- Santiment Insights show that TWT’s price has soared ever since CZ’s endorsement.
- Traders’ trust in exchanges drops to a 9-year low.
- The price of TWT has risen an additional 5.58% over the last 24 hours.
The latest insights shared by the blockchain intelligence firm, Santiment, delve deeper into the reasoning of why the price of Trust Wallet Token (TWT) has been surging ever since Binance’s CEO, Changpeng Zhao (CZ), vouched for the crypto self-custody token.
According to the blog post, the token’s price surge is a reaction to traders seeking new safety methods in light of the tragic events that unfolded with FTX.
The data firm added that Trust Wallet is “now getting a ton of traction” given two factors. The first factor is that Traders’ trust in exchanges has fallen to its lowest level in 9 years. Second, the CEO of the most powerful crypto exchange at the moment is endorsing the project.
Following the endorsement from Zhao, TWT’s price pumped by 39%. Its trading volume also surged a staggering 159% shortly after the tweet as well.
At press time, TWT is trading at $2.23 after its price rose 5.58% over the last 24 hours, according to CoinMarketCap. Furthermore, after establishing a daily high at $2.71, the price of TWT retraced slightly to now trade at its current price.
Daily chart for TWT/USDT (Source: CoinMarketCap)
The price of TWT blew past the daily 9 and 20 EMA lines as its price soared from an open price of $1.0472 on the 10th of November 2022 to a peak price at $2.7377 on the 14th of November 2022. Since then, the price of TWT has retraced to consolidate at its current level.
Looking at the daily RSI line, it seems that the bullish momentum may be shimmering down as the RSI line has now sloped neutral in overbought territory.
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