Santiment, a popular analytics firm, has issued a warning to the altcoin that Binance CEO Changpeng Zhao recently praised. Here are the details…
There are warnings about the coin, which the CEO of Binance also praises
cryptocoin.com As we reported, TWT started to gain a lot of attention last week after the collapse of centralized crypto exchange FTX. TWT is the native token of Trust Wallet, a non-custodial application that gives users full control over their crypto assets. In other words, it offers a storage service that users will completely control. TWT rose to prominence as FTX forced many traders to find secure protocols to hold their tokens.
TWT has outperformed the broader crypto markets over the past few days. However, the data firm says on-chain signals are warning that a fix for the token is imminent. Santiment says TWT’s on-chain transaction throughput is “too high.” It also indicates that a “medium-term cool-down period” is possible.
TWT’s profit breaks all-time record
In this falling market, where many cryptocurrencies are bleeding, TWT has gained serious momentum. According to Santiment, the profits of the TWT network saw the largest increase of all time “by a wide margin”. According to the analytics firm, the on-chain metric shows that TWT is overestimating. This shows that traders are locking their profits on the platform.
Besides seeing profit signals on TWT, new users are entering the network, according to Santiment. They are accumulating this medium-sized altcoin. Santiment stated that the number of medium and large TWT addresses has been growing steadily. The number of addresses holding between 10,000 and 100,000 coins and between one million and 10 million coins has increased in the last week, according to the analysis.
New developments stand out in Trust Wallet
Meanwhile, the company rolled out the long-awaited browser extension within a week. It has also collaborated with Binance Pay and Coinbase Pay. Thus, users can now transfer their funds directly to a Trust Wallet account. Trust Wallet launched the browser extension, which is now available for Google Chrome and Opera browsers, on November 14. The extension allows users to store, send and receive crypto on all EVM chains and Solana.
On November 16, the world’s largest crypto exchange Binance announced that it has launched the Trust Wallet integration of Binance Pay. Binance users will now see Trust Wallet among their direct withdrawal options. Therefore, they will not have to scan or enter a wallet address. The same integration will work with Coinbase Pay. Previously, Binance CEO Changpeng Zhao publicly endorsed Trust Wallet, saying that “custody is a basic human right.” Its announcement is not surprising, given that Binance has owned Trust Wallet since 2018. TWT has increased nearly 150 percent in the last six days.
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