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Bonfire Price Prediction

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After over 10 years since Bitcoin (BTC) was introduced to the world, more and more people are becoming convinced of the viability of the concept of a new form of money. Today, there are many who see digital assets as a unique financial tool that opens up access to a decentralized economy where you can generate income from transactions and even just from holding tokens. So, crypto can be a really good option for earning interest from decentralized finance, and its accessibility to anyone with an internet connection is one of the great features. However, on the other hand, crypto is an extremely risky, highly-volatile digital asset, and therefore no one can guarantee that you will make a profit if you invest in tokens. And this is a point where the lack of a central authority or regulator is more of a disadvantage of cryptocurrency. However, the cryptocurrency world is 18,000+ projects with tokens where there are many promising options (according to cryptocurrencies price prediction) for investing and making a profit. Bonfire crypto has been one of them for some time. While there are good reasons to believe Bonfire cryptocurrency is a project forgotten by its developers, many are still wondering if it is viable in 2022. If you are one of them, then read on for Bonfire price prediction, the latest news about the project and the reasons why it is stuck in its development.

Bonfire Crypto Token and Project Overview

Launched in 2021, Bonfire is a digital asset and native token of the project of the same name created by a team of experienced blockchain and decentralized finance specialists. One of the reasons why many crypto enthusiasts wanted to buy Bonfire crypto (a good price prediction unlike other cryptocurrencies) in the early days of the project is that the developers offered a mechanism to protect against risks involved in the investment. The project's coin uses a speculative token model, according to which each transaction is subject to a 10% tax. In order to ensure the liquidity of the token, a pool has been formed where 5% of the amount of each transaction is deducted. In addition, investors are able to generate passive income from the increasing price of Bonfire and from the 5% of each transaction allocated proportionally between Bonfire cryptocurrency holders. This means that, for example, when someone transfers 100,000 from one wallet to another, 5,000 tokens of this amount are distributed among all network members. However, looking ahead, a similar mechanism where all transactions are taxed - providing passive profits for crypto holders and creating a liquidity pool - is already being used by several other projects like Safemoon. Moreover, many of these projects have proven to be failures or outright scams.

Features of Bonfire According to the Bonfire Crypto Website

Although the project is about 1.5 years old since token sales started (as of this writing), its native token is still only used for transaction execution and as an investment vehicle (of highly questionable quality). However, the team behind Bonfire cryptocurrency has introduced several additional use cases. And if all of these were implemented according to the project roadmap (which can be found on the Bonfire crypto website), the intrinsic value of the token would be much higher. So, in planning the launch of several service platforms, the Bonfire team wanted to create a complete ecosystem where everyone involved could benefit from holding and transacting tokens.

As we said above, Bonfire has generated quite a stir as it just went on sale. Although the project already had competitors, there were some things that made Bonfire stand out from the crowd. The developers have stated that they are going to create an ecosystem of apps capable of generating ongoing interest among participants and ensuring growth in the short term. Here are a few key features of Bonfire that seemed attractive to early crypto investors:

  • Great branding. The team behind the project has chosen a great name that many people are familiar with. The word Bonfire is associated with cool stuff and is often used in search phrases (and with high investment risks now). With that name, this crypto project has a better chance of attracting attention from crypto investors and enthusiasts alike.
  • A social platform that is central to the Bonfire ecosystem. A key feature of Bonfire's social platform is that it is cryptocurrency-centric. Although this makes it niche, digital assets are increasingly penetrating our daily lives. The Bonfire crypto team realized the strength of social platforms such as Facebook and TikTok and had big plans for their social network to stand alongside such industry giants. The developers had some goals: to raise interest in crypto operations, earn revenue through advertising paid with native tokens and distribute the information for educational purposes to increase the number of people involved in decentralized finance.
  • Firestarter is a platform for launching new tokens. Also, part of the Bonfire ecosystem, this platform could be a great starting point for projects with tokens undergoing rigorous vetting before the ICO. A key feature of Firestarter is the priority system implemented by the developers. According to this system, the order in which people can invest in new crypto projects will be determined based on the number of Bonfire tokens contained in their crypto wallets. In this way, Firestarter not only creates a platform for new projects but also ensures long-term demand for Bonfire tokens. While the goals look very promising, unfortunately, the Bonfire team has made little progress with the implementation of this platform.
  • NFT Marketplace. Great for digitally storing various types of intellectual property such as images, animations and video clips, NFT is gaining momentum today. And the Bonfire team has set its sights on creating its own NFT marketplace with specific ways of coining and trading NFT.
  • FireSwap platform. Being another part of the Bonfire ecosystem, FireSwap is a decentralized crypto exchange (trading platform) where the project's native token dominates. It also supports several other tokens that can be exchanged to and from Bonfire.
  • Bonfire app. The functionality of the app should include the ability to buy native tokens directly using fiat money as well as other digital assets. It also makes it possible to track your asset statistics. In addition, the Bonfire team planned to use their app to distribute news and information about their projects.

One of the strengths in the early stages of the project's life was its community. As the token price grew at an impressive rate in the first few weeks after launch, Bonfire attracted the attention of many crypto-enthusiasts by creating a community of 30,000+ active members. The community provided not only financial support for the project but also helped spread the word about it. However, it seems that Bonfire has encountered a few problems which - as it seems now - are unlikely to be solved in the near future.

Features of the Bonfire Crypto Token

Bonfire is a deflationary coin with automatic liquidity generation driven by a liquidity pool. The total supply includes a quadrillion of crypto coins. With each transaction, a portion of Bonfire tokens (high investment risks) is burned, i.e., transferred to a separate closed-access wallet. With this natural stabilizing feature, Bonfire was meant to withstand market volatility and become something of a digital haven for crypto enthusiasts and investors (a good price prediction unlike other cryptocurrencies). At the time of writing, around 42% of the total supply of coins has already gone out of circulation as they have been burned. As for the Bonfire wallet address with the largest volume of stored tokens, it belongs to PancakeSwap, a decentralized exchange focusing mainly on small crypto projects with low-cost coins. Overall, based on the Binance Smart Chain blockchain network, Bonfire was intended to attract investors wishing to generate passive income by storing tokens in a crypto wallet.

Bonfire Crypto Price Prediction and the Problems the Project Faced

Before we get into Bonfire price prediction, let's take a look at the history of how the price of the coin has changed. Although it is still a young crypto project, the Bonfire price chart makes it easy to conclude that it stopped its development a long time ago and is just drifting along. In the first couple of weeks since its launch, Bonfire rose significantly in value and reached a market capitalization (cap) of $26 million (USD). However, at the peak of the coin's value, the team sold its tokens, and this had a negative impact on investor confidence. Since late spring 2021, the coin has been in a persistent bearish trend and has never seen a high growth rate again.

According to the team behind Bonfire, one of the major problems the project has faced is China's tough stance on digital assets, which has led to a fall in the crypto market. Although attempts were made to restore Bonfire to its former glory through social media advertising campaigns, what appeared to be a light at the end of the tunnel turned out to be only a flicker that quickly faded. Finally, in January 2022, there was a major crypto market crash that affected even strong players like Bitcoin (BTC) and Ethereum. According to current data, Bonfire's price is only $0.000000004688 (USD) with a market capitalization (cap) of less than $5 million and a paltry daily trading volume of $12 (USD). And since the project has issued 650 trillion coins, there is no reason to expect the asset price to rise to even $0.01 (USD), which is a psychological barrier for projects like Bonfire (high investment risks).

Why is Bonfire Failed?

In terms of what the team behind the project said, Bonfire was something that could have a great future. However, like so many other questionable crypto projects, Bonfire turned out to be something of a bright flash that is fading slowly but surely. One of the key mistakes made by the developers is that they sold their tokens at the peak of the currency's value, suggesting that all of the roadmap's goals are just a blur for those willing to believe in the new crypto project. So, here are a few reasons why Bonfire didn't take off:

  • Failure to follow their roadmap. In simple terms, the team behind Bonfire made a lot of promises to those who believed in their project but failed to deliver on almost anything on that list. Without the promise of FireStarter, the NFT marketplace, the app with the ability to buy tokens with fiat money and other platforms that were supposed to form an ecosystem, Bonfire looks like another trash token with negligible value. And hence it can hardly be considered a good investment (and it is difficult to make a price prediction) if you're wondering about it.
  • Bonfire has not become a digital safe haven protecting crypto holders from negative market developments. Despite the fact that the token uses a deflationary model with coin flaring, a liquidity pool and a 10% transaction tax, its price started falling dramatically just weeks after launch on the market.
  • Bonfire's ideas were not innovative at all. As of April 2021, there were already several crypto projects with concepts and goals similar to those of Bonfire. In such a competitive space that the modern cryptocurrency world is, you have little chance of success if you lack innovative ideas.
  • The inability to get listed on major centralized crypto exchanges. Being very hierarchical about which crypto projects to partner with, centralized crypto platforms avoid coins with transaction taxes as Bonfire has. Therefore, the token could only settle for a listing on PancakeSwap (here you can buy coins for USD) and some other decentralized crypto exchanges, which often include questionable digital assets in their lists.

Although the project has passed the subpoena and meets the quality criteria to some extent, there is no reason to think that the cloud of gloom will dissipate in the near future. Too low a basic price and speculative investment value have played a cruel trick on Bonfire, which today looks like a crypto project showing no signs of life. Therefore, there is probably no point in making a Bonfire price prediction, because we are not ready to take the responsibility to give investment advice for this token. Now, Bonfire has new management, which means there are some glimmers of hope. However, the best thing you can do now just keeps an eye on the latest news and updates from time to time.

F.A.Q.

1. What is bonfire crypto all about?

It is a decentralized finance start-up on the market looking to create its own ecosystem with several platforms: an NFT marketplace, a decentralized crypto exchange (trading), a new token investment platform and others.

2. What is a Bonfire token?

It is a digital asset that uses a deflationary model whereby a portion of the total supply of coins is burned into transactions. With a liquidity pool, a coin-flaring mechanism and taxable transactions, Bonfire aims to create a digital safe haven that can protect against inflationary risks.

3. How many tokens are in circulation?

At the moment, there are about 650 trillion tokens circulating on the network with one quadrillion originally issued. About 42% of the tokens have been burned, i.e., transferred to a closed crypto wallet.

4. What is the price of Bonfire crypto?

As of mid-October 2022, the value of the coin is around $0.0000000047 (USD), which is significantly less than one cent (with low cap of about $5 million according to current data). Lately, the price of Bonfire has not changed much, which indicates that Bonfire is an abandoned crypto project, which does not attract any interest from investors and crypto enthusiasts on the market.

5. Where can I buy a Bonfire?

Not considered a regulated investment asset, Bonfire is not listed on most major cryptocurrency exchanges such as Binance. However, it is still available for purchase on PancakeSwap and some similar decentralized platforms.

6. What is the Bonfire price prediction today?

In simple terms, Bonfire price prediction - as well as the future of the project as a whole - is uncertain today. However, there is no reason to believe that the price of the coin can rise significantly in the near future.


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