Trust Wallet has become a staple service in the crypto industry since it launched in 2017. It gives users the opportunity to safely store their digital assets through its non-custodial wallet.
While its native Trust Wallet Token ($TWT) was victim to 2023’s bear market, it has recently skyrocketed in price. This uptick coincided with the Binance cryptocurrency exchange adding it to its futures trading service.
However, TWT price predictions are divided on whether the wallet token can maintain this strong upward momentum.
What is Trust Wallet?
Trust Wallet has positioned itself as a key player in the digital wallet space, offering a secure and user-friendly platform for managing a wide range of cryptocurrencies. Its official website said the platform supports over 10 million different digital assets, 600m non-fungible tokens (NFTs), and 100 blockchains.
The crypto wallet’s primary selling point is its non-custodial nature, ensuring that users retain complete control over their private keys, which are stored directly on their devices. This feature is critical for security, as it means that the user’s assets are not held by a third party and are less susceptible to centralised breaches.
The wallet also provides a built-in Web3 browser, enabling users to interact seamlessly with decentralised applications (dApps) without leaving the app. This integration is a nod to the growing interest in decentralised finance (DeFi) and the need for accessible tools that allow users to navigate this new landscape.
Despite being acquired by Binance in 2018, Trust Wallet operates independently, while also offering an integrated trading experience for those who choose to use Binance’s services. The independence of Trust Wallet was designed to ensure a focused commitment to providing a secure and comprehensive service to its users.
The Trust Wallet Token
The Trust Wallet Token is an integral part of the Trust Wallet ecosystem, functioning as a BEP-20 utility token. It is designed to incentivise users by offering benefits such as discounts on in-app services, including cryptocurrency purchases and decentralized exchange transactions. The token’s utility is a key factor in its adoption, as it directly benefits active users of the wallet.
TWT operates on a deflationary model, where a certain number of tokens are ‘burned’ or removed from circulation with each transaction. This approach is intended to reduce the overall supply of tokens over time, potentially increasing their value as the supply diminishes.
The deflationary model is also a way to align the token’s utility with the platform’s growth, as it encourages both holding and spending within the Trust Wallet ecosystem.
Trust Wallet’s price history
Trust Wallet was launched in 2017 by Viktor Radchenko as a user-friendly, open-source, and decentralised wallet. However, its accompanying token went live three years later on the Binance chain.
According to CoinMarketCap, TWT launched at $0.006 on 31 July 2020 and saw steady gains the same year.
It accompanied Trust Wallet significantly expanding its offerings. The wallet integrated with Kyber Network Protocol to give users access to a variety of decentralised exchanges (DEXs). This facilitated peer-to-peer trading without the need for a centralised intermediary.
This year also saw the wallet continue to extend its support to a wider range of blockchain assets, catering to the growing market demand for a diverse cryptocurrency portfolio.
By the end of 2020, TWT had climbed above the $0.10 mark and was hovering around $0.13.
It saw even more bullish activity in 2021, which followed alongside monumental gains in the wider crypto market. It surpassed the $1 mark in May and climbed to another price record in September of $1.51.
However, it was unable to sustain this momentum and closed the year below $1. Its next bull run came in April 2022 where it reached $1.31.
TWT climbed to its all-time high of $2.72 on 11 December. The upward trajectory followed Binance CEO Changpeng Zhao calling for crypto investors to use Trust Wallet after the collapse of FTX. Around the same period, Trust Wallet also released its browser extension, making interactions within the crypto ecosystem easier.
The wallet cryptocurrency eventually fell victim to the wider bear market. It fell throughout 2023 and eventually dropped below the $1 mark. By October, it was hovering around the $0.75 level.
Recent Trust Wallet news
TWT has recently experienced a major price increase, rising by 60% in just one week. This coincided with the token’s recent addition to the Binance Futures trading platform, signaling Trust Wallet’s efforts to broaden its trading options for its users.
Listings on Binance Futures is an event often linked to increased trading activity and price movements among cryptocurrencies..
At the time of writing, TWT was trading at $1.33, down 9.8% in the past 24 hours.
Trust Wallet Token price prediction
There are a range of forecasts for Trust Wallet, but many analyst websites have mixed TWT price predictions.
CoinCodex’s Trust Wallet Token price prediction for 2023 said there is currently “neutral” sentiment surrounding the cryptocurrency. Fourteen technical indicators pointed towards buy, while 14 indicated sell.
Its TWT coin price prediction said it would drop to $1.29 in the next five days. However, the token was anticipated to surge back to $1.39 in the next month.
When it came to a longer forecast, DigitalCoinPrice anticipated strong gains. Its Trust Wallet Token price prediction for 2024 said it could reach $3.31. The cryptocurrency was then anticipated to hit $4.60 in 2025.
The site’s TWT crypto price prediction said it could surpass $13.36 by the beginning of 2030.
PricePrediction was not as bullish in its forecast. The site anticipated a maximum price of $1.65 for 2024. Its Trust Wallet Token price prediction for 2025 said it would average out at $2.47 and reach $3.52 the next year. The site’s Trust Wallet Token price prediction for 2030 anticipated a maximum price of $18.39.
On the other hand, WalletInvestor was bearish with its TWT price prediction. The site anticipated the cryptocurrency to fall to $1.01 in a year’s time.
Should I invest in Trust Wallet?
It depends. TWT price predictions are fairly positive with the likes of DigitalCoinPrice anticipating a steady upward trajectory. However, WalletInvesot expected Trust Wallet Token to drop over the next year.
The cryptocurrency market is known for its volatility and you should never invest more than you can afford to lose.
Is Trust Wallet a good investment?
Trust Wallet was founded in 2017 and has become one of the largest wallets in the industry. While its TWT token saw success with the bull market in 2021 and 2022, it was also vulnerable to the recent crypto winter. Investors should be cautious and always conduct thorough due diligence.
Disclaimer: The information provided in this article is for informational and educational purposes only and should not be construed as financial advice. CoinNews and its authors are not financial advisors or experts. We recommend that you consult a professional financial advisor or conduct thorough research before making any investment decisions. Cryptocurrency investments carry a high degree of risk, and you should only invest an amount you are willing to lose. The opinions expressed in this article are those of the author and do not necessarily reflect the views of CoinNews or its affiliates.