The cryptocurrency market is currently at its peak. All major cryptocurrencies have been reaching all-time high prices in increasingly faster time spans. Cryptocurrencies like Dogecoin, Safemoon have made crypto accessible to the general public. The crypto space is experiencing a powerful bull. A lot of new currencies with the aim of making profits are also being added to the crypto world. One of the latest cryptocurrencies that has recently become popular is ‘Bonfire. In this article, we’ll take a look at what is Bonfire Token and how to buy Bonfire Token.
What is Bonfire Token?
Bonfire is a cryptocurrency token that was launched on April 18 via the Binance Smart Chain Network. According to the Bonfire website, Bonfire is an inflationary token that works similar to how the Safemoon token works. The Bonfire token rewards HODLers (token holders) with more coins by taxing the people who choose to sell their coins. This process is known as the static reward system, which was popularised by Safemoon. 5 per cent of all Bonfire transactions are distributed amongst the community. Bonfire is still at an early stage.
However, people should be wary of coins like these. Over the past few months, many coins like Safemoon, SafeGalaxy and other coins have been made and turned into pump and dump schemes. However, these coins were very obvious pump and dump coins that left a lot of losses for a lot of people. These coins are made to make quick profits and exit the markets.
While the creators of Bonfire haven’t given any indication that this is one of these ‘Get rich quick’ coins, people should be wary and diligent before investing in any coin that is rising in price just because it’s going viral. Moreover, the coin has no intrinsic purpose that it serves. Unlike other crypto coins that are introducing new technology and have real-world use case, Bonfire has been made just to make money.
Where to buy Bonfire?
At the time of writing this article, the Bonfire price stands at $0.00000061. Bonfire is not yet available on any exchange in India. However, Bonfire can be purchased on the Pancake Swap website. In order to buy Bonfire on Pancake Swap, investors will need an existing crypto wallet like Trust wallet or they can create one through the Metamask browser extension. It should be noted that investors will need to deposit Binance Coin (BNB) into their wallets before they can trade Bonfire on the Swap platform. This is the Bonfire token contract – 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590. This can be used on Pancake Swap to buy Bonfire.
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