Bonfire token is a new altcoin that’s been talked about a lot recently. In this post we are going to dive into how it works and whether it could have any potential or not. Bonfire token is yet another new crypto that’s been created probably around the hype of other meme coins. But it’s always worth it to look into the tokens and see whether they actually could stand a chance before just dismissing them.
The Purpose of Bonfire Token
The overall premise of Bonfire is that it’ll have a dedicated team to create a bunch of applications surrounding it. In that it will be appealing to short and long-term investors especially long-term investors.
Bonfire vs Other Tokens
Bonfire 1,000 Trillion Token Supply
The Bonfire token has a set amount of it that’s in supply. That was 1 Quadrillion or 1,000 trillions.
37% Bonfire Tokens Were Burned
Like other tokens such as One Moon some of the tokens were burned. According to the white paper 37 of all Bonfire crypto or 370 billion tokens have been burned.
How Bonfire Rewards Token Holders
Bonfire uses a static reward system in which basically a portion of the fees from transactions is distributed to other people that hold the crypto. So for example if someone were to sell off some of their Bonfire token you would get part of that if you held any. This aspect makes Bonfire very similar to Safemoon because it has a high transaction fee of 10% basically punishing people that sell it in which half of that is given to Bonfire holders.
Bonfire uses a Locked Liquidity Pool with no address attached to it. This makes the crypto safe from a rug-pull by the developers, preventing them from crashing the cryptocurrency value and abandoning the project. The Bonfire team also agreed to an audit of their crypto.
What’s Bonfire Token’s Future Prospect
They also have a roadmap for the project which is helpful. Now they have a long list of what they are going to do for each quarter. But we are going to highlight the major steps.
Bonfire NFTs – Looking forward to the third quarter of 2021 they plan to add Bonfire NFTs. This will take things in the favor of Bonfire. It happens as planned which is very close now.
Bonfire Social Media Network – At the end of 2021 they are planning to make a decentralized social media Network
Q1 2022 – At the beginning of 2022 they are having their ‘secret project reveal.’ All these things are included in their whitepaper which looks quite promising at this stage.
Bonfire was audited by Dessert Finance which was tweeted as well. On the second page they said you should still do your own research and that’s good advice to always know what you are investing in. If you go to the audit file you will see in the table of contents it basically audited everything. So it audited the social media, the website even the team themselves, the holders the wallets and every small thing technically everything.
Bonfire Token Website Audit
So in the website it’s pretty good their SSL certificate checks out, spelling is good and the website is found very responsive.
The social media works – It has a subreddit, discord TikTok and Instagram. This social profile looks good with a good number of followers on each social media. One thing should be noted here, for the success/failure of every token/coin social media has played a pivotal role.
It also has methods of improvement and suggestions. So for this one they said they were considering adding other social media pages such as reddit, medium or Facebook. It also has a check mark where it says “the team actually did add up” and making the domain registration for 3+ or more years. They also did that so it from what it seems like is pretty receptive to the critics that the auditors had.
- It shows the top holders as you can see above in the image a big massive portion is part of the dead wallet which was burned and it is also the second highest holder holds 6% and this is not a team member this is an early investor a person that got in early
- It also shows the 2.9% of it or the 3 largest holder is in the locked liquidity pool. Now the location could not be identified.
so here are some of the risks
Social Media – They have limited social media networks. Although they are adding up. Still it rings some bells. However, it’s a small risk that can get resolved soon.
Domain – The domain that has already been fixed but the project does not have a unique use-case. Basically it’s not unique enough for it to go up in huge value based on the mechanics of the token
Promising Factors in Bonfire Token
There are six signs of confidence which can be beneficial for the future of Bonfire token. This can go to the moon in a few years if all played well.
Criticism – The project is very receptive to criticism. They appreciate it and might introduce changes if found useful.
Social Media – All the social media platforms are active. It’s very clear in the mechanics of their token.
Bonfire Liquidity Pool – The liquidity pool is in the top 3 wallet holders.
SSL Validity – They have a valid SSL Certificate.
Supply Holders – None of the wallets holders hold greater than 6% of the supply which stabilizes the price.
Price Stability– Since not much of the supply in fewer hands which will keep the supply of the Bonfire token stable.
So that’s basically the audit by dessert finance.
The Price Prediction of Bonfire Token
Now the price is not impressive. It has made a huge dip from the peak price almost basically back to where it started. It even dipped below the starting price once. So you could buy the dip if you want to but this is pretty worrying as you see it went down 45% as well. So after reaching this peak there was probably a lot of promotion by other people and once it reached the peak they decided to sell out and that continued driving down the price. The little bump in the month of May shows it went up and then it went back down. It’s continued to go down since that doesn’t mean it will keep going down forever.
If you would see its performance in the last 7 days. It shows a little spark and rise. It is a good sign but it also is no guarantee that it’ll go back up to the peak price.
Bonfire Trading – So right now Bonfire is trading at a very small fraction of a dollar 8 0s and so on. So you can buy a decent amount of Bonfire for a Dollar. If you had just extra money that you wanted to throw into the project to see if the price could go up and you can make a lot of money then you could do that.
Safemoon Vs Bonfire
To some safemoon was solid but it dipped deep and never recovered from it. That is not the case with Bonfire. It’s far safer to trust Bonfire from the investment point of view than Safemoon. Most of the positives it has are far better and promising than Safemoon. So if you cannot decide between Safemoon and Bonfire trust the later. It will always be a beter favauorite.
So from all these findings it appears that the Bonfire is still pretty risky, though it’s better than safemoon but always research crypto before you invest in it because the majority of all cryptos out there might turn up into lowest value digital assets.Bonfire Token Website Bonfire Reddit Discord