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.
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.
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:
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.
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.
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).
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:
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.
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.
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.
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.
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.
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.
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.