As Trust Wallet unveiled a new litepaper, which Changpeng Zhao commented on X, the TWT token climbed more than 31%. We take stock of the situation.
Trust Wallet’s TWT gains over 30%
Over the past 24 hours, the price of Trust Wallet’s TWT token has soared 31.4%, and the asset is now trading at $1.07 per unit. At the peak of the rise, TWT reached $1.33 before correcting:
To explain this sudden rise, we need to look at the token’s new litepaper, but also at a tweet from Changpeng Zhao (CZ), who is particularly optimistic about these new developments:
The TWT token started as an experiment. The total unlocked value (FDV) quickly reached new heights. 99% of the tokens were destroyed, but its use was limited. Today, this trend is gaining momentum.
Among the new features, the Trust Wallet teams promise the purchase of TWT without gas, the possibility of using it to pay gas fees, but also greater integration with various decentralized finance (DeFi) protocols, such as the possibility of using the token as collateral for loans.
Overall, the idea is to provide TWT with more use cases in the Trust Wallet ecosystem, although for now, the litepaper seems to have been published for marketing purposes, without really showing the concrete changes implemented for the token.
Curiously, this announcement comes at a time when competitor MetaMask has confirmed the imminent arrival of its MASK token, through an interview with Joseph Lubin, the founder of Consensys.
We will therefore have to observe the behavior of TWT over the next few days to see whether this rise is part of a longer-term trend or whether it is just a flash in the pan.
For reference, the asset is still trading down 60% from its all-time high (ATH) of $2.72 on December 11, 2022. With a market capitalization of $464.26 million, TWT now ranks 201st on CoinGecko’s ranking.
It should also be noted that Changpeng Zhao has been back in the news in recent days, with more notable statements on X than usual.
