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 after the collapse of FTX appears to be the main motive behind the big rally in Trust Wallet Token.< /p>
Altcoin Watch
Trust Wallet Token (TWT) has jumped almost one hundred and fifty percent in the past six days, thwarting the downturn in the cryptocurrency market, whose net capitalization has increased over the same period.
TWT Whale Accumulation Picks Accelerate
TWT's fees hit an intraday high of $2.43 on November 15, an afternoon after posting a high near $2.75. At its lowest level in 2022, the token is changing fingers for $0.40, making it one of the most notable assets of the year, with over 225% in profits since the beginning of the year .
TWT / Table of weekly charges in USD. Source: TradingView
Trust Wallet Token's uptrend accelerated in November following the , prompting a financial institution execution scenario in which investors trade en masse.
For example, the entire range of Bitcoin () in FTX wallets fell to zero during the week ending November 13. Likewise, the Ether reserves () of the trade fell from 611,000 to just 2,800 over the same length.
Ethereum stability 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 boosting the TWT rate.
. your keys, your money.
— CZ Binance (@cz_binance)
Furthermore, the supply price of the Trust Wallet Token held via addresses with a balance between 1,000 TWT and 10 million TWT tokens surged during the six-day fee uptrend, suggesting a accumulation of whales.
Trust Distribution of wallet token supply between wallets holding 1K-10M TWT. Source: Santiment
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 buy and sell volume (in TWT). Source: Santiment
TWT serves as a utility token for Trust Wallet, in which buyers must buy, promote and collect, in addition to trading and staking crypto- currencies. As a result, TWT generally functions as a centralized alternative token, while Trust Wallet allows customers to control their own price range.
Thus, it is likely that Trust Wallet has emerged as an exit ramp for buyers pulling their budget from cryptocurrency exchanges in the wake of the FTX fiasco, with TWT price rising in response.
An exodus from centralized cryptocurrency exchanges after the collapse of FTX appears to be the main motive behind the big rally in Trust Wallet Token.< /p>
Altcoin Watch
Trust Wallet Token (TWT) has jumped almost one hundred and fifty percent in the past six days, thwarting the downturn in the cryptocurrency market, whose net capitalization has increased over the same period.
TWT Whale Accumulation Picks Accelerate
TWT's fees hit an intraday high of $2.43 on November 15, an afternoon after posting a high near $2.75. At its lowest level in 2022, the token is changing fingers for $0.40, making it one of the most notable assets of the year, with over 225% in profits since the beginning of the year .
TWT / Table of weekly charges in USD. Source: TradingView
Trust Wallet Token's uptrend accelerated in November following the , prompting a financial institution execution scenario in which investors trade en masse.
For example, the entire range of Bitcoin () in FTX wallets fell to zero during the week ending November 13. Likewise, the Ether reserves () of the trade fell from 611,000 to just 2,800 over the same length.
Ethereum stability 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 boosting the TWT rate.
. your keys, your money.
— CZ Binance (@cz_binance)
Furthermore, the supply price of the Trust Wallet Token held via addresses with a balance between 1,000 TWT and 10 million TWT tokens surged during the six-day fee uptrend, suggesting a accumulation of whales.
Trust Distribution of wallet token supply between wallets holding 1K-10M TWT. Source: Santiment
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 buy and sell volume (in TWT). Source: Santiment
TWT serves as a utility token for Trust Wallet, in which buyers must buy, promote and collect, in addition to trading and staking crypto- currencies. As a result, TWT generally functions as a centralized alternative token, while Trust Wallet allows customers to control their own price range.
Thus, it is likely that Trust Wallet has emerged as an exit ramp for buyers pulling their budget from cryptocurrency exchanges in the wake of the FTX fiasco, with TWT price rising in response.
