This token has doubled in price in the wake of the FTX chaos

The chaos generated by the collapse of FTX has been an opportunity for some. Such is the case with the Trust Wallet Token (TWT) from the creators of Trust Wallet, whose price doubled in a matter of days.

Before the FTX debacle, TWT’s price was less than $1 per token. And while it rose tentatively, the events of the past few weeks have caused it to skyrocket to over $2 in a matter of days.

Data available on CoinMarketCap shows how the token rose more than 63% last week, given its opening price at that time ($1.17) and its closing price of $1.92 per unit. Taking into account its low point last week, when it traded at $0.98, and its high of $2.34, the increase was well over 100%.

As of this writing, TWT is above last week’s closing price of just over $2. This comes after a correction that saw it rise as high as $1.81 on the exchanges.

This TWT price move has its roots in FTX, as it follows a campaign by exchange officials, other bitcoin companies and various personalities to self-certify crypto-currencies. This can be done with Trust Wallet and hundreds of other wallets available on the market.

.@TrustWallet just did a huge release – Trust Wallet Browser Extension.

Try it: https://t.co/qC7532wH7e pic.twitter.com/8QCUaspQNJ

– CZ 🔶 Binance (@cz_binance) November 14, 2022

In particular, the Trust Wallet token has received widespread support for self-management and transparency after the collapse of FTX and its misuse of user funds. In addition, Binance CEO Changpeng Zhao mentioned the wallet via Twitter and its exchange has added trading pairs with TWT, completing the token’s momentum in the market.

While TWT has made strong gains, the rest of the market is still suffering from the effects of FTX’s collapse. Bitcoin, which is down about 20 percent, is currently trading below $17,000.