Elon’s Marvin is a memecoin named after Elon Musk’s Havanese dog, Marvin.
The project intends to compete with Floki Inu, the memecoin popularised by Musk’s other dog, also named Floki.
Musk is the richest man in the world and the CEO of Tesla and SpaceX.
However, On decentralized exchanges, cryptocurrencies such as Marvin Inu can only be purchased with another cryptocurrency.
Know more about Memecoin Marvin
Marvin is a BEP-20 token, which means it runs on the Binance Smart Chain (BSC). Marvin bills itself as a memecoin “built to go to the moon.”
Musk’s Marvin levies a 2% fee on each transaction, which is then distributed proportionally to the other token holders.
Furthermore, Marvin claims that by taking 4% of each transaction to provide liquidity, it can mitigate the effects of large sales, thereby helping to whale-proof the token.
Finally, a portion of transactions are allocated to marketing, but the marketing wallet can also burn tokens to help preserve the token’s price if necessary.
Marvin was launched in October 2021 and has gained popularity since the rise of Floki Inu (FLOKI), a cryptocurrency based on Elon Musk‘s other dog.
However, The surge in interest in dog-related memecoins follows this year’s massive price increases in Dogecoin (DOGE) and Shiba Inu (SHIB).
Here are the details about how to buy Marvin Inu
How to buy Marvin Inu in Coinbase
1. Download the Coinbase Wallet
To buy Marvin Inu, you’ll need a self-custody wallet like Coinbase Wallet. The Coinbase Wallet mobile app and browser extension are both available. Download Coinbase Wallet here.
2. Select a Coinbase Wallet user name
You must select a username as part of the Coinbase Wallet setup process. This username enables Coinbase Wallet users to easily send you cryptocurrency. You can keep your username private, but you’ll need it to log in to your account.
3. Keep your recovery phrase in a safe place
A recovery phrase consists of 12 random words. You will get a recovery phrase when you create a new self-custody wallet.
Anyone who knows your recovery phrase has access to your crypto because it is the key to it. Keep your recovery phrase a secret from others.
We strongly advise writing these down on paper, keeping them in a safe place, and using the cloud backup function of Coinbase Wallet.
Do not divulge your recovery phrase to anyone, please. Coinbase will never request your recovery phrase.
Additionally, Coinbase cannot assist you in accessing your wallet if you forget your recovery phrase.
4. Understand and prepare for the Ethereum network fees
Fees vary according to the amount of traffic on the network, and the complexity of the transaction. Consider saving some cash for fees.
However, You can check here for more information about Ethereum Fee.
5. Purchase ETH and send it to your Coinbase Wallet
To purchase Ethereum(ETH), you must first open a Coinbase account if you don’t already have one.
However, Transferring ETH to your Coinbase Wallet differs depending on whether you use the mobile app or the Chrome extension.
6. In the trade tab, use your ETH to purchase Marvin Inu
If you have Coinbase Wallet on your phone, you may buy Marvin Inu directly from the app.
Certainly, Tap on the Coinbase Wallet App image. Then, under the “Trade” page, you can exchange ETH for any token that operates on the Ethereum standard (referred to as “ERC-20 tokens”).
Select Marvin Inu by tapping “choose coin.” Enter the amount of ETH you want to trade for Marvin Inu. Remember to budget for transaction fees.
Moreover, Confirm your purchase and follow the on-screen instructions to complete.
Tap the “Convert” button if you’re using the Coinbase Wallet plugin. Look for Marvin Inu and enter the amount of ETH you want to trade for Marvin Inu.
However, Remember to budget for transaction fees. Confirm your purchase and follow the on-screen instructions to complete.
How to buy Marvin Inu in Binance
1. Create an online account
To begin, you must convert your fiat funds to cryptocurrency.
Due to Know-Your-Customer (KYC) regulations in the United States, registering for eToro requires only an email address, a password, and some basic information.
However, Following registration, buy some Bitcoin (BTC) or Ethereum (ETH) with a credit or debit card, or by linking your bank account.
2. Transfer your cryptocurrency to Binance
Create a Binance account by following the on-screen instructions, which require comparable information as when you opened your eToro account.
However, Transfer your Bitcoin from eToro to your Binance account.
3. Convert your crypto to Binance Coin (BNB)
Convert your Bitcoin or Ethereum to Binance Coin on Binance (BNB).
4. Create a MetaMask wallet
Get the MetaMask Chrome Extension. Certainly. This software wallet will let you effortlessly access PancakeSwap in order to purchase MARVIN.
As soon as you create a password, you will get a seed phrase.
However, Make a note of your seed phrase and save it somewhere secure; it will serve as your only backup if you lose access to your wallet.
5. Send Binance Coin to your Metamask wallet
Using your wallet’s address, send your BNB from Binance to your MetaMask wallet.
Because your MetaMask is immediately connected to Ethereum’s main net, you must first add Binance Smart Chain to your wallet before you may transmit bitcoin.
6. Use PancakeSwap to purchase Marvin with Binance Coin
Use PancakeSwap in the same way as you would Uniswap or Sushiswap on the Ethereum network. Connect your MetaMask wallet to PancakeSwap, a Decentralized Exchange.
Check that BSC is the network you want the transaction to take place on. Make the conversion by searching for Marvin.
As a result, Marvin is now in your MetaMask Wallet.
7. Optional step: For added security, move your Marvin to a hardware wallet
However, MetaMask is a software wallet, which is less secure than offline hardware wallets.