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 2023 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.
|🔥 Coin Name||Bonfire|
|🔆 Coin Symbol||BONFIRE|
|⏳ Price Change 1h||0.09%|
|🌕 Price Change 24h||0.37%|
|💵 Market Cap||$0|
|🌐 24h Volume||$15|
|🔄 Circulating Supply||N/A|
|💰 Total Supply||625,124,496,352,881|
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 history 2021 – 2023
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 2023 – 2024
Bonfire’s lack of a clear roadmap has led to its undoing in 2023, with the token barely receiving any relief rally that could help its leave. the flatline behind.
The token opened at an extremely low level since the beginning of 2023 and has been going through many volatile movements within a small zone. People aren’t much interested in it, and the fact that people are barely talking about it on social media or anywhere else also isn’t helping the case.
Bonfire’s Twitter audience is only 294, and since there have been no tweets from the team till now, it is highly like that bots are populating this project’s follower count.
That said, there was a 30% uptick in its price in March 2023 which was largely due to the interest in Bitcoin funneling over to some lesser-known tokens. And since Bonfire’s performance is largely staying within the flatline, never wicking upwards due to its own merits, we don’t see this cryptocurrency project gaining any ground even by the end of this year.
However, if Bitcoin reaches closer to its $40k level (it has recently crossed the $30k mark), there might be a little possibility for Bonfire to gain some traction. But it will likely be only short term and the retrace would be much higher.
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.
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 2023?
If 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 alternative low market cap coins on our list of the best cryptos to invest in.
The best alternative to Bonfire right now could be Love Hate Inu. It is a meme cryptocurrency project with a unique outlook that aims to compete with the online survey industry by making online polling more democratized, decentralized, and rewarding.
The core principle of Love Hate Inu is a Vote 2 Earn ecosystem that rewards people for voting. The project takes cues from DAOs to create a system where voters can stake their tokens to vote and earn APY in return. While this approach might not appear novel in hindsight, voting is to be done on custom polls based on entertainment, social media figures, and more.
Love Hate Inu has put three systems in place to facilitate this process. The voting system will allow users to cast their votes. The more tokens they cast for voting, the more voting power they have. With the polling system. users can use LHINU tokens (tokens to be staked to vote) to create custom votes using the in-app tools and graphics that are designed by leading artists.
The final system is the poll management system that allows users to monitor the polls and see the voting process unfold.
In a recent AMA with Carl Dawkins – the Love Hate Inu CEO – it was revealed that a new VIP KYC system would also be introduced to help brands create more customized and nuanced polls.
Love Hate Inu’s simple approach has led to it raising $7 million in a little more than a month, and the token is heading fast toward the conclusion of its presale. But it today at a discount by clicking the link below.
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 Vote 2 Earn token like Love Hate Inu have the potential to grow to a higher level in days to come.
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