Cryptocurrencies can confuse many as assets exhibit opposite price trends at any point in time. So-called major currencies, Bitcoin and Ether, are both in the red at the moment, but some others, like Ethereum Classic (ETC), are gaining.
While this can also be the case with traditional assets like publicly traded stocks, what can confuse cryptos is the abrupt rise in an asset’s value. This time it is Neoteric (NTRC) crypto, which just recently debuted on CoinMarketCap. What is Neoteric crypto, is it secure? Let’s explore using the information available.
What is neoteric crypto?
Neoteric is one of the newest cryptocurrencies on the block. CoinMarketCap, which tracks over 20,300 cryptos per day, began tracking Neoteric crypto in mid-July 2022. The project claims it is a “soft fork” of a DeFi protocol RFI (Reflect) and Liquid. The Neoteric protocol is said to be built using the Binance Smart Chain, and the NTRC token was launched on PancakeSwap.
What Neoteric promises is more or less similar to other DeFi protocols – yield farming and liquidity. NTRC is payable as a fee for each transaction, and this fee, Neoteric claims, is distributed among all holders.
Another native token is nGOVER, which is used for governance, says Neoteric. The protocol has decentralized operations and the governance token can be obtained by staking the NTRC token. The project also talks about eliminating bots, which have become a major problem in yield farming. Currently the Neoteric dashboard is not operational and the website contains very limited information.
Is Neoteric Crypto Safe?
Neoteric is new, limited availability to PancakeSwap. It has a long way to go as the project needs to demonstrate its yield farming prowess in the already crowded DeFi space. CoinMarketCap started tracking Neoteric crypto this month and according to a tweet from Neoteric, the market cap reached $800,000 in just one day. Long-term price data is not available.
Major hold-and-earn platforms, including Celsius and Voyager, have recently lost their shine, which means extreme due diligence is required in the case of Neoteric. Separately, Bitcoin, the oldest and largest cryptoasset, has had a rough time this year as its price has fallen more than 50% since Jan. 1.
Data provided by CoinMarketCap.com
Neoteric crypto price
As of this writing, the NTRC token is trading at nearly $0.02. Stunning is the 24-hour price jump, which is almost 2,000%. CoinMarketCap reflects Neoteric Crypto’s “self-reported” market cap at over $13 million.
bottom line
Neoteric Crypto is a new asset on the market with a not very high trading volume. As of this writing, the 24-hour volume isn’t even $1 million. However, the price of the NTRC token has surged. Neoteric claims to offer yield farming and related services, but for enthusiasts, due diligence must be the preferred first step.
Risk Warning: Trading cryptocurrencies involves a high level of risk, including the risk of losing some or all of your investment, and may not be suitable for all investors. Cryptocurrency prices are extremely volatile and can be affected by external factors such as financial, regulatory or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) are subject to change. Before deciding to trade any financial instrument or cryptocurrency, you should fully understand the risks and costs involved in trading the financial markets, carefully consider your investment objectives, level of experience and risk tolerance, and seek professional advice if necessary. Kalkine Media cannot and does not represent or warrant that the information/data available here is accurate, reliable, current, complete or suitable for your needs. Kalkine Media accepts no liability for any loss or damage arising out of your trading in or reliance on the information shared on this website.
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