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

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 whale accumulation picks up momentum

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.

Trending: Major Furniture Company Fires Thousands of Employees While They Slept

TWT/USD weekly price chart. Source: TradingView

The Trust Wallet Token’s uptrend picked up momentum in November following the collapse of Sam Bankman-Fried’s FTX, prompting a bank run situation wherein traders withdrew their funds from exchanges en masse.

For instance, the total number of

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