas created through the sudden popularity of something seemingly trivial. They might not have as solid a roadmap as that of projects that have taken their time to develop.
For example, the Kylin network offers its users incentives such as the ability to vote on protocol upgrades or parameter changes. Tron wants to build a decentralized digital entertainment ecosystem that provides users with privacy and ownership of data, something not available on most social media platforms.
This kind of roadmap contributes to the legitimacy of any crypto project. So, before you search for how to buy Elongate crypto currency, you should certainly take a look at their roadmap and achievements.
Lastly, the charitable aspect of the currency is completely unique in the crypto space. Their website mentions that they want to “make profitability intrinsically linked to positive social impact”.
Even though it is a noble sentiment and many social organizations are actively associated with Elongate, the only way the platform intends to achieve that goal is through charity. This in itself is not quite exceptional and does not necessarily ensure any substantial social change.
And yet, this altruistic aspect that the project focuses on might be a sign of some form of potential social mindfulness emerging within the crypto market.
Elongate is certainly a very new kind of cryptocurrency we are witnessing. And it is still not easy to navigate through the crypto financial market, especially for this particular currency. We hope this article gave you a clear idea about how to buy elongate crypto and whether it is a good investment or not.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.