Crypto is never boring, but things have gotten really hot lately. I mean, if even parents start asking us to buy them some of that “Dogecoin” and ex-boyfriends come over to give me the next 10x Moonshot tokens, is that the top?
While many adult tokens like Pube Finance or $ ASS have been launched, this hasn’t been the case before, and I couldn’t help but be a little intrigued. So far I have mostly stayed away from the entire Binance Smart Chain ecosystem because I believe that with its few validators it is not decentralized (I mean 21 validators, these are fewer than players on a soccer field during a game). It’s like going to go Dutch theme park in Japan and think it’s the same experience as in the Netherlands. *No offense.
Anyway, since the fees for Ethereum Gas are still high and everyone is having fun, I decided to give it a try. After all, it’s on the blockchain. So what can go wrong?
In the first step, I had to find a random token that I thought was at least cute enough to potentially lose some money on it. After browsing some crypto telegram channels, I stumbled upon Catecoin. Yes, I know everyone has dogs, but I like cats.
It was cute enough, had built quite a community in a short time, and numbered over a few thousand. I was pretty impressed with how active their community channel was, so the decision was an easy one – buy $ Cate to see how it goes.
Just like with anything you want to buy from PancakeSwap – by the way, with a decentralized exchange in the Binance Smart Chain – you need an asset that is compatible with BSC. Also, you should get the one that your Yolo token is trading against. In my case, BUSD and BNB.
Nothing is easier than that. I went to FTX to buy BNB with my USDT.
You would think things should be easy now. You transfer the BNB to Pancakeswap and buy your token.
If only the above were true. The next step was to swap the BNB that I had received for BNB, but for Binance Smart Chain. When Binance BNB first launched, it ran on Binance Chain. Then they launched Binance Smart Chain to support smart contracts and made them interoperable. Great, two chains for two different things – but in this case that also meant I had to pull BNB back into my trust wallet to exchange it for BNB, but on Binance Smart Chain. Fortunately, there is a way to do this easily in your wallet.
I was eager to get this CateCoin and ready to go to great lengths. When the Pancakeswap-dApp didn’t want to load properly in the trust folder, I decided to do everything on my desktop. It’s easier to check all these strings and decimals on one monitor anyway.
Next stop: Meta Mask.
Okay, but first did you know that Binance Network is not added to Metamask by default? We have to add that first. And for everyone who doesn’t know Meta Mask, it’s a crypto wallet that can be installed as a plug-in in your browser, making it very easy to use.
After some searching, I had found the right links to add the Binance Smart Chain network to the networks on my meta mask. Do you want to know how I did it? have a look Here. This is not rocket science. Other than that, I don’t know anything about rocket science either. I hope Catecoin missiles. «
Even so, I was still only a few steps away from owning it. Since Meta Mask was now ready to receive, I sent my BNB from the Trust Wallet to Meta Mask and then went to Pancakeswap. Get closer to the goal. At that point, I had considered abandoning the mission, but just looking at this cute cat character gave me enough motivation to deal with it. And of course the learning aspect. We are all there for the technology, right?
Connect MetaMask with PancakeSwap ✔️
Enter the amount I want to buy ✔️
Swap punch now ✔️
What happens: error message.
BSC Memecoins really don’t make it easy for people to buy them. The error message seems to be frequent if you haven’t set the slip tolerance high enough. Since crypto in general, and Yolo tokens in particular, are very volatile, you need to specify how much price movement you want to tolerate. Only 1% slip is often not enough. To get to my kitty tokens, I had to tolerate a 12% slip, but then I finally had my CateCoin. 🎉