The chaos generated by the collapse of FTX has been an opportunity for some. This is the case of the token from the creators of the Trust Wallet, the Trust Wallet Token (TWT), whose price has doubled in a few days.
Prior to the FTX debacle, the price of TWT was below $1 per token. And although it rose timidly, the events of the past few weeks sent it skyrocketing to over $2 within days.
Data available on CoinMarketCap shows how the token is up over 63% in the past week, given its opening price at this time ($1.17) and closing price of $1.92 per unit. . Taking into account its low point last week, where it traded at $0.98, and its high of $2.34, the increase was well over 100%.
As of this writing, TWT is above last week’s close price of just over $2 after a correction that took it up as high as $1.81 on the stock markets.
This price movement by TWT has its origins in the FTX affair, as it follows a campaign by representatives of exchanges, other bitcoiner companies and various personalities in favor of self-management of cryptocurrencies. Which can be done with Trust Wallet and hundreds of other wallets available in the market.
.@TrustWallet just did a huge release – Trust Wallet Browser Extension.
Try it: https://t.co/qC7532wH7e pic.twitter.com/8QCUaspQNJ
— CZ 🔶 Binance (@cz_binance) November 14, 2022
In particular, the Trust Wallet token gained widespread support for self-management and transparency after the collapse of FTX and its misuse of user funds. Also, Binance CEO Changpeng Zhao mentioned the wallet through Twitter and its exchange added trading pairs with TWT, supplementing the token’s momentum in the market.
While TWT has rallied strongly, the rest of the market is still suffering from the effects of FTX’s collapse. Bitcoin, which is down around 20%, is currently trading below $17,000.