One of the most interesting cryptocurrencies to hit the market in the past year is Elongate, a digital asset inspired by none other than Elon Musk.
Since it’s launch, Elongate has grown in popularity as more and more investors buy in. That leaves many wondering how to buy Elongate Crypto in Canada.
It’s only five steps to add this crypto to your portfolio:
- Buy Binance Coin on Binance
- Send your BNB to your wallet
- Verify your transaction
- Connect your wallet to PancakeSwap
- Trade your BNB for Elongate
The easiest way to get your hands on some Elongate is through PancakeSwap. But before we get into the details of getting Elongate, let’s dig a little deeper into this unique cryptocurrency.
Elongate is a meme coin, which is a cryptocurrency that started as a joke. You’re likely familiar with other meme coins like Dogecoin or Shiba Inu.
These coins don’t offer much in the way of value or utility, but they’re popular because of an endorsement or association with a specific person or product.
Elongate is a result of Elon Musk joking that if he were involved in a scandal, it would be referred to as “Elongate.” The coin hit the market in April 2021 and was first listed on PancakeSwap.
This cryptocurrency is a BEP-20 token, which means its built on the Binance Smart Chain. You may have heard of ERC-20 tokens, which are similar, except they’re developed on the Ethereum blockchain.
Many investors prefer to purchase tokens on the Binance Smart Chain, as its gas fees are much lower than Ethereum’s.
From a token economic perspective, Elongate currently has 476 trillion coins in circulation which a maximum supply of 600 trillion.
Additionally, the value of a single Elongate token is well below one cent. When an investor sells their crypto, the tokens associated with Elongate are burned.
Unfortunately, you’re not going to find Elongate on popular exchanges like Binance, Coinbase, or Kraken. You’ll need a Binance account to buy Elongate, but we’ll talk more about that in a bit.
Until the coin gains more traction in the market, it won’t be available on larger platforms.
For now, the best place to purchase Elongate is through PancakeSwap. This decentralized exchange (DEX) is a great place to purchase BEP-20 coins, or simply stake your crypto and let it earn rewards for you.
PancakeSwap is one of the more popular DEXs out there, so you’re not using some fly-by-night platform.
To add Elongate to your personal portfolio, you’ll need to take care of a few things.
First, you need to create a Binance account. It doesn’t take long to establish an account with Binance, but you will have to provide personal information to validate your identity.
This process is usually pretty quick but can take a few days if there are issues.
Next, you need to find a wallet to store your Elongate. We prefer Trust Wallet, but any wallet that supports BEP-20 tokens will work.
Some investors like MetaMask, but it requires an additional setup to interact with the Binance Smart Chain.
Download your wallet to your iOS or Android device and set up an account. Once you have your Binance account and your wallet is set up, you’re ready to add Elongate to your portfolio.
Now that you know what you need, let’s go through how to buy Elongate crypto in Canada.
The first thing to do is purchase some Binance Coin through the Binance platform. Buy as much BNB as you want or as much as Binance will allow. Whichever you prefer.
You’re going to use the BNB tokens to swap for Elongate through PancakeSwap. But we’re getting a little ahead of ourselves. For now, just buy some BNB.
Next, you need to send BNB to your wallet so you can use it to swap for Elongate tokens. Enter your wallet address in the “send to” field in the “Deposit and Withdrawal” section of your Binance account.
Double-check the wallet address you enter. If you make a mistake, there’s a good chance you’ve lost your funds for good.
Now head over to your wallet and wait for the funds to show up. This step isn’t difficult, but if your funds don’t show up within a few minutes, there might be a problem.
Confirm they were successfully sent from Binance, then wait for them to arrive in your wallet.
Again, this step is pretty straightforward. Visit PancakeSwap and find the settings icon in the top right. Here, you’ll be able to add a wallet to the exchange, which will allow you to use your BNB to get Elongate.
Most wallets can connect through a QR code, so if you added it to your mobile device, just scan the code and wait for the exchange to add it.
We’ve arrived at the moment of truth. Once you confirm that your funds have arrived in your wallet, you can now trade your BNB for Elongate on PancakeSwap.
The great thing about PancakeSwap is that it makes it very easy for you to swap tokens on its platform.
All you need to do is choose the type of trade you want to make. For a BNB to ELONGATE swap, select “Swap” from the “Trade” dropdown.
On the right side of the screen, you’ll see a trade window. On the top is how much BNB you have. On the bottom is the coin you want.
The default is CAKE but all you have to do is click on the dropdown and search for ELONGATE. PancakeSwap may ask you to import it from CoinMarketCap. Agree to it, enter the amount you want, and complete the swap.
That’s all there is to it! You’re not the proud owner of ELONGATE. Be sure to move it to your wallet for safekeeping if you’re not planning on staking it or using it in a liquidity pool.
Now you know how to buy Elongate crypto in Canada. PancakeSwap makes the process quick and easy. The most difficult part of the process is probably getting the BNB from Binance to your wallet. Otherwise, it’s essentially pain-free.
Elongate is one of the most popular tokens in the crypto market, so it makes sense to want to add it to your portfolio. However, I would recommend caution here, as many of these coins crash and burn quickly.
Cryptocurrencies are fickle, so be sure you do your due diligence beforehand. As always, never invest more than you can afford to lose.