Bonfire Crypto Price is $0.000000005355. It has price decreased by 13.39% in the last 24 hours. If you are thinking of investing in Bonfire crypto, it might not be a good idea. This investment will be doubtful for you.
What is Bonfire Cryptocurrency?
Bonfire’s goal is to safeguard customers from a turbulent market, but the trip has been rocky thus far. Bonfire is a cryptocurrency token that debuted in April of this year.
Its website gives holders a haven from the storm, referring to the turbulent cryptocurrency market. When others sell, you may collect taxes and “see your earnings explode” if you invest in Bonfire.
It didn’t take long for Bonfire to gain traction, and the early results were good. It reached 100,000 holders in two weeks. By May 10, the price had risen by more than 1,700%.
The triumph, however, did not continue, as the value has slowly decreased since reaching an all-time high in early May. It isn’t a problem exclusive to Bonfire; the market has been unsteady lately.
Whether you’re deciding which cryptocurrency to purchase, the issue is if Bonfire has a chance to recover or if it’s toast. Bonfire is one of many new tokens that utilize static rewards, a levy on sellers that are used to reward holders.
Here’s how Bonfire’s static incentives work: every transaction incurs a 10% charge. For example, if someone sells ten million Bonfire tokens, one million will be used for the fee. Everyone who holds a Bonfire receives half of the charge.
The other half goes to a liquidity pool, a group of money that makes trading Bonfire simpler. Static incentives are a characteristic that has grown in popularity among new tokens, and they may operate effectively whether the price rises or falls.
However, the majority of these tokens end up in free fall. Even after accounting for the benefits you received, you still lose money.
Bonfire’s Plans
Bonfire’s plan and whitepaper outline various objectives. Here are the most significant, as well as the progress made thus far:
A non-fungible token (NFT) exchange:
The Bonfire team is constructing “the most unique NFT frictionless trading market in the world.” According to Bonfire’s website, it is one of the company’s objectives for the third quarter of 2021, with the current progress of 0%.
A Bonfire app:
It will let users purchase Bonfire, monitor their passive income from the token, examine market statistics, and get team updates. It was stated as one of Bonfire’s targets for the second quarter of 2021, although progress is now just 30%.
A cryptocurrency exchange:
Bonfire intends to launch Fire Swap, a decentralized cryptocurrency exchange, in the third quarter of 2021. The current rate of advancement is 0%.
The company is also contacting major cryptocurrency exchanges in an attempt to have Bonfire listed. However, it is unlikely to happen since the largest exchanges are picky about the cryptocurrencies they sell.
Most customers get Bonfire via Pancake Swap, a decentralized exchange that hosts a variety of smaller projects. Bonfire has great aspirations, but they are no different from the aims of several other initiatives.
Several new tokens whose teams want to construct NFT markets, applications, and exchanges. These initiatives, including Bonfire, are headed to the moon.
Summary
Bonfire is a cryptocurrency token released on April 18, 2021. The whitepaper describes it as “a frictionless, yield-generating contract that enables the customer to seek refuge amongst market instability.” It’s a description that’s both unnecessarily detailed and ambiguous.
Bonfire Token
Bonfire is a frictionless, yield-generating contract that enables users to take refuge from market volatility. On April 18, 2021, the protocol was unveiled on Binance Smart Chain via an OTC presale (BSC).
The token contract uses a static reward scheme in which 10% of every transaction is divided into two halves, one of which is awarded to holders, and the other 5% is used to feed the liquidity pool on the PancakeSwap decentralized exchange.
The tokens are permanently trapped in the LP, significantly limiting the available supply. The token was created to provide a community token with a self-generating revenue source for its owner.
The static rewards scheme was invented by reflecting Finance and popularized by Safemoon. Because of its exceptionally sustainable strategy is an excellent alternative to the standard high-APY liquidity farms out there.
The payout amount is conditional on the volume of the token in the marketplace, easing early investors’ sell pressure on the token.
In addition to the above, the mechanism encourages token holders to keep their tokens to receive taxes on market transactions, which are based on the percentage defined in the contract and are proportional to the total tokens owned by the owner.
Token Information
| Network | Binance Smart Chain |
|---|---|
| Ticker | BONFIRE |
| Contract address | 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590 Decimals: 9 |
| Burned tokens | 372,000,000,000,000 plus Bonfire (37.3% at the time of writing) |
| Taxes | 10% on transactions, 5% Distributed to holders, 5% Added to liquidity |
History of the Bonfire Price
The Bonfire had a huge bull run in April and early May of 2021 but lost 98.85% of its value. The number of trades is a small fraction of what it used to be. The fact that there hasn’t been a relief rally in about nine months is a red flag, and the Bonfire project looks like a scam or “rug pull.”
The Bonfire use case was advertised as a way to “shelter from the storm” of volatile crypto prices and bear markets. However, the Bonfire token price has lagged behind the rest of the crypto market since November 2021 and during the last six months of the 2021 bull run.
On the homepage of the Bonfire website, it says that the crypto market can be bearish and that you can use Bonfire to “find shelter from the storm outside.” The whitepaper says the same: Bonfire “allows the user to seek shelter in the market’s uncertainty.”
Some investors call it “the worst mistake of their crypto career on the Bonfire Reddit.” Beginners are often told to stick to crypto projects listed on major centralized crypto exchanges like Coinbase or eToro, which check every part of a project before deciding to list it.
Bonfire Price Prediction 2022
Even as I write this in June 2022, the price of Bonfire has dropped by 6.5% in the last 24 hours, even though Bitcoin has risen above $31,000 and reached a high of $32,400 on May 31.
Today, the price of a Bonfire is $0.000000005355. It’s hard to guess what the price of Bonfire will be because it’s starting to look like many meme coins or low-utility crypto assets that started on Pancakeswap didn’t catch on because they were scams or didn’t work and were eventually abandoned.
Bonfire Price Statistics
| Bonfire Price | $0.000000005355 |
|---|---|
| Price change 24h | $0.0000000006 8.40% |
| 24h low/ 24h high | $0.000000007085 / $0.000000007816 |
| Trading volume 24h | $103,624.83 8.78% |
| Volume/ Market cap | No data |
Facts About Bonfire Crypto Price
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The market capitalization and supply of Bonfire are no longer shown on Coinmarketcap. It is a bad sign for a cryptocurrency project. On Coinmarketcap, the Bonfire token has a rank of #5836.
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The fully diluted market cap is shown as $7.8 million, and the maximum number of Bonfire coins can be one quadrillion (1000 trillion).
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The number of trades that happen every 24 hours has dropped from around $15,000 in Q1 2022 to between $1,000 and $5,000.
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The admins’ last pinned message update in the Bonfire Telegram was on May 14. It makes it hard to guess what the price of a Bonfire will be in the future.
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The Bonfire Twitter account, @bonfiretoken, is more active, but there are almost no mentions of it anywhere else on crypto Twitter.
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Even though buyer sentiment is low, the Bonfire Reddit r/bonfiretoken still has updates every month and weekly catchups.
Problems with Bonfire Crypto
Several red flags appear while examining Bonfire, which is written below:
1. Failure to Complete Goals
After around two months, Bonfire’s crew has had difficulty adhering to their plan. The most notable omission is the Bonfire app, which was unavailable by the second quarter of 2021.
The strategy also included weekly AMAs and billboard marketing. Neither of them was finished either. There have been AMA videos, but not every week.
Bonfire has already failed to achieve targets, even easy ones like weekly AMAs, which is not a good indication. It calls into doubt the team’s capacity to manage increasingly ambitious goals.
2. The Right Crypto Investing Mindset
Investing in cryptocurrency might be incredibly dangerous. We believe that investors should approach these assets like any other technical investment: with a long-term perspective and the anticipation of ups and downs.
The Fool recognizes that there might be possibilities for investors. Select coins are actively recommended to our community. However, before investing, we recommend everyone become well-versed to grasp the possible risks and benefits.
3. Massive Price Drop
A bonfire had a wonderful week in early May, but it has failed since then. The price has dropped by more than 90%, and trading volume is a fraction of what it previously was.
Bonfire’s creators and supporters believe that since the whole crypto market is down, a lower price is to be anticipated. There’s only one issue with that logic: Bonfire’s whole purpose is to be “sheltered from the storm.”
The website’s first page describes how the market may be a terrifying place and how Bonfire allows you to “take sanctuary from the storm outside.” According to the whitepaper, Bonfire “allows the user to take refuge amongst the unpredictability of the market.”
When your investment loses 90% of its value, you’re not exactly safe from risk.
4. No Competitive Advantages
When compared to the other tokens on the market, there is nothing that distinguishes Bonfire. The 10% transaction charge has been used previously, and its aims are similar to those of other enterprises.
Even the part in the token’s whitepaper titled “Why Bonfire?” is a broad statement that may apply to various cryptocurrencies.
It claims that Bonfire has a dedicated team, that they intend to create a financially enticing cryptocurrency for short-term traders and a viable asset for long-term investors, and that they are motivated to challenge the status quo in decentralized finance.
That description may be copied and pasted into hundreds, if not thousands, of different cryptocurrencies. They have lofty ambitions, such as founding their exchanges.
They throw on a 10% transaction charge and tell you how much money you’ll make simply by holding. And the teams promote these tokens as much as they can on social media, boasting about how the price will skyrocket 100 times over.
There are many initiatives like Bonfire, and the majority fail. Purchasing Bonfire or anything like that is analogous to purchasing penny stocks.
There’s a very low possibility of finding that needle in a haystack. However, 99 times out of 100, you will lose money.
Summarized
This coin was established through the Binance Smart Chain Network and aimed to be the first crypto-based social media network. Bonfire is simply an inflationary token that operates by charging users who choose to sell their tokens and rewarding owners with new currencies.
Bonfire’s Rise and Fall
Bonfire follows a path that many questionable cryptocurrencies have followed. Here’s a rundown of what occurred:
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For the first two weeks, there wasn’t much going on. Its value began at $0.000000047174 on May 3. But it was catching people’s attention.
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The price had more than quadrupled by the end of the day.
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On May 10, it reached an all-time high of $0.000000886399, a 1,779 per cent rise in only one week.
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That peak didn’t last long, dropping by a third by the end of the day.
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The price is $0.000000066780 as of June 29, a decline of more than 90% from its all-time high.
Technically, the token is still alive. It’s offered on PancakeSwap, a popular site for freshly started projects that aren’t large enough to warrant bigger exchanges. None of the major cryptocurrency exchanges has listed it, and they are unlikely to do so in the future.
Be careful with your crypto investments
This year has seen a significant increase in the popularity of cryptocurrency. There has been a large rush of new tokens due to the ease with which anybody may generate their own.
The teams behind them often bombard social media with outrageous promises to attract as many consumers as possible. You will lose money on these untested cryptos unless you get in at the perfect moment and sell before the market plummets.
The best way is to avoid such ventures. Here are a few red signals to be aware of:
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The token costs just a fraction of a penny
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There is a vast total supply of tokens, such as a quadrillion or hundreds of trillions
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There is a 10% transaction fee, with half of it going to current holders
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People are marketing the token on Twitter, Reddit, YouTube, and other similar sites, predicting that the price will rise
It is an example of a cryptocurrency that rose to prominence, only to have its value drop quickly. More of these tokens appear regularly, with EthereumMax and Baby DogeCoin being two recent examples. It’s critical to detect these types of tokens, so you don’t squander your money on a terrible investment.
Bonfire Price Live Data
Today, the live price of Bonfire is USD 5.13e-9, and USD 125.15 is traded in 24 hours. We keep the price of BONFIRE in USD up to date in real-time. In the last 24 hours, Bonfire has lost 3.15 per cent of its value. The current ranking on CoinMarketCap is #7272, and the market capitalization is unavailable. There are no BONFIRE coins in circulation, and there can be no more than 1,000,000,000,000,000 BONFIRE coins.
If you want to know where to buy Bonfire at the current price, PancakeSwap (V2), Hotbit, Deco in, and PancakeSwap are the best places to trade Bonfire stock. You can find more on our page about crypto exchanges.
Bonfire is a contract based on the Binance Smart Chain that helps the community, has no friction, and makes money. The project is based on an RFI token comic model that charges a 5% fee on every transaction. This fee is split evenly among all Bonfire token holders, and another 5% fee goes into the liquidity pool to give token holders more security.
The project’s long-term goal is to launch a decentralized social media platform with a place for selling and sharing NFTs and other utilities and sub-projects that haven’t been announced yet. The most valuable thing about Bonfire is the amazing community that has grown up around it. Bonfire is about giving things away, contests, and charity money.
Bonfire wants to stand out from the crowd and move toward a stable future where it can be used in many ways. The project is run by people who believe in decentralized finances and the good things they can do for the world and the global community. They have a dedicated team of developers with many skills and a lot of technical experience, as well as managers of marketing and social engagement.
Summary
Bonfire is a new crypto asset that has gained thousands of new holders in only a few days. It claims to protect you against increasing costs. You may convert your hard-earned money into Bonfire crypto dollars to keep its worth.
Frequently Asked Questions:
Here are some of the questions asked about Bonfire Crypto Price:
1. Is there a future for BONFIRE cryptocurrency?
The price of the Bonfire token is expected to reach about $0.00000002 by the end of 2024. The intriguing part is that the Bonfire token price is expected to reach a high of $0.00000003 with an average trading value of $0.00000003 in USD.
2. How does a bonfire generate revenue?
When individuals purchase them online, Bonfire costs $10 per shirt to manage the printing and shipping logistics, after which all earnings go to the campaign host, who is responsible for making sure the money gets to the appropriate place. Bonfire’s cut is likewise reduced once sales hit specific thresholds.
3. Is Bonfire only for fundraising?
Bonfire is a free online platform launched in 2012 for anybody interested in designing, selling, or purchasing unique items. Since its inception as a simple online t-shirt fundraising option for communities, the platform has been used by thousands of individuals, organizations, and NGOs to generate donations for their causes.
4. Is it free to use Bonfire?
Bonfire is a free and simple method to purchase and sell creative clothes online. We provide two options for doing so: starting a Campaign or ordering shirts in quantity via Supply only available to domestic customers.
5. What exactly is the Phoenix coin?
PCX (Phoenix coin) is a cryptocurrency. Users may generate PCX via the mining process. The current supply of Phoenix coins is 86,280,687.125. Phoenix coin’s latest known price is 0.01006322 USD, up 40.02 in the past 24 hours.
6. What is the significance of the name BONFIRE?
The term is derived from Middle English bonfire, which means “a fire of bones.” The word’s first occurrence is glossed in osmium—Latin for “fire of bones.” And a 15th-century source proves that this isn’t merely a learned folk etymology.
7. How do you bring a Bonfire campaign to a close?
Switch off Smart Launch to halt your campaign and prevent subsequent batches from starting automatically.
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Hover over the ellipsis symbol in your Dashboard and pick ‘Edit Campaign’ from the drop-down menu
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Go to the Profits section of the header
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Turn Smart Launch off
8. Does Bonfire charge shipping?
Domestic shipping begins at $4.99 for the first product and increases by $2.50 for each subsequent product from the same Campaign. International shipping is $11.99 for the first product and $4.00 for each subsequent product purchased from the same Campaign.
9. Who has a Bonfire shirt?
Brian Marks, a Virginia Commonwealth University alumnus, worked in medical equipment sales for a decade before leaving to seek a career in the startup industry. He found the pivot effective, and he built two profitable businesses as a result. He launched Bonfire, an online marketplace for making and selling bespoke clothes, in 2012.
10. What sort of business is Bonfire?
Bonfire is an e-commerce platform that allows producers to create, print, and sell personalized clothing online. Their online fundraising tools enable groups and individuals to collect funds via the sale of t-shirts and gear while leaving the printing, shipping, and payment to the specialists at Bonfire.
11. Is it free to sell Bonfire?
Bonfire is an easy and free way to buy and sell custom clothing online. We give you two ways to do this: either start a Campaign or use Supply to buy a lot of shirts (only available to domestic customers).
12. How much did Bonfire cost the most?
On May 10, 2021, Bonfire reached its all-time high of $0.000000886399. (about 1 year).
13. Can BONFIRE make you lose money?
There are a lot of projects just like Bonfire, and most of them don’t get anywhere. Buying Bonfire or something else like it is the same as buying penny stocks. There’s a very small chance of finding the needle in the haystack. But you lose money 99 times out of 100.
14. Where can I find Bonfire and buy it?
If you think Bonfire is for you, you should know that this token can be found and bought on the official Bonfire website.
15. Is Bonfire money good?
Bonfire is a risky cryptocurrency. Such tokens are plentiful. They want to start exchanges. They charge a 10% service charge and say you’ll earn by keeping.
Conclusion
To sum up the topic of Bonfire Crypto Price, it could be said that the price of the Bonfire token is expected to reach about $0.00000002 by the end of 2024. The intriguing part is that the Bonfire token price is expected to reach a high of $0.00000003 with an average trading value of $0.00000003 in USD.
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