Can BONFIRE crypto maintain the price rally?  

Highlights

  • Bonfire crypto (BONFIRE) is a community orientated, frictionless, yield generating protocol that aims to protect the investors in a volatile market.
  • Operating on the Binance Smart Chain platform, Bonfire crypto works on the static reward system.
  • BONFIRE was trading at US $1.43e-8 with a 24-hour trading volume of US $1,31,903.

Bonfire crypto (BONFIRE) is a community orientated, frictionless, yield generating protocol that aims to protect the investors in a volatile market. Operating on the Binance Smart Chain platform, Bonfire cryptocurrency works on the static reward system, which is divided into two parts: one of which is distributed within the holders and liquidity pool on the PancakeSwap exchange. 

What makes Bonfire so unique

Bonfire is a great investing tool, and perhaps the only one, which offers investors’ profit soar as others sell their tokens. Launched in April, the crypto became an instant hit with the investors as it touched the 100,000 marks in just two weeks. Even though the prices did witness a rally of 1,700%, it was unable to maintain the momentum at that point of time.

Also read: Convergence crypto: Will prices fall again after surge?

What makes BONFIRE a viable crypto is that it rewards the holders of the crypto with a 5% transaction tax, which is credited to wallet each time an investor buys or sells the crypto. With a vision of providing a space for NFT sales, BONFIRE’s strong point is the community that has built around it.

It is often seen as a great alternative to the usual high-APY liquidity farms because of its unique protocol. Its varied mechanism encourages the holders to manage the tokens and encourage them to hold it for long-term.

How is Bonfire token faring in the market?

BONFIRE is ranked 3556 on CoinMarketCap. According to CoinMarketCap, the BONFIRE is trading at US $1.43e-8 with a 24-hour trading volume of US $1,31,903. At the time of writing (BST 1:30 pm), BONFIRE has a fully diluted market cap of US $14,420,800 and has been up by 19.20% past 24-hour period. BONFIRE has a maximum supply of 1,00,00,00,00,00,00,000 BONFIRE coins.

Also read: MLN price prediction: Will it breach US $200 level by end of 2021?

Conclusion 

Bonfire is a new token on the platform and has impressed the investors in short bursts but doesn’t come across as the one which can give some long-term benefits. As the crypto market is largely seeing the pump and dump schemes, many investors are losing out money. Investors putting their money in Bonfire have made quick profits and sell it in short time.

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