Cryptocurrencies can confuse many thanks to assets that always have contrasting price trajectories. So-called pioneer assets Bitcoin and Ether are both currently in the red, but Ethereum Classic Some other assets like (ETC) are up.
While this may also be true for traditional assets like publicly traded stocks, it is the sharp spikes in the value of assets that can disrupt cryptocurrencies. This time it’s his Neoteric (NTRC) crypto that just recently debuted on CoinMarketCap. What is neotheric cryptography and is it safe? Let’s explore it using the available information.
What is Neoteric Crypt?
Neoteric is one of the newest cryptocurrencies on the block. CoinMarketCap, which tracks over 20,300 cryptos a day, began tracking Neoteric cryptos in mid-July 2022. The project claims it is a “soft fork” of the DeFi protocols RFI (Reflect) and Liquid. The Neoteric protocol is claimed to be built using 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 supposed to be paid as a commission on every transaction, and this commission is distributed among all holders as his Neoteric claims.
Another native token is nGOVER, which will be used for governance, Neoteric said. The protocol boasts decentralized operations and governance tokens can be obtained by staking NTRC tokens. The project also speaks to eliminating bots, a major concern in yield farming. The Neoteric dashboard is currently not working and the information on the website is very limited.
Are Neoteric Ciphers Secure?
Neoteric is new with limited availability to PancakeSwap. The project has a long way to go to prove its yield farming capabilities in the already overcrowded DeFi space. reached. No long-term price data is available.
Major “hold and earn” platforms like Celsius and Voyager have recently lost their luster. Separately, Bitcoin, the oldest and largest cryptocurrency, is in a tough spot this year, with its price dropping by more than 50% since January 1st.
Data provider CoinMarketCap.com
Neoteric Crypto Price
At the time of writing, the NTRC token is trading at around US$0.02. The amazing thing is his 24 hour price increase of almost 2,000%. CoinMarketCap reflects the ‘self-reported’ market cap of the Neoteric crypto at over US$13 million.
Conclusion
Neoteric crypto is a new asset on the market and has a low trading volume. At the time of writing, the 24-hour volume is just under $1 million, but the price of the NTRC token has skyrocketed. Neoteric claims to offer yield farming and related services, but for enthusiasts, due diligence should be the preferred first step.
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