Want to jump straight to the answer? To buy MARVIN you’ll need to purchase ETH on an exchange like eToro, send your BTC to Binance to get BNB, then trade BNB for MARVIN on PancakeSwap.
Elon’s Marvin is a memecoin named after Elon Musk’s beloved Havanese dog. The project aims to compete with Floki Inu, the memecoin that’s gained popularity from Musk’s other dog, named Floki. Musk is the world’s richest man and the head of Tesla and SpaceX.
What is Elon’s Marvin (MARVIN)?
MARVIN is a BEP-20 token, meaning it is based on the Binance Smart Chain (BSC). MARVIN claims to be a memecoin that is “built to go to the moon.” MARVIN taxes 2% of each transaction which then gets sent proportionally to the other token holders. Additionally, MARVIN claims that by taking 4% of each transaction to provide liquidity it can dampen the effects of large sales, helping to whale-proof the token. Finally, a portion of transactions go towards marketing, but the marketing wallet is also able to burn tokens to help preserve the token’s price should the need arise.
MARVIN was launched in October 2021, and has received much attention following the rise in Floki Inu (FLOKI), a cryptocurrency based on Elon Musk’s other dog. The rise in interest in dog-related memecoins comes following the massive price pumps of Dogecoin (DOGE) and Shiba Inu (SHIB) that have occurred this year.
Market Performance of MARVIN
MARVIN has exploded in price from a plateau shortly after launch of around $0.02 to hitting high marks above $0.50. MARVIN’s market capitalization, the number of tokens in circulation multiplied by the price of a token, sits around $8 million. Compared to FLOKI at over $2 billion, the upside potential of MARVIN is clear.
How to Buy Elon’s Marvin (MARVIN)
So, you’ve learned the basics of MARVIN’s tokenomics, and now you want to buy some of your own? Purchasing the token is fairly complicated due to the token utilizing Binance Smart Chain.
- Open an online account.
First, you need to convert your fiat dollars to cryptocurrency. Signing up for eToro just requires an email, password, and some basic information due to the U.S. Know-Your-Customer (KYC) laws. After signing up, purchase some Bitcoin (BTC) or Ethereum (ETH) using either a credit or debit card, or by linking your bank account.
- Move your cryptocurrency to Binance.
Create a Binance account, following the on-screen directions which require similar information as eToro did when you created that account. Send your Bitcoin from eToro to your Binance address
- Bonvert your crypto to Binance Coin (BNB).
On Binance, convert your Bitcoin or Ethereum into Binance Coin (BNB).
- Make a MetaMask wallet.
Download the MetaMask chrome extension. This software wallet will allow you to easily access PancakeSwap to buy MARVIN. Create a password and you'll be given a seed phrase. Make sure to write down your seed phrase and keep this somewhere safe –– it's your only back up if you lose access to your wallet.
- Send BNB to your Metamask wallet.
Send your BNB off of Binance and into your MetaMask wallet by using your wallet’s address. Your MetaMask will automatically be connected to Ethereum’s mainnet, so you’ll need to add Binance Smart Chain to your wallet before you can send your cryptocurrency.
- Access PancakeSwap to buy MARVIN with BNB.
Utilize PancakeSwap much like you’d utilize Uniswap or Sushiswap on the Ethereum network. Link your MetaMask wallet to PancakeSwap, which is a Decentralized Exchange (DEX). Ensure you have selected BSC as the network you want the transaction to occur on. Search for MARVIN and make the conversion. You now have MARVIN in your MetaMask Wallet.
- Move your Marvin to a hardware wallet for additional security (optional).
MetaMask is a software wallet, which is less secure than hardware wallets that store cryptocurrency offline.
- ERC-20 tokens
Best Hardware Wallet For MARVIN
Hardware wallets store cryptocurrencies offline. The user’s private keys, which are used to authorize transactions, are stored on the Ledger device. This process keeps the keys offline and away from hackers who could access the keys from an online location. Ledger supports BEP-20 tokens on BSC, such as MARVIN.
Is MARVIN a Good Investment?
MARVIN is a speculative coin right now, however it should not be underestimated given the recent success of memecoins. The association with Elon Musk could lead to a large amount of hype, and a tweet from Musk himself could send the coin onto an upwards trajectory. If you believe that another dog-related memecoin will go on a pump, MARVIN is worth investigating further.
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About Noah Goldstein
Noah Goldstein is an Undergraduate Student at the University of Michigan. Noah is a writer that covers cryptocurrency news for Benzinga. Originally from New Jersey, Noah now resides in Michigan. Noah is an active cryptocurrency investor with positions in Ethereum, DeFi projects, and NFT Ticketing Solutions. Noah believes that blockchain technology will change the world.