The TWT token, native to the Trust Wallet, has been on the rise for the past few days. The coin has appreciated more than 50% in the last 24 hours after Binance CEO CZ suggested that investors use decentralized wallets and exchanges.
The post from the chief executive of the world’s largest cryptocurrency exchange came after it became clear that investors were looking for ways to store their assets elsewhere than on centralized exchanges.
At the time of writing, TWT was trading at $2.29 after a 98% rally in 7 days.
The increase in the price of the currency is the result of a tweet made by the CEO of Binance on Monday, who mentioned Trust Wallet, Binance’s digital wallet, as a potential solution for users looking to store cryptocurrency.
“Self-custody is a fundamental human right. You are free to do so at any time. Just make sure you do it right. I recommend starting with small amounts to learn the technology/tools first. Mistakes here can be very costly. Stay safe, CZ said, adding: Trust Wallet, your keys, your coins”.
TWT Token doubles its price thanks to Binance CEO
By using Trust Wallet, users are responsible for the safekeeping of their private keys, allowing for true control of cryptocurrencies, as opposed to asset storage on exchanges, which essentially takes control of digital assets away from users.
Trust Wallet is an ecosystem that supports around 40 blockchains and over 16,000 assets.
The TWT (Trust Wallet Token) is the only Trust Wallet governance tool. A token holder can participate in making decisions about adding support for blockchains and assets to the wallet.
As investors rethink how to protect their assets after the collapse of the cryptocurrency exchange FTXCZ has been promoting the use of Trust Wallet.
Cryptocurrency investors abandoned exchanges in droves when FTX went bankrupt. According to CoinMarketCap data, in addition to Trust Wallet, other self-custody wallet providers are posting gains. Like SafePal (SFP), which has gained 50% in the last 24 hours.
TWT on the rise
In the last 24 hours, Trust Wallet’s native token (TWT) has gone from $1.83 to $2.71, indicating high volatility. The TWT rally is attracting a lot of attention, as seen by the token’s trading volumes of over $820 million in the last 24 hours.
TWT hit a new all-time high near $3.00 before pulling back a bit to current levels. After the recent rally, the coin’s total market capitalization has also risen, reaching $933 million, ranking it as the #45 largest cryptocurrency on the market.
TWT is not the only wallet token that has grown strongly in recent days, but it is the growth of the Trust Wallet that is, in a way, unique.
Even before this latest crisis, it was already proving to be by far one of the most widely used non-custodial software wallets. Thanks to the dissemination of CZ, which has more than seven and a half million followers on Twitter, its use has expanded even further.
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