Although it was a rare crypto success story in 2022, Trust Wallet fared less well in the first half of 2023.
The platform’s links to Binance saw the TWT token reach a low following the news that the United States Securities and Exchange Commission was to sue the world’s biggest crypto exchange in June.
That said, the crypto has shown signs of recovery over the last six weeks or so, and investors will be hoping that it can break past the dollar again soon.
But what is Trust Wallet (TWT)? How does Trust Wallet work? Let’s see what we can find out, and also take a look at some of the Trust Wallet Price Predictions that were being made as of 25 July 2023.
Crypto wallets are a crucial part of the world of blockchain-based finance. The idea that there is a place where someone can store and keep track of their crypto holdings is something that, as more and more new coins and tokens come onto the market, is pretty much essential for traders.
The platform was bought by Binance itself in 2018, and Radchenko stepped down as CEO for family reasons in March 2022 to be replaced by former Binance marketing chief Eowyn Chen.
Trust Wallet is supported by its eponymous crypto token, which goes by the ticker handle TWT.
Users have their own private keys to Trust Wallet. On one hand, this means that the platform is more secure, but it does come with the disadvantage that, if someone forgets their password, they lose access to their crypto.
People with Trust Wallet can also stake a range of coins and tokens, with the system offering them interest rates of up to 11%.
In terms of TWT itself, holders can get discounts when trading on exchanges linked to Trust Wallet. People who have TWT can vote on proposals regarding the platform, and TWT can also be bought, sold, and traded on exchanges.
Let’s now take a look at some of the highlights and lowlights of the Trust Wallet price history . While past performance should never be taken as an indicator of future results, knowing what the coin has done can help give us some very useful context when it comes to either making or interpreting a Trust Wallet price prediction.
TWT first came onto the open market in the summer of 2020, when it was worth about $0.01. Although it spent some time below the cent towards the end of the year, things picked up in early 2021. The crypto market blossomed and TWT reached a periodic high of $1.30 on 3 May.
The token dropped over the summer, but Trust Wallet’s compatibility with non-fungible tokens (NFTs) saw it gather a lot of interest later in the year, with it hitting $1.65 on 5 September. It fell down to close the year at $0.7102.
Although most coins and tokens had a terrible time in 2022, TWT was one of the few cryptos to actually grow in price over the year. It managed to cope with a series of crashes that left the market struggling.
In fact, the news that Binance founder Changpeng “CZ” Zhao had urged people to use the wallet in the wake of the collapse of the FTX exchange, coupled with the launch of a web browser extension, saw it reach an all-time high of $2.71 on 11 December 2022.
Although it soon dropped substantially after this, its price at the end of 31 December was still $1.42, pretty much 100% what it had been a year earlier.
This was good news by any measurement, but when compared to a crypto market that lost more than 60% of its overall value in 2022, this was superb news.
So far, 2023 has been a bit more worrying for TWT’s holders. The token continued its decline throughout the first few months. It reached a nadir on 12 June when, with the market in turmoil following the news that the SEC was suing Binance and Coinbase, it fell to $0.7132.
Since then, it has made a recovery, albeit with peaks and troughs. On 25 July 2023, it was worth about $0.9245.
At that time, there were 416.6 million TWT in circulation out of a total supply of just under one billion. This gave the token a market cap of about $385 million, making it the 91st-largest crypto by that metric.
Over the last six weeks or so, TWT has been on a bit of a rollercoaster ride. The SEC news saw it plunge by more than 33% from $1.07 on 5 June to its low a week later. Since then, it has recovered by about 30%, but its current price is still worth nearly 15% less than it was before the crash.
With that all out of the way, let’s take a look at some of the Trust Wallet price predictions that were being made as of 25 July 2023. It is important to remember that price forecasts, especially for something as potentially volatile as crypto, very often end up being wrong. Also, keep in mind that many longer-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a short-term Trust Wallet price prediction which saw the token drop to $0.8842 by 30 July before recovering to $0.9957 by 24 August. The site’s technical analysis was neutral, with 14 indicators sending bullish signals and 13 making bearish ones.
In terms of other sites’ Trust Wallet price predictions for 2023, DigitalCoinPrice was extremely optimistic, saying it would reach $1.86, while Bitnation had the token trade at $1.39 and PricePrediction.net thought TWT would get to $1.19 this year.
When it came to a Trust Wallet price prediction for 2025, Bitnation’s $3.24 was just behind DigitalCoinPrice’s $3.25. PricePrediction.net was more cautious, saying TWT would trade at $2.35 in two years’ time.
Moving forward to a more long-term Trust Wallet Price Prediction for 2030, PricePrediction.net said that the token would get to $16.16 that year, while DigitalCoinPrice had it worth $9.43. Bitnation made a TWT price prediction that saw the crypto stand at $7.87 at the start of the next decade.
It is difficult to tell. TWT has struggled in 2023 and, although it has been making progress since reaching a low in June, it is not out of the woods yet.
The platform’s links to Binance, at a time when the world’s largest crypto exchange is facing legal action, will not have helped its token’s price.
On the other hand, we have to remember that TWT was a top performer in 2022, doubling in price at a time when the size of the overall market more than halved.
As ever with crypto, you will need to make sure you do your own research before deciding whether or not to invest in TWT.
No one can really tell right now. While the Trust Wallet crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up.
Before you decide whether or not to invest in Trust Wallet, you will have to do your own research, not only on TWT, but on other, related, coins and tokens such as Internet Computer (ICP) and 1inch (1INCH). Either way, you will also need to make sure that you never invest more money than you can afford to lose.
On 25 July 2023, there were 416.6 million TWT in circulation out of a total supply of just under one billion.
It might do, but that may not happen for some time. PricePrediction.net sees TWT reaching that target in 2029, while DigitalCoinPrice has it break through that barrier in 2031.
Keep in mind that TWT has never traded at more than $10 so far, with its highest ever price, $2.71, coming in December 2022.
The TWT token is used to give users discounts on exchanges and votes on the future of the Trust Wallet platform.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.