We took a look at the Bonfire crypto project and its native token to cover everything you need to know about this new digital asset and put together a Bonfire price prediction.
Bonfire Crypto Price Prediction – How the Coin’s Value Will Change over Time
Although blockchain technology was first introduced by computer scientists in the 1990s, its first successful practical application was Bitcoin. Launched to the public in 2009, Bitcoin (BTC) initially received little attention and for a long time was considered a new form of money for geeks. However, a few years later, the token began to rise in value rapidly. On the wave of popularity of the number one cryptocurrency, alternative crypto projects with their own digital coins began to appear. Thus, “digital gold” had some strong competitors in the form of Ethereum, Dogecoin, Litecoin and others. However, the modern crypto industry is about 20 thousand coins of different types, varying in capitalization, exchange rates, functionality and future growth prospects. While the crypto market – like the global economy as a whole – is going through bad times, new crypto projects continue to emerge from time to time, and Bonfire crypto is among them.
While Bonfire is a young project, there are plenty of crypto enthusiasts and investors looking at it as a very promising option. Anyone who is looking to invest in the token is interested in Bonfire crypto price prediction which gives an idea of how the cryptocurrency’s price will change in the near future. To get a more or less accurate Bonfire crypto price prediction, you need to ask experts with years of experience with digital assets. We are here to tell you what the Bonfire crypto project is, what its native token qualities are, as well as to compile a Bonfire crypto price prediction based on the opinions of leading industry experts.
Important Things to Know About Bonfire Crypto
Launched in 2021, Bonfire is a decentralized finance platform that aims to increase the distribution and adoption of digital assets. The project is backed by a team of crypto experts who have chosen not to reveal their identities for one reason or another. The project offers its own token that uses an inflationary model that will theoretically help it withstand volatility. A key feature of Bonfire is that part of its supply is burned by moving the tokens to a closed wallet that is not accessible to ordinary users. The cryptocurrency burning mechanism ensures a more stable value of the coin. However, in practice, things were not as transparent as the project creators claimed. Firstly, the wording in the project roadmap is generic (typical of other cryptocurrency projects) and very vague. Second, many promises, such as launching Bonfire App, have not been fulfilled, which shows that Bonfire is unable to follow its own roadmap. Third, considering how the price of the Bonfire token has changed historically, this project looks like another fundraising scheme launched by alleged fraudsters. Nevertheless, below we will take a closer look at the Bonfire token and try to make a Bonfire price prediction for the near future.
Bonfire Crypto Token Features
Based on Binance Smart Chain (BSC), an Ethereum-compatible blockchain offering the same functionality but with lower fees, the Bonfire token was introduced to the public in mid-April 2021. Initially, it was trading at around $0.00000005, well below 1 cent. In just a few days, the value of the token increased significantly but still fell short of the psychological threshold of $0.01. Like some meme tokens, Bonfire’s total supply is a quadrillion. To prevent traders from speculating on the price of the coin, the creators of the project have introduced a 10% transaction fee. Half of this fee is distributed to token holders, which serves as an additional incentive to keep the tokens long instead of using them for speculative trading. Although the manual burning destroyed about 50% of the entire token supply, it had little impact on the value. Here’s an update on Bonfire’s current market trends:
There are only a few decentralized crypto exchanges where Bonfire is traded, including PancakeSwap V1 and V2, DeCoin and HotBit. Currently, Bonfire’s daily trading volume is extremely low, well below $100.
With around 50% of tokens burned of total supply, Bonfire has a diluted market capitalization of only around $6 million, which is quite low.
The total number of addresses containing tokens is 320,000+, with only about 1.2 million transactions registered on the network, which is negligible compared to big market players like buy Bitcoin with Visa or Ethereum.
Bonfire cryptocurrencies are based on Binance Smart Chain, a blockchain that is partially centralized, as it is owned and operated by the centralized Binance exchange.
Bonfire does not look like a good investment vehicle, as evidenced by Bonfire price prediction. Moreover, despite a fairly large community, the creators of the project only occasionally share their plans, publishing blatantly weak posts with vague wording on Twitter and Reddit. Bonfire’s usefulness is due to only two things. First, cryptocurrency holders can earn passive income in the form of a 5% commission distributed to holders of Bonfire wallets filled with coins. Second, token holders get access to the Bonfire ecosystem with all of its products. However, many products never saw the light of day, which is the main problem with this project. At the time of writing, the cryptocurrency is trading near zero (extremely low daily trading volume of less than USD 100). From time to time, there are small spikes in price, which helps traders sell coins at maximum value, leaving the project in even greater decline.
What the Experts Say About Bonfire
According to the way the project team is behaving and the current Bonfire price prediction, the chances of survival of this cryptocurrency, which is worth a tiny fraction of USD, are extremely low. For example, even though about half of all Bonfire cryptocurrencies have been burned, the price has been trending downwards (except for small spikes) throughout 2022. While the macroeconomic factors of 2022 have had an extremely negative impact on the cryptocurrency industry as a whole, subscribers’ expectations for Bonfire are extremely weak, as evidenced by comments under social media posts. So, here’s what experts are saying about the Bonfire crypto project:
The first and most important reason why Bonfire price prediction is so pessimistic is the extremely low trading volume. In addition, there are only 2 addresses with more than 2% of tokens stored on them. The first one is a burner, which is a closed wallet where they transfer “extra” coins in order to decrease the supply. The second is an exchange wallet.
Even the most optimistic Bonfire price prediction looks terrible. So, it is assumed that the coin’s price in 2030 will be less than USD 0.00001. Obviously, the coin-burning mechanism is not working as it should and is not preventing dumping.
The cryptocurrency developers have failed to create an automated flaring mechanism that reacts to changes in the market. Instead, it uses a manual combustion mechanism with an unclear algorithm. The current mechanism does not counteract volatility in any way and therefore the value of the token continues to decline.
In fact, there is now a huge supply of low-value tokens that are not suitable for scalp trading, swing trading, high-frequency trading and other operations that take advantage of volatility.
So, instead of looking for Bonfire price prediction which is most likely based on technical analysis, you need to focus on who is behind this project, what goals the creators have set for it and how they are achieving them. Here are some things to consider when looking for new crypto projects with good growth potential.
How the Price Has Changed Historically
On 3 May 2021, the value of a single Bonfire coin was only USD 0.000000047. Ten days later, the coin was trading at USD 0.000000047, an impressive increase of 1,000%. However, this growth was almost immediately followed by a decline. Thus, at the beginning of June 2021, the coin’s price was USD 0.00000006. Remarkably, 100,000+ investors turned their attention to this promising – as it seemed at the time – crypto project and were able to make good money selling tokens at the maximum price. However, this investor behaviour led to an even steeper drop in the token price. At the time of writing, the coin was worth just USD 0.000000004912 with a daily trading volume of around USD 20. As for Bonfire price prediction, experts point out the very difficult path of this crypto project. For example, for the year 2022, the coin price was predicted to be USD 0.00000001. However, the actual value turned out to be even lower. Here are some Bonfire price predictions for future years:
According to the most optimistic Bonfire price prediction for 2023, the price of the coin will fluctuate around $0.00000001. Notably, there are several other projects similar to Bonfire, and they have managed to go much further than the hero of this review. So, price forecasts for coins like ApeCoin look much more encouraging for investors.
According to experts, the price of the coin in 2024 will be around $0.00000002. The Bonfire is a very young coin, so making such long-term price predictions is extremely difficult, akin to guessing by coffee grounds.
In 2025, experts expect a slight increase of 50-100% compared to the price forecast for 2024.
So, although a few months ago the creators of the project started to be active again on social platforms such as Reddit, Bonfire still looks like a neglected and forgotten project.
Seeking Prospective Young Cryptocurrencies
Before investing in cryptocurrencies such as Bitcoin, Ethereum or Bonfire, you must remember that they are all digital assets not backed by any physical assets or tangible securities. You can invest in cryptocurrency on the website J2TX. While Bitcoin continues to be the leading coin in terms of capitalization and exchange rate, it is no longer a trendsetter in the crypto industry. The launch of the Ethereum platform, with its smart contracts and decentralized applications, has given a great start to many crypto projects with their own tokens. Introduced in 2021, Bonfire caused a big stir and its price began to skyrocket. However, today you can see that it was only a short-lived flash followed by a gradual drop in price (which is why Bonfire price prediction is so pessimistic today). So, if you want to avoid such projects so as not to lose money, here are some points you should keep in mind:
Avoid crypto projects with tokens that are only worth a hundredth or even a thousandth of a cent at the start. While such cheap cryptocurrencies may be attractive to investors with limited budgets, it is highly unlikely that their prices will rise significantly. Moreover, few cryptocurrencies are able to hold a fairly high price due to the initial hype.
Another red flag for you are projects with a huge volume of token supply. For example, the total number of Bonfire coins planned for release was 1 quadrillion. Although the creators of the project provided a burn mechanism, this did not help to successfully defeat dumping.
The transaction fee is too high. Firstly, it is a factor that prevents tokens from entering major cryptocurrency exchanges. Second, in this way (plus by distributing part of the commission to token holders), the project creators encourage investors to keep tokens as long as possible.
Promoting the cryptocurrency on social media by publishing posts predicting its future price in order to attract as many investors as possible.
So, Bonfire is just a prime example of how a – seemingly – promising cryptocurrency can drop precipitously after an impressive early success. Unfortunately, more and more cryptocurrencies like this have been appearing lately. And you need to learn to recognize doomed crypto projects to avoid unnecessary spending. The key problem with Bonfire is that it offers nothing unique. Even its “innovative” coin-burning mechanism did not represent anything revolutionary in 2021, as there were already cryptos using a similar supply reduction scheme. In addition, this project has an extremely weak whitepaper with vague wording. Finally, Bonfire has demonstrated its inability to follow its own roadmap. Looking like just another project aimed at fundraising, it hardly deserves your attention today.
1. What is a Bonfire?
It is a crypto project launched in 2021 that aims to create an ecosystem for benefiting from the blockchain of various crypto projects, serving as a kind of bridge between them.
2. What is a Bonfire token?
It is a cryptocurrency belonging to a project of the same name. Available for purchase on several decentralized exchanges, it allows holders to receive passive income in the form of a portion of the transaction fee distributed among addresses proportionally according to the number of coins stored on them.
3. What was the starting price of the Bonfire?
In April 2021, when coin sales started, the price per Bonfire was $0.000000047174.
4. What is Bonfire’s price today?
At the time of writing, it was $0.000000004912, down 1.82% from the day before. The daily trading volume was less than $20, which is extremely low.
5. Is Bonfire worth investing in?
We do not recommend buying Bonfire tokens because they do not look like a good investment today, as Bonfire price prediction from experts also shows. The cryptocurrency does not have any mechanism to address volatility. In addition, the project behind the coin has failed with its roadmap.
6. Is there any chance that Bonfire’s price will go up in the future?
At the moment, the project looks abandoned. The chances of the cryptocurrency surviving are extremely slim, as evidenced by the extremely pessimistic Bonfire price prediction.
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