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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains

Kent Tenix
Kent Tenix
1 year ago
3 mins read
TWT

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As calls for self-custody rage on, Trust Wallet Token has enjoyed unprecedented surges in the past week. On TWT’s week-on-week chart, the token has amassed over 90% gains. This comes as FTX’s debacle unfolds and traders grow wary of centralized exchanges. Furthermore, Binance’s CEO endorsed Trust Wallet in a recent tweet, resulting in more interest in the token. While several Redditors mentioned that Binance owning Trust Wallet was a turn-off, it didn’t stop the token from soaring.

TWT also posted substantial gains on the day, with an intraday increase of 4.6%. It reached a local high of $2.34 before settling at its current price of $2.22 press time. Trust Wallet Token’s huge 90% gains undermine the overall market trend that still struggles to recover from the FTX’s collapse. Another catalyst is the recent browser extension launch and Binance and Coinbase integration news.

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TWT Launches Browser Extension, Integrates with Top Exchanges

The self-custody Trust Wallet is gaining popularity in the wake of FTX’s demise and the bank run that has affected crypto exchanges generally. Recently the wallet unveiled its eagerly awaited browser extension for PC. It also teamed up with Coinbase Pay and Binance Pay, allowing their users to send money straight to a Trust Wallet account immediately.

The browser add-on was introduced on November 14 and is now accessible in Opera and Google Chrome. The extension enables users to save, transmit, and receive cryptocurrency across all Ethereum Virtual Machine (EVM) chains and Solana. Users may also enjoy a flawless DApp experience without adding networks manually, thanks to a network auto-detect capability. The extension also supports hardware wallets, multiple wallets, NFT, fiat on-ramp providers, and non-EVM blockchain connectors.

Two days after, Binance launched Binance Pay’s Trust Wallet integration. This integration establishes Trust Wallet as one of the platform’s official withdrawal options. Thus users no longer have to scan QR codes to send money to their Trust Wallet accounts. Also, sending to the wallet from Binance won’t cost anything extra besides the blockchain gas fee. The same integration will work for Coinbase Pay. According to Coinbase’s product manager, the integration helps create a “bridge to web3” for customers through seamless self-custody wallet funding.

TWTUSD
TWT’s price is currently trading at $2.21. | Source: TWTUSD price chart from TradingView.com

TWT Soard 90% As Whales Start Accumulating

TWT has enjoyed massive attention following the FTX implosion. But that’s not the only area gaining ground, as it has seen a high capital inflow. As per CoinMarketCap data, the cryptocurrency had a market value of $950.47 million after gaining over $460.27 million in a week. It even reached a local high of $1.11 billion mid-week.

Related Reading

TWT

Trust Wallet Token (TWT) Undeterred Market Downtrends With Over 90% Gains

1 year ago

Furthermore, the token is gaining much attention from whales. Since TWT is still relatively cheap, whale accumulation has increased in the past few days. According to Santiment, TWT’s supply rate owned by addresses with a balance of 1,000-10 million TWT increased during its latest run. Although the token’s 24-hour trading volume is down 27%, there’s a chance that it might increase before the trading day ends.

Featured image from Pixabay and chart from TradingView.com
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Kent Tenix
Kent Tenix

Kent Tenix

Kent is a talented freelance writer and journalist who creates insightful and thought-provoking content. With over 5 years of experience, she has honed her skills and established herself as an expert in her field. Kent is especially passionate about in-depth reporting and investigative journalism. She thoroughly researches every topic and story she covers to provide readers with comprehensive information and perceptive analysis. Whether she's reporting on crypto, business, technology, or finance, Kent prioritizes accuracy, nuance, and integrity. Her goal with every piece is to inform readers and inspire meaningful conversations and positive change. Kent enjoys traveling, photography, and spending time with her family when she's not tirelessly conducting interviews or poring over data. She hopes to continue using her writing to enlighten and engage audiences on issues that matter.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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