It would not be wrong to say that with the collapse of FTX, more troublesome times have come for the crypto world. The aforementioned crash caused a surge similar to the Terra (LUNA) crash over the entire market. This has caused the crypto winter, which is already pushing investors, to become harsher. As a result, the value of the crypto market has dropped roughly 20 percent over the past ten days. However, Trust Wallet (TWT), which Binance CEO CZ tweeted about, peaked in this process.
TWT reversed the current price trend in the global market. Accordingly, the cryptocurrency recorded a 107 percent gain in just 7 days. The altcoin, which was bought and sold at $ 1.10 on November 8, is currently up to $ 2.30. So what factors are behind Trust Wallet going to the moon? What is Trust Wallet? Why does Binance CEO support this coin? Read on to find out the answers to these questions.
What is Trust Wallet (TWT)?
Trust Wallet (TWT) is a non-custodial, portable-based cryptocurrency and NFT wallet that supports 65 Blockchain networks and over 4.5 million assets. This wallet application also has a local cryptocurrency called TWT. TWT is a utility and governance token available to over 25 million users of Trust Wallet. Users of the wallet can use their TWT to participate in the platform’s decision-making process.
For example, token holders are entitled to vote on many valuable decisions, such as upcoming updates to the Trust Wallet app, new features. These individuals also receive exclusive access and discounts on crypto investments made through the app. As a result, TWT is a BNB Chain-based token designed to provide compensation to wallet users. As a BEP-20 asset, it is available for use as payment for services. Finally, it can be exchanged for other crypto assets.
Why is TWT rising?
Trust Wallet (TWT) has seen an astronomical price increase over the past few days. The cryptocurrency even reached an all-time high of $2.68 last night. Currently, the token is trading with an increase of 126% in the previous 90 days and approximately 215% year-on-year. So what causes these astronomical gains? The answer is easy: a combination of investor sentiment in the wake of the FTX crash and Binance CEO CZ’s recent tweets. This combination has led the price to rise and the rise continues.
Binance acquired Trust Wallet in 2019, and CZ’s tweets quickly boosted TWT. Industry pioneers such as Elon Musk, CZ, Vitalik Buterin used their investor-sensitive power to benefit this token. As any crypto veteran will know, a tweet can send a cryptocurrency to the moon or sink it to the ground. The cryptocurrency market is full of examples of this. Koindeks.comAs we reported, CZ told investors that they can “transfer their funds to the Trust Wallet (TWT) wallet to protect them from the FTX crash.”