Neoteric (NTRC) crypto jumps 2,000%; Is this new DeFi token safe?

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Neoteric (NTRC) crypto jumps 2,000%; Is this new DeFi token safe?

 Neoteric (NTRC) crypto jumps 2,000%; Is this new DeFi token safe?
Image source: Pixabay.com

Highlights

  • One asset, Neoteric crypto, has gained nearly 2,000% at a time when Bitcoin is falling
  • Neoteric is a new entrant among cryptos, with no DeFi dashboard available yet for enthusiasts
  • The ‘hold-and-earn’ concept took a hit after the collapse of platforms like Celsius

Cryptocurrencies can confuse many, thanks to assets having a contrasting price trajectory at any given time. So-called bellwether assets, Bitcoin and Ether, are both in the red right now, but a few others, like Ethereum Classic (ETC), are gaining.

Even though this can also be the case in traditional assets like listed shares, what can confuse cryptos is the abrupt spike in the value of an asset. This time, it is Neoteric (NTRC) crypto, which only recently made its debut on CoinMarketCap. What is Neoteric crypto, is it safe? Let us explore by 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 a day, started 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 built using the Binance Smart Chain, it is claimed, 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 to be paid as a fee for any transaction, and this fee, Neoteric claims, is distributed among all the holders.

Another native token is nGOVER, which will be used for governance, Neoteric says. The protocol boasts decentralised operations, and the governance token can be obtained by staking the NTRC token. The project also talks about the elimination of bots, which has become a huge concern in yield farming. As of now, the Neoteric dashboard is not operational, and the website has very limited information.

Is Neoteric crypto safe?

Neoteric is new with availability restricted to PancakeSwap. It has a long road ahead with the project having to prove its yield farming capabilities in the already overcrowded DeFi space. CoinMarketCap started tracking Neoteric crypto this month, and according to a tweet by Neoteric, the market cap reached US$800,000 in just one day. Any long-term price data is not available.

Major ‘hold-and-earn’ platforms, including Celsius and Voyager, have recently lost their sheen, which means extreme due diligence is required in Neoteric’s case. Separately, Bitcoin, the oldest and biggest cryptoasset, is having a rough ride this year, with the price down more than 50% since January 1.

Bitcoin price

Data provided by CoinMarketCap.com

Neoteric crypto price

As of writing, the NTRC token is trading at nearly US$0.02. What is stunning is the 24-hour price jump, which is almost 2,000%. CoinMarketCap reflects Neoteric crypto’s “self-reported” market cap as over US$13 million.

Bottom line

Neoteric crypto is a new asset in the market, with not a very high trading volume. As of writing, the 24-hour volume is not even US$1 million. However, the price of the NTRC token has jumped steeply. Neoteric claims to provide yield farming and related services, but for enthusiasts, due diligence must be the preferred first step.

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