Trust Wallet (TWT) is one of the few tokens that spiked dramatically in November as the crypto markets bled profusely. The FTX-SBF-Alameda fiasco caused leading cryptos to fall, but TWT defied market trends and skyrocketed.
TWT is up 84% in the past 14 days as most tokens hit new monthly lows. The phenomenal rally also saw the token hit its all-time high of $2.71 on November 14.
Now that TWT has reached its ATH, is the crypto viable for further investment and will it generate the same profit? Let’s find out!
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Should You Invest in Trust Wallet (TWT) Now?
TWT has run its course and those who invested before the first week of November reaped all the profits. While trading volume peaked sharply in the last two weeks, the volume is now falling.
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The token remained largely on the negative side this week as investors indulged in profit postings. Trust Wallet token only peaked after the FTX fiasco Binance CEO CZ tweeted about the app, highlighting the benefits of storing cryptos in a wallet instead of a centralized exchange.
The crypto world saw an exodus from centralized trading platforms to wallets this month that led TWT to a price surge. However, with the FTX crisis slowing down, fear in the markets is gradually easing.
Once the markets emerge from the FTX-induced crash, TWT will remain at the mercy of bearish conditions. In conclusion, another rally of its price doubling is less likely as TWT has already run its course. Taking an entry position now is risky because it has more to lose than gain in the indices.
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At the time of writing, the Trust Wallet token was trading at $2.19 and is down 0.2% in 24-hour trading. It is 20% lower than the all-time high of $2.71, which it reached in November this year.