Binance CEO Blows This Altcoin Price: Not BNB!

Changpeng Zhao (CZ), CEO of Binance, is working to gain credibility in the market, which has been losing credibility with the FTX collapse. Accordingly, he made statements encouraging the Trust Wallet purchased by Binance, which is under the control of customers. This also fired up TWT, which is Trust Wallet’s token, not the BNB token.

As BNB drops, CZ fires up TWT with statements As you follow, the crypto money market is going through a very difficult period. For the market, the collapse of FTX was a turning point. It has raised significant doubts about not only a cryptocurrency project but the system itself. Presumably, we are on the eve of a ‘live or die’ election for crypto. The shaking of faith in crypto exchanges stands as an important obstacle in front of the market. That’s why Changpeng Zhao (CZ), CEO of Binance, the world’s largest cryptocurrency exchange, is struggling to build credibility.

Changpeng Zhao, CEO of Binance, is promoting Trust Wallet as he thinks it will be an item of trust to have client funds under their control. Trust Wallet is a portable cryptocurrency wallet. This is how the test of the crypto money exchange with tweets and shares begins. Because, his advertisements and shares explode the price of the related altcoin project. After CZ’s shares, TWT jumped from $ 1.24 to $ 2.31 during the day. Although the altcoin regressed a little later, it is still trading at $2.12 at press time, with an increase of 67.5% on a daily basis.

In fact, pumping or dumping token prices with shares is a major issue for the market. This is the point that many crypto currency critics draw attention to. As a famous figure, Elon Musk’s promotion of the chest coin Dogecoin has also been criticized for this reason. Now, as the crypto market is going through a crisis, CZ’s role in it is becoming controversial. While CZ says that the market is working to gain confidence again, trading his statements is also an element of distrust. Because of this, crypto continues to move in a vicious circle that feeds itself.

Binance and Trust Wallet relationship

On July 31, 2018, Binance acquired Trust Wallet, a decentralized wallet service for digital tokens, which also acts as a browser for decentralized applications. Trust Wallet was not a popular name even in the cryptocurrency world back then. But the treaty was still valuable.

TWT is an easy BEP-20 utility token that provides various benefits and incentives to Trust Wallet users. Trust Wallet is a portable cryptocurrency wallet that supports dozens of well-known local assets in addition to recognized tokens on the Ethereum, Binance and TRON Blockchains.

TWT token holders enjoy several benefits when using Trust Wallet, including discounts on in-app cryptocurrency purchases and use of decentralized exchange (DEX) services. The developers initially released TWT as a BEP-2 asset on Binance Chain. However, they re-released it as a BEP-20 token on BNB Chain in October 2020.

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