The cryptocurrency world today is a huge space containing 18,000+ different tokens belonging to successful and neglected projects alike. As soon as a new token appears on the market, many investors are riveted to it to see if it is a good investment. Roughly the same thing happened in April 2021, when the Bonfire crypto project with its native token saw the light of day. Using Binance Smart Chain technology, Bonfire announced itself as a blockchain-based project that would become the first tokenized social platform. As a native token of this platform, Bonfire uses the concept of statistical user rewards.
Although the project has not been fully implemented yet, Bonfire will become a kind of marketplace for digital content developers such as artists who will be able to trade NFTs. One of the strengths of Bonfire is that it has a team of experienced developers and marketers with years of experience in their fields. If they manage to get their project right, there is no doubt that the price of Bonfire tokens will skyrocket. We are here to talk about the important features of the Bonfire platform that give rise to the intrinsic value of the native token, as well as to put together a Bonfire price prediction for the near term.
What is Bonfire?
Today there are many social platforms like Twitter or Facebook with multi-million monthly audiences, and Bonfire – despite its niche nature – aims to be on that list of the best. So, the focus of this project is a social platform where transactions and advertising will be paid for by a digital asset, which will boost user engagement with cryptocurrency. And while the social platform is planned as a central part of the ecosystem, Bonfire has a few other promising features to be aware of:
- Firestarter. According to the developers, Firestarter is a launch pad for new tokens. To get listed on Firestarter, a thorough vetting process is required, and this will ensure maximum fairness and decentralization of new token releases (prior to the official launch of the ICO). Firestarter will also allow crypto enthusiasts to invest in promising new digital assets using the Bonfire token. In doing so, the order of how people can invest in crypto projects will be determined by how many Bonfire tokens they have in storage.
- NFT marketplace. Lately, non-duplicable and non-creepable tokens (NFT) have been in huge demand. And Bonfire is here to offer a new way to mint and trade NFT tokens that solves numerous problems that no one has even thought of yet.
- FireSwap. This is a cryptocurrency exchange platform where the Bonfire token will dominate.
- Mobile app. As more and more crypto enthusiasts and investors prefer to handle cryptocurrencies on mobile devices, it’s not surprising that Bonfire plans to launch its own mobile app. By installing the app, users will be able to buy Bonfire tokens directly from credit or debit cards as well as e-wallets. While Bonfire aims to get listed on major platforms like Binance or Coinbase, it also offers a simpler alternative that lowers the entry threshold into the Bonfire ecosystem. With mobile notifications, Bonfire’s team also gets a simpler and more efficient way to distribute news and important information.
In addition, Bonfire boasts a fairly large community with many active members encouraging the team to work towards their goals. All of the above looks good on paper, but is everything so clean and smooth in reality? Looking ahead, the value of the Bonfire coin has dropped dramatically since launch, even though it soared by 1700% in the first month. However, it’s far from the first crypto token to plummet in value after a resounding initial success. Some setbacks in the implementation of the targets and a strong competitor in the form of Safemoon seem to have done their bad work. However, let’s take a closer look at Bonfire to find out how it is good or not for investing in it.
What is Bonfire Token?
Bonfire is a conflict-free, income-generating contract for coin holders that uses Binance Smart Chain, an over-the-counter, pre-sale mechanism. The protocol was launched on April 18, 2021, which means that Bonfire is still a young token with the potential to rise and fall rapidly. Bonfire is closely related to the software products mentioned above and is planned for launch in the near future. So, let’s look at a few features that make this token special:
- The coin offers a statistical reward system whereby 10% of each transaction amount is withdrawn by the network and divided into two equal parts. 5% is distributed to token holders, while the remaining 5% goes to fuel the liquidity pool hosted by PancakeSwap.
- Bonfire owners can benefit from the self-generating revenue mechanism it uses.
- The available token balance is effectively reduced by locking the coins permanently into LP.
- The original supply includes 1 quadrillion coins, with over 40% of the total coins already burned.
Proposed by Reflect.finance and finalized by Safemoon, the statistical reward system is a promising concept. According to this concept, the amount of reward received by token holders depends on the current volume of coins in the market. In turn, this reduces the psychological effect of forcing first-time investors to sell their crypto savings if the price falls.
Bonfire Token Price History
On April 18, when the token became available for purchase for the first time, its price was unusually low, and the situation remained almost unchanged during the first few weeks. However, in May 2021, the cryptocurrency community was surprised to see the token’s price skyrocket to $0.000000047 as of May 3. The increase in the value of the coin contributed to the demand for it, and a record high of $0.0000000886 per token was reached on May 10. Remarkably, having risen by 1700% in just one week, the token again lost a third of its price in just a few hours. All of this could indicate machinations being carried out by the crypto project’s founders.
Technically alive and still available on PancakeSwap, Bonfire has been delisted from many major exchanges. Today, Bonfire is trading at a paltry $0.0000000054. Remarkably, at the time of writing, the token is falling in value again despite a recent spike. All this makes it extremely difficult to predict the price of Bonfire, so this coin can hardly be called a good investment. However, the ultimate decision is yours.
Bonfire’s Main Problems
If you are pondering whether there is any future for Bonfire, we think it is very doubtful. The main problem with the project is that it has failed to follow its roadmap. This means that most of the announced decentralized platforms never saw the light of day. It looks like the team behind Bonfire purposely spammed social media with very promising claims that will never be fulfilled. On the other hand, let’s not forget that Bonfire is still a young token and it still has some chances to come back into the game. When you are dealing with projects featuring tokens that are worth a paltry fraction of a dollar, it is always difficult to predict how the price will move in the near future.
How to Buy Bonfire
So, Bonfire is probably one of the tokens for which the reality has not lived up to the hype that arose in the first month after the launch. At the time of writing, the price of the token continues to fall, and there are no optimistic predictions as to how it will go in the near future. If all of the above doesn’t scare you and you still want to invest in the coin, then you need to know ways to exchange fiat money or other tokens for Bonfire. Here are step-by-step instructions on how to buy coins using Trust Wallet:
- Sign up with Binance. By opening an account on a crypto exchange, you can buy Bonfire on PancakeSwap, a decentralized platform using Binance Smart Chain technology. Now buy BNB tokens to exchange them for Bonfire coins later.
- Download Trust Wallet to your mobile device or open your account through the web interface. With a good user interface and lots of useful features, Trust Wallet is one of the best options for working with PancakeSwap. In this step, you also need to transfer BNB coins from your Binance account to your wallet.
- Make the exchange of BNB to Bonfire on the PancakeSwap platform.
Keep in mind that you need to leave some BNB tokens to cover the swap fee. What makes PancakeSwap a great option is its intuitive interface as well as fast and relatively cheap transactions.
1. What exactly is a Bonfire?
It was previously seen as a promising project that aimed to launch several platforms. First, it is the world’s first tokenized social platform where transactions and advertising would be paid in tokens. Secondly, it is a crypto marketplace that opens up wide opportunities for crypto traders. Thirdly, a convenient mobile app for buying tokens. However, at the moment Bonfire looks like an abandoned project.
2. What is a Bonfire coin?
It is essentially an inflationary digital asset that uses a model of rewarding holders by taxing those who choose to sell their crypto savings.
3. How has the price of the coin changed?
Bonfire launched on 18 April 2021 and did not attract much attention from crypto investors for the first two weeks. However, on May 10, 2021, there was a sharp jump and it reached its record price. This was followed by a long period of falling in value.
4. What are Bonfire’s main challenges?
According to experts, Bonfire did not take off because the team behind the project never achieved its ambitious goals. It is likely to be one of many crypto projects aimed at fundraising in the first place. Another reason for failure could be serious competitors such as Safemoon.
5. Is Bonfire a good investment?
Given the negligible value of the coin, you can afford to buy a souvenir quantity of tokens in case the project comes to life. However, it makes no sense to invest hundreds or even thousands in a token that is priced very low and continues to fall. However, we do not pretend to be your investment adviser, so the final decision is up to you.
6. How do I choose promising cryptos to invest in?
Almost any token with a price that has skyrocketed can be a great option, at least for short-term investments. If you had bought Bonfire at the start, you could have extracted up to a 1,700% return on your investment (in case you sold the coin on 10 May 2021). However, we recommend paying attention to the so-called red flags which could be: too low a price for the digital asset, initial supply including a huge number of coins, too high transaction fees, and over-promotion on social media.