Cryptocurrencies can confuse one by recording an opposite price trajectory at any time. Bitcoin and Ethereum, which are important assets in the crypto space, are currently in the red, but a few assets such as Ethereum Classic (ETC) are gaining. Meanwhile, new entrant Neoteric (NTRC) on CoinMarketCap experienced a steep rise. So, what is Neoteric, a DeFi altcoin, is it safe? Let’s explore together using the available information…
What is neoteric?
Neoteric is one of the newest cryptocurrencies in the space. CoinMarketCap, which tracks more than 20,300 cryptocurrencies per day, started sharing Neoteric data in mid-July 2022. The project claims it is a DeFi protocol RFI (Reflect) and a “soft-fork” of Liquid. The Neoteric protocol is allegedly created using BNB Chain. 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 paid as a fee for any transaction and Neoteric claims this fee is distributed among all holders.
Neoteric says another native token is nGOVER, which will be used for governance. The protocol has decentralized transactions and the governance token can be obtained by staking the NTRC token. The project also talks about eliminating bots, which has become a big concern in yield farming. As of now the Neoteric dashboard is not working and there is very limited information on the website.
Is Neoteric safe?
Neoteric is new with PancakeSwap with limited availability. It looks like the project has a long way to go as it has to prove its yield farming capabilities in the already overcrowded DeFi area. CoinMarketCap started tracking Neoteric crypto this month, and its market cap reached $800,000 in just one day, according to a tweet by Neoteric. No long-term price data is available.
Striking rise in price of DeFi altcoin project
At the time of writing, the NTRC token is trading at around $0.009. What is striking is the 24-hour price increase of almost 2,000 percent. CoinMarketCap reflects Neoteric’s “self-reported” market cap of over $13 million. At the time of writing, the coin has slightly reduced its 2,000 percent increase in value. Currently, the coin seems to have experienced an increase of close to 120 percent. You can also see the rise/fall in question on the 24-hour chart below:
As a result, Neoteric does not have very high trading volumes. It is a new entity in the market. As of writing, the 24-hour volume isn’t even $1 million. However, the price of the NTRC token skyrocketed. Neoterik claims to provide yield farming and related services.
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