FTX's Collapse is Trust Wallet Token's Gain - Why Did TWT Price Surge 150% in Six Days?
FTX's Collapse is Trust Wallet Token's Gain - Why Did TWT Price Surge 150% in Six Days?
An exodus from centralized cryptocurrency exchanges following the collapse of FTX appears to be the primary focus of the huge Trust Wallet Token rally .
Altcoin Watch
Trust Wallet Token (TWT) has jumped nearly one hundred and fifty percent in the past six days, thwarting the downturn in the cryptocurrency market, whose net capitalization has in the same period.
TWT whale accumulation alternatives speed up
TWT's price hit an intraday high of $2.43 on November 15, a day after setting a high near $2.75. At its lowest level in 2022, the token became converting palms for $0.40, making it one of the most satisfying assets of the year, with over 225% profit since the start of the year.
TWT / Table of weekly charges in USD. Source: TradingView
The uptrend of the Trust Wallet Token accelerated in November following the , causing a bank run scenario in which buyers < a href="https ://cointelegraph.Com/information/trade-outflows-hit-historic-highs-as-bitcoin-traders-self-custody" statistics-amp="https://cointelegraph-com.Cdn.Ampproject.Org/c/ s/cointelegraph.Com/news/trade-outflows-hit-ancient-highs-as-bitcoin-buyers-self-custody/amp">removed price range en masse from exchanges.< /p>
For example, the total amount of Bitcoin () in FTX wallets fell to zero during the week ending November 13. Likewise, the Ether reserves () of the change dropped from 611,000 to just 2,800 in the same duration.
Ethereum balance on FTX. Source: Glassnode
Distrust of centralized exchanges seems to have . Binance CEO Changpeng Zhao's endorsement of the token's crypto platform, Trust Wallet, also played a major role in the use of TWT fees.
. your keys, your coins.
— CZ Binance (@cz_binance)
Furthermore, the Trust Wallet Token delivery fee held via addresses with a balance between 1,000 TWT and 10 million TWT tokens increased at one point in the six-day fee upward trend, suggesting an accumulation of whales.
Meanwhile, the token's buy and sell volume increased from 279 million TWT to 593.25 TWT over the same period , demonstrating the market's belief in its uptrend.
Trust Wallet Token daily trading quantity (in TWT). Source: Santiment
TWT serves as a utility token for Trust Wallet, in which merchants must buy, promote and acquire, in addition to alternative and stake cryptocurrencies. Therefore, TWT generally functions as a centralized change token, while Trust Wallet allows users to manage their own budget.
Thus, it is highly likely that Trust Wallet has emerged as an exit ramp for investors withdrawing their funds from cryptocurrency exchanges in the wake of the FTX fiasco, with TWT price rising in response.
An exodus from centralized cryptocurrency exchanges following the collapse of FTX appears to be the primary focus of the huge Trust Wallet Token rally .
Altcoin Watch
Trust Wallet Token (TWT) has jumped nearly one hundred and fifty percent in the past six days, thwarting the downturn in the cryptocurrency market, whose net capitalization has in the same period.
TWT whale accumulation alternatives speed up
TWT's price hit an intraday high of $2.43 on November 15, a day after setting a high near $2.75. At its lowest level in 2022, the token became converting palms for $0.40, making it one of the most satisfying assets of the year, with over 225% profit since the start of the year.
TWT / Table of weekly charges in USD. Source: TradingView
The uptrend of the Trust Wallet Token accelerated in November following the , causing a bank run scenario in which buyers < a href="https ://cointelegraph.Com/information/trade-outflows-hit-historic-highs-as-bitcoin-traders-self-custody" statistics-amp="https://cointelegraph-com.Cdn.Ampproject.Org/c/ s/cointelegraph.Com/news/trade-outflows-hit-ancient-highs-as-bitcoin-buyers-self-custody/amp">removed price range en masse from exchanges.< /p>
For example, the total amount of Bitcoin () in FTX wallets fell to zero during the week ending November 13. Likewise, the Ether reserves () of the change dropped from 611,000 to just 2,800 in the same duration.
Ethereum balance on FTX. Source: Glassnode
Distrust of centralized exchanges seems to have . Binance CEO Changpeng Zhao's endorsement of the token's crypto platform, Trust Wallet, also played a major role in the use of TWT fees.
. your keys, your coins.
— CZ Binance (@cz_binance)
Furthermore, the Trust Wallet Token delivery fee held via addresses with a balance between 1,000 TWT and 10 million TWT tokens increased at one point in the six-day fee upward trend, suggesting an accumulation of whales.
Meanwhile, the token's buy and sell volume increased from 279 million TWT to 593.25 TWT over the same period , demonstrating the market's belief in its uptrend.
Trust Wallet Token daily trading quantity (in TWT). Source: Santiment
TWT serves as a utility token for Trust Wallet, in which merchants must buy, promote and acquire, in addition to alternative and stake cryptocurrencies. Therefore, TWT generally functions as a centralized change token, while Trust Wallet allows users to manage their own budget.
Thus, it is highly likely that Trust Wallet has emerged as an exit ramp for investors withdrawing their funds from cryptocurrency exchanges in the wake of the FTX fiasco, with TWT price rising in response.
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