Cryptocurrency

Binance-linked non-custodial wallet tokens see massive growth over the past week

Non-custodial wallet provider SafePal (SFP)’s native token surged 125.96% over the past week, according to CryptoSlate data. At the time of writing, the token is trading at $0.743, up 16.97% over the last 24 hours.

According to Coingecko, the token’s market cap has doubled from about $35.6 million to $81 million in the past week. data.

Founded in 2018 and backed by Binance, SafePal offers non-custodial software and hardware wallets and other related services. The platform’s utility token, SFP, allows users to claim bonuses in SafePal’s Earn and Lend Program, claim discounts on SafePal products, and vote on governance proposals.

‘Not Your Key, Not Your Coin’ Heat Is Driving Growth

The collapse of the cryptocurrency exchange FTX has reaffirmed the importance of self-custody among investors. This resulted in a record crypto exodus at a rate of 106 Bitcoins (BTC) per month from centralized exchanges. Glassnode data indicates About 50,000 BTC worth about $838 million at current prices have left centralized exchanges over the past week. Coin glass data indicate.

SafePal is one of the beneficiaries of this crypto outflow as investors increasingly seek control of their assets. However, it wasn’t just non-custodial wallet tokens that saw their prices rise.

TWT, a utility token in Binance-owned Trust Wallet, has also seen significant growth over the past week. According to CryptoSlate data, the token’s price has registered a 92.39% growth rate over the past week and is trading at around $2.25 at the time of writing. The token’s market capitalization increased by approximately $450 million over the period to $941.21 million at the time of writing.

It’s worth noting that Binance CEO Changepeng Zhao’s endorsement of Trust Wallet on Twitter on November 13th fueled Trust Wallet’s price rise.

Both non-custodial wallets are linked to Binance, but the exchange itself is bucking the trend of cryptocurrencies leaving exchanges. According to Coinglass data, over the past 24 hours, over 94,400 BTC, worth about $1.5 billion at current prices, have flowed into Binance.

However, Binance was not the only centralized exchange to see positive inflows of BTC in the past day. 1,500 BTC each.

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