This tutorial explains all about Bonfire history, Bonfire Tokens, and where to trade Bonfires. You will get a complete analysis of Bonfire Crypto Price Prediction:
Bonfire crypto token has a shady past, present, and future given that they have no utility or warnings flashing all over about it being a possible scam. There is literally nothing to expect about its price going up, going by the price predictions and prospects from experts.
Furthermore, they have missed launching even products announced on their website like the Bonfire Connect platform. Based on the claims given on the project’s website, Bonfire lets users connect, socialize, make friends, play games, and create. It claims that there will be a Bonfire Metaverse.
Most of these have not moved from the ground. There is no evidence that they will even launch or if they have. The developers and team do not appear to have followed the project roadmap given earlier in the whitepaper. For this reason, it is generally advisable to avoid the project.
What You Will Learn:
- Bonfire Cryptocurrency
- Bonfire Crypto Price Predictions 2022 – 2031
- Frequently Asked Questions
This tutorial on Bonfire Crypto Price Prediction looks at the in-depths of Bonfire crypto, its fundamentals and technical, as well as its price prospects.
- Bonfire has traded on only 4 cryptocurrency exchanges, namely PancakeSwap V2, PancakeSwap, HotBit, and Decoin. The most active of these is HotBit, which has a volume of $15,971 in total. The daily trading volume averages around $100, which is very low.
- Bonfire has a total supply of 625 trillion tokens having burned about 42% of the tokens, thus removing them from the original total supply of 1 quadrillion. The diluted market capitulation is 6.4 million, as seen in the chart below.
- Only 321,305 wallet addresses hold Bonfire tokens. The total transfers done on Bonfire’s smart contract are just 1,182,804. The largest holders are only two wallet addresses – the burn address which has 41.756%, the PancakeSwap address which has 32.81% of all the tokens, and all the others hold less than 1% on average.
- Bonfire crypto tokens started on the Binance Smart Chain blockchain, which is partially a centralized blockchain given that its validators are first verified by Binance. Bonfire implements two main features – a manual burn that seeks to reduce supply and increase demand by burning tokens and charging 10% as a transaction fee on each trade to reward holders with half of the amount and hold the rest in the liquidity pool.
Top markets for Bonfire:
- Bonfire, which is a BEP-20 token, has a very low trading volume (slightly above $100 per day), holder numbers (2 addresses that hold more than 2% each, and one is a burn address and the other an exchange wallet), backers, and sentiments. It is no longer tracked on CoinMarketCap, and its price has fallen terribly by over 99% in 2022. It does not seem like a favorable cryptocurrency to trade.
- The price predictions for Bonfire are looking terrible. It is projected to trade for under $0.00001 until 2030 and beyond. Although it discourages dumping and volatility by encouraging holdings by rewarding holders with 50% of the transaction fee (10%) charged per trade, Bonfire has massively been dumped.
- The token burn mechanism appears poorly planned since it is manual and not periodic as you would expect – it is not clear how it is decided and is not helping the price despite lowering the number of coins or tokens in circulation.
- Thus, the token is not a worthwhile one for investing because it does not suit swing trading, high-frequency trading, scalp trading, day trading, or long-term price speculation by holding. It also has a huge supply of over 625 trillion tokens.
Bonfire Crypto Price Prediction Table
|Year||Minimum predicted price||Average predicted price||Maximum predicted price|
What is Bonfire Token
The cryptocurrency token was launched on April 18, 2021, on the Binance Smart Chain blockchain. It started trading at $0.000000047174 each on May 3 and had some attention at the time. The price thereafter more than doubled by the end of the day.
Its current price is a fraction of a cent, and although the project is still active, it is all very quiet even on social media except for a few hypes on Reddit and Twitter. Its official Twitter account has around 25,000 members and its subreddit has more than 11,000 members.
The project’s fundamentals and technical also look terrible for this cryptocurrency. The maximum supply is a quadrillion similar to some meme coins. The project implements a fee of 10% on all transactions to discourage trading and encourage holding by distributing half of this fee to holders. The other half of the transaction fee charged is used for a liquidity pool to facilitate the trading of the token.
Bonfire also implements manual burns that are supposed to increase the demand for the cryptocurrency by removing part of it from the supply. The team destroys or burns some of the tokens whenever they want to achieve these objectives. About 42% of the original supply has been burned. This has played very little role in boosting its price.
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The project had planned to launch Bonfire App in Q2 of 2021 but did not. The supposedly weekly AMAs also happen occasionally. In addition, the token price is no longer tracked on CoinMarketCap after a massive drop in trading volume and price.
The largest holders of the token are the burn address and the PancakeSwap address while a third one – a private address – holds 4.7% of the supply. Being a relatively new cryptocurrency with such low trading volume does not provide a very positive picture to investors.
What Affects Bonfire Token Price
Bonfire token prices are propelled mainly by the hype on social media. The subreddit includes a pinned post that tells it all. Each member of its community of supporters is expected to engage in nine daily social media tasks to boost the crypto’s popularity.
These tasks include doing searches of the word Bonfire on Google, Bing, and Yahoo. Supporters are to search for the word Bonfire on YouTube, vote for it on CoinMarketCap and CoinGecko, and post about it on Twitter.
Bonfire Overhaul Fails to Bring Changes
Bonfire founder responded to the community backlash by announcing some changes in December 2021. Australian Jordy Sassen became chief of technology officer and afterward, the project announced a vacancy in the chief of marketing position. Further confusion regarding its utility later caused even further dumping.
Where Can You Trade Bonfire
Bonfire can be traded on PancakeSwap V2, Decoin, Hotbit, and Pancakeswap. It is not available for trading on any perpetual futures market. It can be traded against wrapped BNB, BUSD stablecoin, and nUSD.
The problem is liquidity for all these markets. Its leading market is against USD at HotBit exchange with a $15,971 volume, $823 on PancakeSwap against WBNB, and $126 against WBNB (wrapped BNB) on PancakeSwap. Bonfire’s fully diluted market capitulation is $6,453,330 and 24-hour volume is $166.
Bonfire Price History
Bonfire started trading at $0.000000047174 on May 3, 2021. It spiked to $0.00000068 on May 9, 2021, $0.00000028 on May 13, and 0.00000047 on May 16, fell to $0.0000002 on May 26, and to $0.00000006 on June 26. The project had over 100,000 investors during the first month, but these fled after selling it at its maximum price following a 1,700% price pump.
It dropped further to $0.00000003 on August 4, 2021. Its woes did not stop there. It fell to $0.00000001111 on September 27, 2021. The token was trading at $0.000000001487 at the start of 2022. On June 18, 2022, the price was $0.000000004581. It opened in the month of July 2022 for $0.000000004987 and in August 2022 at $0.000000005681.
Bonfire Crypto Price Predictions 2022 – 2031
Bonfire price predictions given by experts show a very difficult path for cryptocurrency this year. Its current value is literally zero. It is either a scam, abandoned, or a not-so-successful crypto project.
Bonfire was predicted to trade at $0.00000001 on both the minimum and maximum ends and it has not disappointed.
It is very difficult to predict the price of this cryptocurrency using technical analyses or other methods. The minimum, average, and maximum prices will remain at $0.00000001.
Many other cryptocurrencies launched at the same time as Bonfire–e.g. ApeCoin – have advanced greatly. Most indeed have a clearer roadmap compared to Bonfire. They also have huge community backing.
The price of Bonfire is expected to oscillate between $0.00000002 on the minimum, average, and maximum in 2024.
The crypto is expected to trade between $0.00000002 and $0.00000003. The average would therefore be $0.000000025.
Bonfire is expected to trade between $0.00000003 and $0.00000004 with the average price being $0.000000035 in 2026.
The predicted price will be between $0.00000004 on the minimum end $0.00000005 on the maximum end, and an average of $0.000000045.
The cryptocurrency is expected to trade between $0.00000006 and $0.00000007 on the minimum and maximum.
Price Prediction experts posit the crypto could trade between $0.00000009 and $0.00000011 which means the average price will be $0.00000010.
Bonfire could trade for as high as $0.00000013 and $0.00000016 in 2030 and this puts the average price at $0.00000014.
Bonfire is predicted to trade between $0.00000020 and $0.00000023 and the average price will be between $0.000000215 in 2031.
Frequently Asked Questions
Q #1) What will Bonfire be worth in 2025?
Answer: Bonfire price predictions state the cryptocurrency will trade between $0.00000002 and $0.00000003 with the average price being $0.00000002. Project team members have recently, in 2022, resumed lobbying on Reddit and other social media, but the project looks abandoned or failed at the moment.
Q #2) How does Bonfire crypto work?
Answer: Bonfire doesn’t look like a good cryptocurrency to invest in, at least for now in August 2022. Not only are its fundamentals weak, but also its technical analyses and price prospects. For instance, the cryptocurrency seeks to encourage holding and discourage selling and volatility by charging 10% on all trades and distributing half of it to holders.
However, this is not likely to be so because the price is almost zero and its traction is almost inexistence for anyone who would want to hold value using crypto like this. Stablecoins are now with us and are great for that purpose. Bonfire sentiments are also very poor and it has a very low adoption score. The daily trading volumes are discouraging at about $100.
The burning mechanism is manual, which means it is controlled by founders who can choose to do it or not. It is not clear how burning some tokens has affected the price. In fact, no benefits witnessed so far since the price keeps falling.
Q #3) What was the starting price of Bonfire?
Answer: Bonfire launched for $0.000000047174 on the Binance Smart Chain blockchain. It was later appreciated by 1,700% during the same month. However, many people who had bought the token sold it at its peak price and left the project languishing. It is now trading at nearly zero; it is no longer tracked on CoinMarketCap, and the daily trading volume is very low.
Q #4) Is Bonfire good to invest in?
Answer: No. Bonfire doesn’t look like a good token anyone should invest in or trade in expectation of reaping profits. The project looks abandoned and there are many other alternatives you can invest in.
Despite its tokenomics encouraging holding and discouraging trading and volatility, it is not advisable to hold value as a token whose price has been on a persistent downtrend.
Bonfire doesn’t have much utility other than playing crypto that wants to solve volatility simply by encouraging and rewarding holdings, yet its price keeps falling. Their failure to meet their promise to release an app in 2021 and hold public weekly AMAs has made it seen as a scam, failed, or abandoned the project.
It also implements a manual burn mechanism to increase demand but that is yet to have any impact.
It does not appear to be a worthwhile cryptocurrency for speculative trading. For instance, you would lose a lot of value if trading it with high-frequency strategies. It is not fit for scalping, day trading, or swing trading.
Q #5) What is the future of Bonfire?
Answer: Bonfire crypto’s chances of survival are very low unless the team reverses the hefty failures with it. Forecasts show that its price will be $0.00000002 per coin in 2025 and $0.00000014 in 2030. Price prospects were bad despite the team’s efforts to encourage long-term value holding in the crypto and discourage trading and volatility.
Bonfire hasn’t had any noteworthy utility. They haven’t released the app as promised and do not follow their roadmap. The demand doesn’t seem to increase despite there being a manual burn which has seen the team destroy nearly half of the initial supply of 1 quadrillion tokens in total.
Its social following and sentiments are also terrible in addition to losing CoinMarketCap tracking. It appears Bonfire’s price relied mainly on pumping and dumping.
Q #6) Will Bonfire ever go back up?
Answer: Bonfire prices are unlikely to go back up unless the founders and team reverse the heavily lost track. Its fundamentals and token economics do not seem strong enough to support the position that it could bounce back.
The efforts to encourage holding by charging 10% on transactions and distributing half to holders and using the other half to boost the liquidity pool have not saved the coin.
For instance, despite burning almost half of the initial total supply, the price has been on a generally falling trend in 2022.
Although macroeconomic factors have affected almost every crypto in 2022, the Bonfire community, following, and sentiments are weaker than they were when it started. It hasn’t attracted any demand or holding a value that could spark its trend reversal in the upward direction.
Q #7) Is Bonfire listed on Binance?
Answer: No. Bonfire Binance listing on Binance does not seem likely in 2022 due to the weak nature of this crypto project. This is probably because it does not meet the threshold for listing on the cryptocurrency exchange. It does not have strong community backing or strong sentiments. Also, its daily trading volume appears to not meet the threshold for listing on Binance.
However, Bonfire is available to trade on PancakeSwap, PancakeSwap V2, Decoin, and HotBit cryptocurrency exchanges. It can be traded against wrapped BNB tokens and nUSD.
Q #8) Is Bonfire on Coinbase?
Answer: Bonfire is not available for trading on Coinbase because it is not listed there. Its poor community backing, very low trading volumes, low liquidity, and the opaque nature with which the project appears to be managed, speak volumes about its unavailability to trade on Coinbase exchanges.
Besides, it seeks to discourage hefty dumping and trading by charging 10% on all transactions to reward long-term holding and invest in liquidity pools. Those who want to trade the token should visit HotBit, PancakeSwap, PancakeSwap V2, and Decoin cryptocurrency exchanges.
Q #9) How do I invest in Bonfire crypto?
Answer: There is no best way to invest in Bonfire because of how weak the project and its price prospects are. The best way to invest in Bonfire crypto is to hold monetary value in it. The crypto project rewards holders by distributing half of the 10% charged per trade and investing the rest in a liquidity pool.
Bonfire is listed on PancakeSwap, PancakeSwap V2, Decoin, and HotBit cryptocurrency. Therefore, follow the steps below to purchase it on HotBit:
Step #1: Sign up or register on HotBit cryptocurrency exchange website. Fill in the details and confirm the registration email. Proceed to submit the required details and secure the account with the 2FA authentication app or SMS procedure.
Step #2: Deposit. Once you are logged in, the Fund-Deposits tab is located in the top right corner. Choose the type of asset you want to deposit and which you want to spend on buying Bonfire crypto. Simply copy the crypto address to which you will send the crypto or scan the QR code.
Hotbit also supports depositing USD via ePay. You can deposit this by visiting the Wallet button in the top right corner and choosing the USD Deposit button. Click or tap the Fiat button, fill in the deposit details, agree to the terms, and submit the transaction. Log in to ePay, choose your payment currency and channel, and proceed to pay.
Step #3: Click or tap on the Exchange button. Search for Bonfire pairs and select one. Click or tap Buy to buy Bonfire by selling the deposited crypto.
To buy Bonfire on PancakeSwap, you first need a third-party wallet like MetaMask or Trust Wallet. Deposit Ethereum and other cryptocurrencies in the wallet. Go to Pancakeswap.finance and make sure it is set to v1 (old).
Click or tap Connect on the top right to connect the wallet to the exchange and click/tap Trade. Click the Select a Currency button to find the Bonfire token and select the tokens for which you want to swap it from the connected wallet.
Set slippage to 12% from the Settings button on the top right. Enter the amount to swap and swap. Enough BNB gas is needed.
Q #10) What is going on with Bonfire crypto?
Answer: Bonfire cryptocurrency started in April 2021. It traded at $0.0000001 in April 2021 and has now tumbled to a low of $0.000000005899 in pricing. The cryptocurrency has lost more than 99% of its original value based on its August 2022 pricing.
Most of its community is gone and socials are silent about cryptocurrency. The daily trading volume is around $100, which is very low.
Many think that cryptocurrency is either abandoned. It hasn’t met its objective to release an app as per its roadmap and holds only occasional AMA meet-ups with its founders and team.
We hope this tutorial has given you a clear understanding of Bonfire Crypto Price Prediction.
Bonfire crypto currency seeks to promote holding monetary value in crypto tokens and discourage dumping and volatility. This is achieved by charging 10% as a transaction fee per trade and rewarding holdings by distributing 50% of it to them.
The project also implemented a manual burn to remove part of the tokens from circulation and therefore boost demand. Both of these strategies have largely been unsuccessful in boosting the token price and value over the months. The price prospects have, indeed, deteriorated with time.
In addition, the team has missed deadlines for launching the app, and Bonfire Connect and Metaverse, which are said to be components of the project, have not been launched.
Poor price prospects mean the cryptocurrency is not very valuable to traders and investors in active trading or holding positions.
- Time Taken to research and review this Bonfire crypto price prediction tutorial: 30 days