Web3 favourite Trust Wallet’s native token TWT price has taken a -21% tumble, leaving some panicked bag-holders asking ‘is Trust Wallet going to zero?’.
The downtick in price action comes after Binance revealed the launch of their own Web3 self-custody wallet yesterday, triggering a sudden unexpected tumble in TWT price.
With such a significant player entering the Web3 wallet space, markets reacted with caution as competition for Trust Wallet increases – especially as the Exchange giant delivers an innovative new security feature.
#Binance is now your one app for all things Web3.
Our new Web3 Wallet lets you connect DeFi to CeFi in one click.
Try it and let us know what you think.
— CZ Binance (@cz_binance) November 8, 2023
The Binance wallet is set apart by its departure from traditional seed phrases – instead, it employs a sophisticated Multi-Party Computation (MPC) system that fragments private keys into three separate “key shares,” with the user retaining control over two.
TWT Price Analysis: Is Trust Wallet Going to Zero as Binance Wallet Launch Threatens TWT Market Position?
As Trust Wallet tumbles in the charts, TWT is currently trading at a market price of $1.48 (representing a 24-hour change of +0.70%).
Following yesterday’s sudden -21% tumble, TWT price appears to be catching support around the $1.50 level, as bulls attempt to defend their recent gains.
The seismic downtick broke impressive TWT price rally structure developed over the past month of strong performance.
Significant upside moves were triggered by the emergence of a golden cross on October 19, with TWT price gaining support from an ascendant 20DMA – triggering a +71% move into November.
Now battling retracement after the panicked sell-off, TWT wallet remains high in the trading channel – and this is reflected in TWT’s indicators.
The RSI has cooled down to a minor degree amid the downside price action, although it remains with bearish overbought divergence at 67.22.
Meanwhile, the MACD remains at a bullish signal with slight divergence at 0.0094 – suggesting buy pressure remains.
Overall, TWT price looks reasonably strong here, although unexpectedly triggered by Binance’s announcement, the retracement move is health for longer-term price action – offering a chance for the RSI to cool and lower support to be established.
To the upside TWT has a target at higher support around $1.65 (a possible +10.92%).
While downside risk for TWT could see a drop to lower moving average support around $1.21 (a potential -18.66%).
This leaves TWT price with a risk: reward ratio of 0.59, with outsized downside risk dominating the chart on the short-time frame.
But while TWT price battles to find strength, a breakout meme coin presale could be a more dependable way to unlock sizeable returns as it skyrockets into the multi-millions.
Don’t Miss: Meme Kombat Price Set to Increase Today as Presale Smashes $1,375,000 in Funding
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
— Meme Kombat (@Meme_Kombat) November 9, 2023
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Meme Kombat Pits Leading Crypto Meme Communities in High Octane Staking Battles
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $0.183 (soon set to increase to $0.139), and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.