Trust Wallet Token (TWT) has been the star of the ongoing bear markets as leading cryptos plummeted following the FTX-induced crash. TWT held its ground despite the market turmoil, skyrocketing by 145% in the past 14 trading days. Since last week alone, TWT has doubled investors’ money with a phenomenal 120% increase in its indices. On Thursday, the token is up by double digits and is once again shining in all its glory at 20%.
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The token soared after FTX filed for Chapter 11 bankruptcy and Binance CEO CZ took to Twitter to highlight Trust Wallet. The phrase ‘not your keys, not your coins’ rang a bell with investors who then flocked to Trust Wallet. Trust Wallet is a non-custodial app that gives users complete control over their keys, seed phrases, and crypto assets.
TWT attracts strong bullish sentiment and investors who took an entry position in early November are reaping all the gains. The crypto shows no signs of cooling off, reaching its all-time high of $2.71 on November 14.
Now the question arises: will the Trust Wallet token continue to rise in price or undergo corrections to it? Let’s find out!
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Trust Wallet Token (TWT): will it continue to rise or face corrections?
Metrics and on-chain analytics firm Santiment stated that TWT’s transaction volume is currently “very high” and a round “cooling off period” is widely possible. According to according to the metric company, TWT has peaked and is currently overvalued.
The company predicts that a sell-off period is imminent which could lower the price as investors indulge in booking profits. New users entering TWT now should be careful as the token has already hit the top and may be starting to cool down.
“We also see that TWT addresses from the medium and large segment are growing in number quite steadily. And certain levels like the 10,000 to 100,000 [addresses] and one million to 10 million addresses, really increased the number of addresses over the past week,” said Santiment.
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At the time of writing, the Trust Wallet token was trading at $2.30 and is up 20.3% in 24-hour trading.