Just recently, Trust Wallet Token (TWT) received official support from Binance CEO (CZ), who’s arguably the most influential person in cryptocurrency.
These days, nice things tend to happen when CZ speaks highly of an asset.
Traders have been frantically looking for a secure solution for keeping tokens in the wake of the catastrophic failure of FTX last week. Similar to the Mt. Gox collapse over ten years ago, this kind of dramatic incident can lead to widespread panic and FUD in the cryptocurrency market that can last for months or even years.
Promoting trust wallet
Always looking for opportunities, CZ revealed one of his (claimed) preferred methods for taking self-custody of cryptocurrency. Some users even suggested that out of all the options available for self-custody, Binance’s CEO may have a personal interest to promote Trust Wallet.
But despite all, the following factors have come together to make Trust Wallet extremely popular right now:
1) The CEO of the most powerful exchange in the world is promoting it.
2) Traders’ trust in Centralized exchanges may be at its lowest level in nine years, Hence people trust in Hot wallet at the moment.
The product’s premise is very straightforward: a hot wallet for mobile users that offers some minor benefits offered by exchanges without requiring you to give anyone your keys. It also allows for the earning of (relatively small but real) interest.
Of course, there are other hot wallet solutions with an excellent track record as well, such as MyEtherWallet and Metamask (which Santiment uses for sign-on and SanR connection) (also known as MEW).
Nevertheless, since CZ shone his magnificent influencer light on Trust Wallet during the past few days, it has received a significant portion of the spotlight.
The Trust Wallet Token (TWT), which is its native token, follows from this.
TWT Price action after the Endorsement
Since CZ’s Tweet, the native token connected to Trust Wallet has been on fire, pushing its price at its high to an additional +39%. Following the tweet, its trading volume surged by an astounding 159% at its peak.
TWT price analysis
As seen in the 1-hour timeframe, TWT is trading at $2.1750 at the time of writing this article.
Price has also been able to build a support zone at the $2.1685 mark price
The relative strength index indicator is at 51 which can also be indicated as a buy signal,
Everything About the price action of TWT seems to be bullish as the price has increased by 103% in the last 48 hours thanks to the trading community, which had a head start on the weekend.
Lastly, on the technical outlook on TWT, it appears to have formed a Bullish symmetrical triangle chart pattern on the 45-mins Time Frame
The bullish pattern was created due to the amount of liquidity at the support zone.
The usual price cycle of a symmetrical triangle is a very strong bullish move followed by a downtrend, as price reverses to fill out liquidity voids.
Trust wallet token utility.
The following use cases for the token are listed on Trust Wallet’s community page:
A utility coin that can be used to reward Trust Wallet users in general. The Trust Wallet 456 team wants to increase the usability of cryptocurrency. TWT is being distributed to raise awareness and allow everyone a chance to acquire their very own cryptocurrency. Both Binance Chain 2.1k and Binance Smart Chain 327 support the token. The Trust Wallet software team recently launched TWT as an SPL token on the Solana 138 blockchain”
Trust wallet token is a Binance Chain token, which makes it more credible for CZ to advocate TWT in an “unbiased” manner. And some members of the Reddit community are now questioning it in light of this most recent pump:
Traders’ assessment of the token’s use case, the long-term viability of Trust Wallet, and risk tolerance will determine whether TWT is a good investment. However, in terms of what current measurements indicate:
According to TWT’s most recent 6 months of statistics, on-chain transaction volume is very high, which is often suggestive of at least a mid-term cooldown period.
By a significant margin, the network realized profit, which is currently experiencing its biggest increase ever. supported by the MVRV measurements’ average trading returns. This also suggests that at the new all-time high for the token, there may have been some overbuying and profit-taking.
Additionally, we can see that the number of mid- and large-tier TWT addresses has been gradually increasing. Additionally, several tiers, such as the 10k–100k and 1m–10m addresses, have significantly increased the number of addresses over the past week.
When deciding how much you can “trust” any application, platform, or wallet, always approach it with care. Even though the word “trust” is right there in the name and it is being supported by the person who is most responsible for driving the cryptocurrency market.
Conclusion
Based on the recent endorsement from CZ, TWT is set to record a new ATH in the next bull run.
Hence, other Hot wallet tokens are also set to become bullish in the next bull run.
So investing in only one Hot wallet token might not be an ideal investment plan.
