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After the mid-cap altcoin surged 143% in less than seven days, major analytics firms are keeping a close eye on Trust Wallet Token (TWT).
TWT is a native asset of Trust Wallet. This is a non-custodial app that gives users full control over their crypto assets.
According to Santiment, TWT started getting a lot of attention last week after centralized crypto exchange FTX collapsed. This has led many traders to struggle to find a secure protocol to hold their tokens.
TWT has outperformed the broader cryptocurrency market in recent days, but the Insights firm says on-chain signals warn that a correction for the token is in sight.
Santiment stresses that TWT has a very high on-chain trading volume, indicating that a medium-term cooldown period is within the realm of possibility.
Santiment also says that TWT’s network-enabled profits are witnessing the largest surge in history by a “wide margin.” According to the analytics firm, on-chain indicators suggest that TWT is overvalued and traders are securing profits.
While TWT is showing signs of profit taking, Santiment notes that new users are entering the network and accumulating mid-cap altcoins.
We also see a steady increase in the number of medium and large tier TWT addresses. [addresses] And between 1 million and 10 million addresses, the number of addresses really increased in the past week.
Read the full report here.
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Featured Image: Shutterstock/George Toubalis
