Bonfida price prediction: What is bonfida (FIDA)?
It is designed to make working with one of the many decentralised exchanges out there easier and more user-friendly, but what is bonfida (FIDA)?
Let’s take a look and see what we can find out about FIDA, and also examine some of the bonfida price predictions that were being made on 21 November 2022.
Bonfida explained
One of the crucial parts of the world of cryptocurrency is the crypto exchange. To put it bluntly, if it was not for the very many exchanges that are out there, it would be much harder to buy, sell or exchange cryptocurrencies.
More to the point, since there would be a much smaller market, then it would be a lot harder to find out what the price of any given crypto coin or token would be.
If we take it that there are two different kinds of crypto exchange, then the one that we want to look a bit more at now is the decentralised exchange (DEX).
Whereas the traditional centralised exchange (CEX) has a single point of authority, which decides what can and cannot be traded, DEXs do not, which means, at least in theory, that people can trade whatever cryptos they have for whatever cryptos they want.
There is a downside to DEXs, though. One of the most notable ones is that they can seem rather dense, technical and complicated for someone who is not an absolute expert in crypto.
Therefore, it makes sense if there are programs and platforms that can, again, at least in theory, make using a DEX as straightforward as using something like a traditional centralised exchange.
One such example is Bonfida. This platform works with the Serum (SRM) DEX.
Serum is a permissionless protocol. This means that two people can carry out a transaction without having to worry about getting approval from a central authority.
Based on the Solana (SOL) blockchain, the system features a limit book and matching engine in order to help transactions take place. This means that the system’s customers can decide how big a trade is and the price that the trade will go for.
Bonfida is also designed to allow people to interact with Serum more easily. As the system’s whitepaper says:
“We knew our domain expertise was in creating a seamless frontend experience combined with backend APIs [application programming interfaces] and on-chain analytics. This presented the perfect opportunity to be an early participant in an ecosystem we believe will grow to power large real-world applications in a decentralised and composable way.”
As well as helping people use Serum, Bonfida also allows people to give their Solana-based wallets an individual name, and also has a mobile messenger application called Jabber.
Every blockchain-based platform needs to have its own native token, and Bonfida has the conveniently named bonfida crypto, also known by its ticker handle of FIDA. This cryptocurrency is used to help operate the system, and holders are also able to vote on some of the proposals to changes to the platform and can also be staked in return for rewards.
Bonfida was founded in 2020, with FIDA coming onto the open market the same year.
It is important to point out here that, because FIDA is based on the Solana blockchain, it is a token, rather than a coin, technically speaking. You might see references to such things as a bonfida coin price prediction, but these are wrong.
What is your sentiment on SRM/USD?
Bonfida price history
Bonfida price history from launch to present – Credit: CoinMarketCapLet’s now cast our eyes over the FIDA price history. While past performance should never be taken as an indicator of future results, knowing what the token has done previously can help give us some very important context when it comes to either making or interpreting a bonfida price prediction.
When FIDA first entered the open market in late 2020, it opened at a fraction under $0.57 on 23 December that year.
In early 2021, the crypto market went through a bullish phase, and bonfida responded well, trading at highs of over $3 in late April and the first half of May.
After that, the market fell over the summer, but in the autumn things started picking up again and, thanks to a renewed general interest in crypto triggered, at least partially, by bitcoin (BTC) reaching record levels, FIDA hit an all-time high of $59.61 on 3 November. After that, though, things fell apart and it closed the year at $3.55.
If 2021 was a feast, 2022 was more of a famine for cryptocurrency, and FIDA has not been an exception to a bearish rule.
Although the token reached a high of $3.88 on New Year’s Day, it was then back down to a low of $1.37 by 22 January. There was a recovery to a high of $3.86 on 10 February but then it was time for the token to drop again, and the slide was exacerbated by a series of market crashes that saw it reach a low of $0.2869 on 18 June.
After that, there was some recovery, with it trading at around $0.40 throughout the autumn, before the collapse of the FTX (FTT) exchange – an event that had a big impact on the Solana blockchain – saw FIDA crash to an all-time low of $0.1976 on 14 November.
After that, though, there has been some recovery and, on 21 November 2022, FIDA was worth about $0.4225. At the time of writing, there were 44,729,963.60 FIDA in circulation out of a total supply of 998,729,964. This gave it a market cap of around $19m, making it the 528th largest crypto by that metric.
Bonfida price prediction round-up
With that all out of the way, let’s now take a look at some of the bonfida price predictions that were being made as of 21 November 2022.
It is important to remember that price forecasts, especially when it comes to a commodity as potentially volatile as cryptocurrency, are very often wrong.
Also, you need to be aware that many long-term crypto price predictions are made using an algorithm, which can change at a moment’s notice.
First, CoinCodex had a somewhat downbeat short-term FIDA price prediction at the time of writing. It suggested the crypto could have traded at around $0.4726 on 26 November before it could have fallen to $0.337988 on 22 December. The site’s technical analysis was neutral, with 19 indicators making bullish signals against 10 making bearish ones.
Next, CaptainAltCoin made a bonfida crypto price prediction at the time of writing that said the token could have fallen in the near future to $0.1779 in January 2023 and gone on to hit $0.2901 in November 2023. By 2025, the site said, FIDA could have been worth $0.5033 before it could have slipped to $0.4439 in five year’s time. The site then made a bonfida price prediction for 2030 that said it could have reached $1.26 that year and gone on to $2.52 in 2040.
Meanwhile, CryptoPredictions.com had a bonfida token price prediction that said the crypto could have traded at $0.3497 by the end of the year, reached $0.38936 in November 2023 and achieved $0.4748 a year after that. The site then made a bonfida price prediction for 2025 that the token could have started the year at $0.496, then risen to $0.59 in November and closed the year at $0.5984. By the end of 2026, the site said that FIDA could have been worth $0.68917.
Finally, WalletInvestor made a bonfida price prediction for 2023 at the time of writing that was rather bearish. The site suggested FIDA was in for a tough time in the upcoming 12 months as it could have dropped to just $0.0475 by November 2023.
When considering a FIDA token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency coins or tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never trade with money that you cannot afford to lose.
FAQs
Is bonfida a good investment?
It is hard to say. A lot will depend on how well FIDA recovers from the market crash, and on how the market as a whole behaves going forward.
Remember, you should always carry out your own thorough research before making an investment in crypto coin or token to ensure they are right for you and your investment portfolio. Even high market cap cryptocurrencies can be affected by bear markets. So investors should be prepared to make losses, rather than just expect to make gains, and never purchase more of any coin or token than they can afford to lose.
Will bonfida go up or down?
No one can really tell. While CaptainAltCoin is bullish for bonfida and predicted it could have reached $0.2901 in November 2023, WalletInvestor on the other hand is far gloomier with a forecast that it could have achieved $0.0475 by November 2023. Let’s not forget that price predictions very often turn out to be wrong and that prices can, and do, go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether FIDA is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. Keep in mind that past performance is no guarantee of future returns. And never invest money that you cannot afford to lose.
Should I invest in bonfida?
Before you decide whether or not to invest in FIDA, you will need to do your own research, both on bonfida itself and on other coins and tokens related to the decentralised exchange sector.
Ultimately, though, this is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research and never invest more money than you can afford to lose because prices can go down as well as up.
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