coincodex.com
Key takeaways:
- Trust Wallet Token (TWT), the native asset of a popular self-custody wallet solution, rallied over +100% in the past couple of days
- TWT reached its new all-time high after Binance CEO made comments about the importance of self-custody in crypto
- TWT is trading at $2.71 – its highest price on record – at press time
Trust Wallet Token (TWT) hits a new all-time high after CZ’s self-custody comments
With most cryptocurrency assets still reeling from last week’s FTX collapse, Trust Wallet Token (TWT) has been ignoring the broader market trend in a big way. Earlier today, the native asset of the decentralized blockchain wallet reached a new all-time high of $2.71 on the heels of more than $584 million in 24-hour trading volume. For context, the market cap of all TWT tokens in circulation is roughly $1.1 billion.
The price of the Trust Wallet Token stood at around $1.23 on November 12. Just 48 hours later, TWT’s price surpassed the $2.70 level and is showing more than a +100% price change at the time of writing. The recent surge in the price of TWT has propelled the self-custody wallet project into the top 40 largest crypto projects by market capitalization.
The extremely positive price activity follows a tweet made by Binance CEO Changpeng “CZ” Zhao on Monday, who mentioned Trust Wallet as a potential solution for users who are looking to store crypto themselves.
We are not just a CEX. We offer choices.
— CZ ? Binance (@cz_binance) November 13, 2022
Store crypto yourself? Read this article I wrote from 2 years ago. The 15 minutes read will save you money and headache later. @TrustWallet
Read the same article if you use a CEX, too. @binancehttps://t.co/Kp6VeKirgZ
Zhao recommended users start with small amounts when first trying out self-custody products since mistakes “can be very costly.” He added:
“Self custody is a fundamental human right. You are free to do it at any time. Just make sure you do do it right.”
When using Trust Wallet, crypto wallet users are responsible for the safekeeping of their own private keys, which allows for the true ownership of crypto assets, unlike storing assets on cryptocurrency exchanges which essentially relinquishes ownership of assets.
In related Trust Wallet news, the wallet provider launched a new browser extension for Chrome, Brave, and Opera earlier today. According to the press release, the extension complements the company’s mobile wallet solution, which has been downloaded over 60 million times and features more than 10 million monthly active users.