RATE Group | This AI-focused cryptocurrency is up 300%, but on-chain fundamentals spell trouble
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This AI-focused cryptocurrency is up 300%, but on-chain fundamentals spell trouble

23 Apr This AI-focused cryptocurrency is up 300%, but on-chain fundamentals spell trouble

Posted at 06:16h in Cryptocurrency News by

While the global financial markets were melting down as coronavirus spread throughout the planet, there was one cryptocurrency that managed to weather the storm.

Numeraire, an altcoin brought to life to incentivize scientists to predict financial models using encrypted data, was able to enter a parabolic advance that has seen its price skyrocket over 3x in the past three months. The AI-centric cryptocurrency went from trading at a low of $6 in late January to recently hitting a high of $24.

Numeraire US dollar price chart
NMR/USD by TradingView

The bull run that NMR experienced in such a short period of time is quite impressive given the current economic environment. However, everything could be part of a pump-and-dump scheme, according to Santiment.

The actors behind Numeraire’s rally

The behavior analytics firm argued that Teeka Tiwari and his Palm Beach Research Group could be behind Numeraire’s sudden bullish impulse.

Dino Ibisbegovic, head of content and SEO at Santiment, explained:

“As part of his Palm…

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