FTX collapse is Trust Wallet Token’s gain — Why did TWT price soar 150% in six days? By Cointelegraph

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FTX collapse is Trust Wallet Token’s gain — Why did TWT price soar 150% in six days?

Trust Wallet Token (TWT) has surged by nearly 150% in the last six days, bucking the downturn in the cryptocurrency market, whose net capitalization has crashed by almost $100 billion in the same period.

TWT’s price reached an intraday high of $2.43 on Nov. 15, a day after establishing a record high at nearly $2.75. At its lowest in 2022, the token was changing hands for $0.40, which makes it one of the year’s best-performing assets, with over 225% year-to-date gains.

weekly price chart. Source: TradingView
balance on FTX. Source: Glassnode
Trust Wallet Token supply distribution among wallets holding 1K-10M TWT. Source: Santiment
Trust Wallet Token daily trading volume (in TWT). Source: Santiment
TWT/USD weekly price chart. Source: TradingView