25 February, 2024

CRO, SOL, and TWT Emerge top 3 Trending Coins Amid FTX Contagion

1 year ago

22 Nov, 2023

Over the past few days, there has been a lot of speculation surrounding one particular cryptocurrency exchange, FTX. The company’s insolvency has caused certain coins to surge in value, with many speculating about the future of the crypto market. Despite this uncertainty, there are still some promising coins that have been consistently trending, according to a record by CoinGecko.

Cronos, Solana and Trust Wallet Token gain interest among investors

CoinGecko’s record shows that CRO, SOL, and TWT have consistently ranked as some of the most popular coins over time, thanks to their innovative technology and active communities. 

CRO is a utility token for the Crypto.com platform that offers fee discounts to users who pay with CRO. In addition, staking CRO qualifies users for benefits such as higher interest rates on deposits and better benefits on the Crypto.com prepaid debit cards. The more CRO staked, the greater rewards earned.

Cronos price on a daily chart:Coinmarketcap

Crypto.com has been mentioned alongside the  FTX debacle several times as a result of this interesting turn of events. For instance,Crypto.com customers have raised worries it could follow FTX, whereby the CEO took to Twitter to reassure user’s everything’s fine.CEO Kris Marszalek has been using social media, YouTube, and the airwaves to try to reassure customers that their deposits are safe and that the company is doing well. Cronos is trading at $0.07013, with a trading volume of $1,771,701,348.

Solana Tanks by 23.60% in a week

Solana’s price movement over the last week indicates a bearish trend with a 23.60% decrease in price. The market capitalization of the token is $4,921,312,223 which ranks it 14 among the top 100 coins listed on CoinMarketCap. Solana made it to the top trending coins according to CoinGecko despite the bearish market trend.

Solana price on a weekly chart:Coinmarketcap

The fall of Solana follows the trend of recent market trends, with the whole cryptocurrency market recording a significant dip in prices. On Thursday, the Solana NFT protocol maker Metaplex announced that it has had to lay off employees across the company due to the FTX exchange collapse last week. The fallout from this event has been widespread and continues to affect many businesses in the Web3 ecosystem.

In a tweet today, Metaplex co-founder and CEO Stephen Hess announced that the company is laying off an undisclosed number of employees due to worsening market conditions for cryptocurrencies in general and Solana specifically. Despite this, the Solana remains one of the top trending coins according to CoinGecko. Solana is trading at $15.53, with a trading volume of $632,211,010.

Changpeng Zhao’sTweet  Sparks Trust Wallet Token Bull Run

Trust Wallet Token has been on a massive bullish momentum in the last month, recording a monthly gain of 104% as of Monday this week. The token is ranked 44th on CoinMarketCap and boasts a market capitalization of $ 944.45M as of writing this article.

Binance CEO Changpeng Zhao arguably the most powerful man in crypto has just put his official endorsement on Trust Wallet Token (TWT). In a tweet yesterday, Zhao commented positively on Trust Wallet he said “Your Keys, your coins”. Trust Wallet’s price has responded immediately to the tweet by Changpeng Zhao with a massive surge in value, going as high as $2.37 before settling at $2.26 – an increase of 2.10% in less than 24 hours.

Trust Wallet Token price on a weekly chart:Coinmarketcap

After FTX crashed last week, traders have been searching for a new, secure place to store their tokens. This kind of dramatic event was followed by the collapse of co-related crypto firms, hence the spike in Trust Wallet price.

In conclusion, Cronos, Solana, and Trust wallet Token remain one of the most popular tokens in the crypto market. Despite the recent market dip, they continue to attract investors due to their innovative technology and active communities. We can expect more price volatility in the coming weeks as traders seek new avenues for the safe storage of their assets.