Several cryptocurrencies in the market suffered in terms of price due to the FTX crash last week. However, while some of these cryptocurrencies suffered more than the rest, others are doing extraordinarily well despite the general southbound crypto market.
One of these great performers is the TWT.
Trust Wallet Token (TWT) has rallied up to 90% over the last ten days, and there might be a reason.
The Trust Wallet Token (TWT) continues to post gains despite the general crypto market.
At the time of writing, TWT is trading at $2.27 and is up by over 4% over the last day, according to data from CoinMarketCap. In the previous seven days, the cryptocurrency is also up about 90%, making it one of the best-performing cryptocurrencies on the market.
The cryptocurrency has also seen a spike in its market cap and is close to the billion-dollar mark. However, the daily trading volume has declined and is now 51% down over the last day.
On 15 November, a day after hitting a record high of nearly $2.75, TWT's price rose to an intraday high of $2.43. The token was trading at $0.40 at its lowest point in 2022, making it one of the year's best-performing assets. The cryptocurrency has gained approximately 225% over the last year.
Following the crash of FTX in November and the rush of traders and investors withdrawing their money from exchanges, TWT gained positive momentum.
As illustrated above and according to on-chain statistics from the cryptocurrency analytics platform Glassnode, investors have been forced to withdraw Bitcoin (BTC) from exchanges at a record rate of 106 thousand BTC per month.
This has been happening due to the FTX crash and has not slowed down since. As a result, the price of TWT, the native cryptocurrency of a self-custody platform, has been rising.
The whales are also acquiring a taste for TWT, as Santiment notes. The on-chain analytics platform reports that as the altcoins continued to climb, the supply rate of TWT owned by addresses with a balance of between 1,000 and 10 million TWT (whales and sharks) increased exponentially.
The long-term price performance of TWT will also be enjoyable to keep an eye out for, given that most exchanges (including Binance) are now posting evidence of their reserves after the FTX saga.
What these exchanges are doing is intended to provide traders the confidence to leave their assets on the exchanges.
It's also noteworthy that the increase in TWT may have occurred due to Changpeng Zhao, CEO of Binance, endorsing and emphasizing the value of self-custody wallets in the wake of the FTX scandal.
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