Bonfire price prediction: What’s in store for the revamped project?
The BONFIRE price has been flat lately. Can plans to give it some utility stoke the token’s flames?
Like the cryptocurrency market as a whole, 2021 was a rollercoaster year for Bonfire, the micro-cap altcoin built on the Binance Smart Chain.
In an announcement in December, Bonfire’s founder and CEO, the Amsterdam-based Jordy Sassen, announced an overhaul of Bonfire, after dissatisfaction among the community. Christof Spanring, from Austria, was announced as the chief of technology, while a chief of marketing position is currently advertised on the official website.
Bonfire’s official Telegram page says: “The former dev team created a new token that was supposed to run as a sister token to Bonfire. When they announced said token, there were some inconsistencies across the team with the information being given which caused some confusion.”
Further confusion over the purpose of the Bonfire platform and utility of the BONFIRE token caused a large-scale selloff, effectively flatlining the price. What does the change in structure mean for the Bonfire coin price prediction? Can we determine a Bonfire price prediction for 2025, or further down the line?
Does Bonfire token have utility?
What is Bonfire (BONFIRE) implementing to get the token off the ground? Its website claims: “We give BONFIRE a great utility. As a BONFIRE holder you get access to the ecosystem of BONFIRE and all products associated.”
In reality, Bonfire has yet to implement substantial utility for the token. The website mentions a Bonfire Connect platform in a pre-launch phase, where “users can connect, socialise, make friends, play games, own digital land and express their creativity by coming up and voting on ideas and its future direction”.
Also cited as coming soon, the Bonfire Metaverse “will be the extension of Bonfire Connect and will be based on the same principles as Bonfire Connect: security, transparency, decentralisation and ownership”.
The maximum supply of BONFIRE coins is one quadrillion. A circulating figure and market capitalisation could not be determined by the usual market trackers, but we can make some estimates by analysing BscScan.
With such a massive supply, one BONFIRE is worth only $0.00000001255. Just over two fifths – 41.57% – of all BONFIRE tokens have been sent to a burn address, removing them from circulation. Combining the remaining circulating figure of 58.43% with the latest trading value gives us a market capitalisation slightly over $7.3m (£5.4m). The burn address and the PancakeSwap address are the two largest holders of BONFIRE, followed by a private address holding 4.7% of supply.
The BONFIRE/WBNB pair is available on PancakeSwap, although only $12,800 of liquidity is available. Trading volume is negligible, having only hit $1,430 in a recent 24-hour high.
Bonfire states that of the 10% tax on all BONFIRE transactions, half is distributed to holders and half is added to liquidity. In total, 323,299 unique addresses hold BONFIRE tokens.
The online forecasters do not predict high growth for the BONFIRE token. Wallet Investor’s Bonfire price prediction for 2022 shows a continual decline, then falling more than 90% over a 12-month period. Digitalcoin is more optimistic, although a Bonfire coin price prediction of $0.0000000208 by December 2025 is still below 100% returns against the latest trading price. A realistic Bonfire price prediction for 2030 cannot be determined at this point.
However, the Bonfire price prediction targets from the online forecasters do not tell the whole story. Since Bonfire is in an interim phase, its success depends on whether the current development team is able to provide the token with genuine utility while nurturing the wider Bonfire ecosystem.
Anyone considering an investment should look further into the background of the project, its roadmap and social media profiles to assess its long-term viability. Bonfire has been asked via Twitter to contribute to this article.
How many Bonfire are there?
Of the one quadrillion BONFIRE total supply, 41.57% have been burned, implying a circulating figure of 584.3 trillion.
Is Bonfire a good investment?
That all depends on whether the revamped development team can provide a strong vision for Bonfire and genuine utility for the BONFIRE token. Currency.com recommends looking into the fundamentals, social media presence and existing community to determine the project’s viability.
Will Bonfire go up?
The Bonfire price prediction estimates from the digital forecasters roundly suggests that it will continue to flatline, or only rise incrementally. However, these forecasters do not take into account fundamentals and they should only be one aspect of your due diligence exercise.
Should I invest in Bonfire?
Currency.com does not distribute financial advice. This article is intended to give you neutral information. Given Bonfire’s uncertain position, it is recommended to do extensive research should you be contemplating an investment.