The Bonfire crypto asset (ticker symbol BONFIRE) launched in April 2021 and after a brief bull cycle has been in a downtrend, retracing its gains. Investors that bought around the top at $0.00000068 will be down about 99% on their investment – currently the Bonfire price is $0.000000007813, adding another two zeroes.

Will Bonfire go up in 2022 or future years? Many altcoins corrected during the 2022 crypto bear market, but has the Bonfire project been abandoned completely? We’ll review some Bonfire price predictions in this guide and some alternative investment options.

Bonfire Crypto Price Prediction – Overview

  • The Bonfire market cap and circulating supply are no longer tracked on Coinmarketcap – this is a red flag for a crypto project. Bonfire token is ranked #5836 on Coinmarketcap
  • The fully diluted market cap is displayed as $7.8 million, and the max total supply as one quadrillion Bonfire coins (1000 trillion)
  • The 24 hour trading volume has dropped to the $1,000 – $5,000 range, previously closer to $15,000 in Q1 2022
  • The last pinned message update in the Bonfire Telegram from the admins was May 14th – making a realistic Bonfire price prediction hard to estimate
  • The Bonfire Twitter @bonfiretoken is more active, although Twitter mentions elsewhere on crypto Twitter are near-zero
  • The Bonfire Reddit r/bonfiretoken still has monthly updates and weekly catchups, although buyer sentiment is low

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Bonfire Price History

Bonfire had an explosive bull run in April and early May, 2021, then retraced 98.85% so far. The trading volume is a fraction of what it once was.

No relief rally in around nine months is a warning sign and the Bonfire project resembles a scam or ‘rug pull’.

The use case of Bonfire was advertised as way to ‘shelter from the storm’ of crypto price volatility and bear markets, however the Bonfire token price has underperformed the rest of the crypto market during their downtrend since November 2021 – and also the final six months of the 2021 bull run.

Bonfire price chart

Bonfire price history 2021 – 2022

The homepage of the Bonfire website also writes about how the crypto market can bearish and that Bonfire lets you ‘seek refuge from the storm outside.’ The whitepaper echoes the same sentiment, that Bonfire ‘allows the user to seek shelter amidst the uncertainty of the market.’

Some investors on the Bonfire Reddit are calling it ‘the worst mistake of their crypto career’.

Beginners are often advised to stick to verified crypto projects listed on major centralized crypto exchanges like Coinbase or eToro – which verifies every aspect of a project before deciding to list it.

Bonfire Price Prediction 2022

Even at the time of writing in June 2022, the Bonfire price right now is down 6.5% in the last 24 hours, even with Bitcoin having recovered above $31,000, spiking to $32,400 on May 31st.

The Bonfire price today is $0.0000000078. Making a Bonfire price prediction is difficult as it is beginning to resemble many meme coins or low utility crypto assets that launched initially on Pancakeswap, and didn’t get any traction – being either scams or just not successful, and eventually abandoned. Sometimes referred to by traders as ‘shitcoins‘.

BONFIRE crypto token

Bonfire website description

Bonfire Price Prediction 2023 – 2024

It’s difficult to apply any technical analysis to a flat-line price chart with no relief rally or even an ‘echo bubble’ pattern.

We were able to make more reliable price predictions for assets like ApeCoin despite launching more recently in March 2022 and MyNeighborAlice which launched around the same time as Bonfire, in early 2021.

Unlike Bonfire those crypto projects have a clear roadmap, use case and utility and a larger backing from the community, as well as making strategic partnerships offline and in the business world.

The first step for Bonfire that would improve investor confidence is if its market data tracking can be re-added fully to Coinmarketcap in the remainder of 2022 or early 2023.

There are some that are still bullish on the Bonfire project, although we can’t recommend investing at this point. Some of the more optimistic bulls on Reddit appear to be paid bots – commonly used to artificially create hype and the illusion of buyer interest in a cryptocurrency project.

Bonfire Price Forecast Long Term Outlook – 2025 Prediction

The next Bitcoin halving is scheduled for 2024 and the last one led in part to the 2021 crypto bull run – alongside stimulus checks and the Fed money printer during the pandemic when people were stuck at home and took more of an interest in investing in cryptocurrencies.

Some of the best altcoins will rise in value alongside Bitcoin when it recovers – it already appears to have found a bottom at $26,000 – although whether the Bonfire altcoin asset is one of those is hard to say. There are thousands of ‘dead coins’ – altcoins that never recovered even during the 2021 bull run.

One hope for those underwater and holding Bonfire has an ‘exit scam’ – where the price is pumped by the team allowing them to offload and dump their remaining tokens on new investors who join the community, FOMO’ing into the green candles.

If you’ve bought Bonfire and are holding it, we recommend setting some sell orders now as limit orders, around your breakeven price – they might be hit on a brief wick, whether a ‘fat finger’ market buy or an exit scam type situation – allowing you to exit your position. We don’t recommend waiting for Bonfire to establish a new bullish market structure and retest its all time high.

Bonfire price history

Coinbase Bonfire price chart

Coinbase hasn’t listed Bonfire token but does track the Bonfire price history – down over 96% when measured from close to the start of its 2012 bull run, rather than the all time high.

There may be a short term wick to around the $0.000000015 levels – double the current price, as the liquidity will be very low at this point in such oversold conditions.

What is Bonfire Token Used For?

As well as the Bonfire official website claiming to offer holders a refuge from the storm i.e. volatility of the crypto market, it states that if you invest in Bonfire, you can earn part of the transactional taxes when others sell their tokens and ‘watch your profits soar’.

That informal language is another red flag, and that form of passive income utility is sometimes used to incentivize investors to keep ‘holding the bag’, i.e. not sell and hope the market turns around. Meanwhile seed round investors are dumping their tokens.

After its launch, Bonfire reached a milestone of 100,000 token holders. By May 10, 2021, it had seen a price increase of over 1,700%.

That kind of early pump is common and usually retraces completely – buy low, sell high is a better investing strategy than chasing a pump. The Bonfire price has been in a bearish downtrend for over a year now.

What Drives the Price of Bonfire?

There are also some other fundamental issues surrounding the Bonfire bear market:

No Competitive Advantage

One problem with Bonfire is that when you compare Bonfire to all the tokens flooding the market, there’s nothing that makes it stand out. The 10% transaction fee has been done before, and its plans aren’t any different than those of other projects.

Even the “Why Bonfire?” section in the token’s whitepaper is a generic description that could apply to a number of cryptocurrencies.

It says that Bonfire has a passionate team, they want to build a financially appealing cryptocurrency for short-term traders and a suitable asset for long-term investors, and they’re determined to change the status quo in decentralized finance (DeFi). This description could literally fit into hundreds, if not thousands of other cryptocurrencies. 

Failure in Achieving its Objectives

Just two months after its launch, Bonfire’s team had trouble following its roadmap. The big flaw was the Bonfire app, which wasn’t ready for the second quarter of 2021.

The roadmap also mentioned weekly Ask Me Anything’s (AMAs) and billboard advertisements. Neither of those goals was completed. Although there have been AMA videos uploaded, but they haven’t been weekly.

It’s not a good sign that Bonfire has already failed to complete goals, especially simple ones like weekly AMAs. It brings into question the team’s ability to handle the more ambitious objectives.

Is Bonfire the Best Crypto to Buy in 2022?

lucky block logoIf you do decide to buy Bonfire we’d recommend waiting for it to start printing higher lows and higher highs on a daily timeframe – confirmation of a new HTF bullish market structure.

We included some other low market cap coins on our list of the best cryptos to invest in.

One of those is Lucky Block which on May 31st demonstrated its use case – developing a web app for decentralized crypto jackpot prizes, and awarding two $1 million prizes.

One prize went to an entrant in its main draw which can be played by buying tickets or holding $500+ of LBLOCK tokens for a free ticket, and another to a holder of one of its collection of 10,000 non-fungible tokens (NFTs).

Lucky Block

Shortly before the May 31st Lucky Block jackpot

Lucky Block is a blockchain-enabled crypto games and competitions platform, on the Binance Smart Chain. Its native coin is LBLOCK is currently ranked #3012 on Coinmarketcap.

Unlike Bonfire the market data for Lucky Block is tracked and verified by CMC. It also has room to grow – currently the market cap is around $70 million.

LBLOCK token holders and owners of its NFTs can earn passive income in the form of partial jackpot prize-pool redistributions, wherein the larger the holdings, the higher the yield.

To buy LBLOCK, follow these steps for Pancakeswap or visit LuckyBlock.com to buy with fiat.

  • Step 1 – Set up a Crypto Wallet – Download a BSC-compatible crypto wallet, such as MetaMask or Trust Wallet
  • Step 2 – Buy BNB – Load that wallet with Binance Coin (BNB) from a crypto exchange such as eToro
  • Step 3 – Connect Wallet to PancakeSwap – Visit the PancakeSwap.finance homepage and click ‘Connect Wallet’. Follow the instructions on-screen to link your wallet.
  • Step 4 – Buy Lucky Block – Enter the contact address (0x2cD96e8C3FF6b5E01169F6E3b61D28204E7810Bb) and choose BNB to make the exchange. Select the amount of BNB you want to swap for LBLOCK.

Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

Conclusion

The description of Bonfire as a ‘frictionless, yield-generating contract’ attracted many investors and holders after launch, wanting it to be the next Shiba Inu – which its initial pump suggested it could be.

Since then, it has crashed to new lows – and the current low price may still not a good time to invest as the Bonfire team are not very active on social media.

Some altcoins have been recovering well as of mid 2022 after Bitcoin lost the $30,000 support level then reclaimed it, and after Terra (LUNA) collapsed. Bonfire coin wasn’t one of those, but play to earn crypto games like Lucky Block, Gods Unchained and Axie Infinity have put in strong bounces.

Next 10x Crypto - Lucky Block (LBLOCK)

Our Rating

Lucky Block
  • Listed on LBank, Pancakeswap - Trending in 2022
  • Crypto Games Platform - luckyblock.com
  • Donations to Charity
  • Free Ticket to Jackpot Draws
  • Passive Income Rewards
  • Worldwide Competitions
  • 10,000 NFTs Minted - nftlaunchpad.com
Lucky Block
Cryptoassets are a highly volatile unregulated investment product. Your capital is at risk.

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