Trust wallet token price prediction: Can it sustain the breakout?
Updated
The saying “not your keys, not your crypto” has become a catchphrase on the crypto side of the internet as some seek to avoid centralised exchanges (CEX) and their custodial methods. But opting for a decentralised wallet can be complicated.
Trust Wallet was set up to be a simple platform for storing cryptocurrencies, with all users responsible for their own keys. It even designed its own trust wallet token (TWT) to encourage investors.
TWT to USD
TWT’s decentralised services have seen a spike in popularity after the demise of FTX, a centralised cryptocurrency exchange. TWT rocketed above the $2 mark and hit a 90-day high of $2.71.
It has managed to maintain this momentum and was still up 86% over the past month at the time of writing. As of 28 November, there was a consensus from some price predictions, including Wallet Investor, that it could continue making gains.
What is Trust Wallet Token (TWT)?
Trust Wallet is on a mission to become the easiest-to-use cryptocurrency interface. Users are able to send, receive and stake cryptocurrencies from their smartphone. The Trust Wallet website boasts that users can buy bitcoin (BTC/USD) in under five minutes.
The number of cryptocurrencies listed on the platform is an advantage to many investors. Investopedia said: “The wallet supports over one million tokens, while allowing users to purchase many different cryptocurrencies through third-party providers Mercuryo, MoonPay, Ramp Network, Simplex, Transak and Wyre.”
Its non-custodial approach has also allowed Trust Wallet to stand out. Users are in control of their own keys and cryptocurrencies. While this brings security advantages, the caveat is that funds are impossible to restore if the key is lost.
Staking and earning options are also provided by Trust Wallet. It currently offers 12 different coins with an annual percentage rate (APR) of up to 11%.
Trust Wallet was founded by Viktor Radchenko, who stepped down as chief executive in March 2022 to focus on his family. He was replaced by Eowyn Chen, who was previously the head of marketing at Binance.
Trust Wallet’s utility token
Trust Wallet launched its own token under the ticker TWT on the Binance Smart Chain (BSC) to encourage and incentivise its users. The trust wallet token was created to give these users extra value, and the project noted there is no extra utility outside of the wallet’s ecosystem.
Holders of TWT have voting rights over governance proposals. For example, investors could vote on the recent proposal to integrate the Ronin and Terra blockchains.
The token can also be used to get discounts when trading on its exchanges and making purchases on its app.
TWT’s price history
TWT price chart
Source: CoinMarketCap
TWT was listed on CoinMarketCap in late July 2020 at an opening price of $0.006. After fluctuating around this level for the next six months, it saw its first major rally in February 2021. This started as it ran a competition with the OpenOcean aggregator. A total of 5,000 TWT was up for grabs for those trading on OpenOcean.
It continued climbing over the following months as the community was voting on whether to integrate the avalanche token into Trust Wallet. The proposal passed with a 100% majority and TWT reached a high of $1.30 on 3 May.
The trust wallet token surged even higher later that year thanks to its non-fungible token (NFT) offerings in August and being featured by an official Binance Twitter account.
Learn how to use Trust Wallet to create your first NFT in under 3 minutes.
— Trust - Crypto Wallet (@TrustWallet) 20 August 2021
(TOP TIP: follow this guide and enter our '$1000 giveaway for the best NFT' we launched earlier this week with @FeaturedBinance).
TWT climbed to its all-time high of $1.65 on 5 September 2021. This came as TWT holders voted to add support for a variety of Ethereum layer-2’s, including Arbitrum, Fantom, Heco and Optimism.
The token then plummeted along with the wider market in December and into the beginning of 2022. However, it was able to overcome this slump in March when it listed the apecoin (APE/USD), climbing above $1 again.
Get ready to claim your #APECoin $APE tokens through Trust Wallet!
— Trust - Crypto Wallet (@TrustWallet) 17 March 2022
Download now and prepare yourself????
It started rallying again as Trust Wallet integrated with Binance Connect.
To celebrate, Binance ran a trading competition with Trust Wallet. Investors buying cryptocurrency could win up to 5,000 BUSD. It reached a peak of $1.21 on 5 August 2022.
#Binance Connect partners with @TrustWallet!
— Binance (@binance) 27 June 2022
Use @Binance_Connect to buy crypto in your Trust Wallet using your credit or debit card for an opportunity to win a share of up to 5,000 #BUSD.
Find out more ➡️ https://t.co/hImEk16NPV pic.twitter.com/xw2ab8HVJJ
A series of other Binance incentive schemes and programmes with Trust Wallet have since been announced, including most recently a cashback competition. Those buying cryptocurrency in Trust Wallet via the Binance Connect platform were eligible to win 10 BUSD. The trust wallet token peaked at $1.26 on 31 October 2022, but soon retreated from this peak.
But as centralised services have come under fire following the bankruptcy of the FTX cryptocurrency exchange, TWT has made strong gains.
Trust Wallet’s decentralised approach has captured the attention of the crypto community as it avoids the withdrawal and liquidity risks highlighted by FTX’s collapse. The cryptocurrency wallet tweeted: “More than ever, it’s important to help people understand the power and freedom that comes from having your own, self-custodial #crypto wallet.”
As a result, TWT skyrocketed in mid-November. After closing at $1.44 on 12 November, it climbed past the $2 mark the following day and to a 90-day high of $2.71 on 14 November. This rise followed Binance CEO Changpeng Zhao praising decentralised wallets. He tweeted: “Self custody is a fundamental human right.”
The TWT surge also followed developments within Trust Wallet’s product. The wallet launched its own browser extension, while also integrating with Binance Pay and Coinbase Pay.
As of 28 November, TWT had fallen slightly and was trading at $2.10. However, it was still up a staggering 86% over the past month.
Trust wallet token price prediction
At the time of writing, there was a consensus among forecasters who have made a TWT coin price prediction that it would continue its upward trend.
DigitalCoinPrice expected it to average out at $2.52 this year and $8.87 in 2025. Its trust wallet token price prediction for 2030 suggested a maximum price of $30.15.
Wallet Investor’s TWT crypto price prediction said it was a “acceptable” investment and claimed it would have reached $2.22 in a year. Its trust wallet token price prediction for 2025 expected the token to have stayed above the $2 level.
A similar forecast was given by TechNewsLeader, whose trust wallet token price prediction for 2023 looked for a maximum price of $2.03. The site’s maximum valuation saw the token passing $20 in 2029 and $30 in 2030.
PricePrediction said trust wallet token could reach $2.29 this year. Its TWT price prediction thought it could hit $21.33 in 2028 and $43.73 in 2030.
When considering a TWT token price prediction, it is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns, and never trade with money that you cannot afford to lose.
FAQs
How many trust wallet tokens are there?
On 28 November 2022, there was a maximum supply of one billion TWT and a circulating supply of 416 million trust wallet tokens.
Is trust wallet token a good investment?
Trust wallet token is hoping to build the easiest-to-use platform for buying cryptocurrencies. Its TWT cryptocurrency provides benefits, like discounted prices, on the ecosystem. Yet it has proved to be volatile.
In cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether the trust wallet token is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors. As usual, never invest what you cannot afford to lose.
Will trust wallet token go up?
At the time of writing, most forecasters, including TechNewsLeader and Wallet Investor, were providing bullish forecasts for TWT and expected a gradual rise. But tokens can prove unpredictable and cryptocurrencies can be highly volatile, meaning prices can go down just as easily as they go up.
Analysts and algorithm-based forecasters can and do get their predictions wrong. Past performance is no guarantee of future returns.
Should I invest in trust wallet token?
It depends. Trust Wallet aims to create an easy to use ecosystem for buying and storing cryptocurrencies. Its TWT was designed for users of its platform, rather than as a speculative instrument.
Whether you should invest in TWT is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research. Never invest more money than you can afford to lose, because prices can go down as well as up.
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