Trust wallet tokens, Atomic wallet coins, Block wallet tokens, and math wallet tokens, amongst others, averaged over 22% ROI last week. At press time, the trading volume of these non-custodial wallet tokens surged 4 times, with their market cap rallying over 50%.
Non-custodial wallet tokens
Non-custodial wallet tokens are the native tokens of non-custody wallets. These wallets give users full control over their private keys and the sole responsibility for protecting their holdings. On the other hand, custody wallets, used by centralized exchanges like Binance, FTX and crypto.com own private keys of crypto deposited on their platforms. By holding the keys they have the authority to utilise the funds at will.
So, why are these tokens rallying? To understand why it is first important to explore the happenings of the crypto market in the last two weeks.
קריפּטאָ מאַרק דערוואַרטונג
די ימפּלאָסיאָן of Alameda research and FTX group has been a trending topic among crypto circles for the last two weeks. The two-week fiasco ended with FTX, once the third-largest exchange by trading volume filing for באַנקראָט שוץ אין די פאַרייניקטע שטאַטן.
The news shook the entire crypto industry, resulting in a ריפּאַל effect of a dominant bear market. The native token of the exchange FTT, for instance, fell over 99% from its monthly high of $26.47, while the cryptocurrency market cap fell below $1T.
Sam Bankman Fried (SBF), the former CEO at FTX, admitted to misappropriation and overleveraging of client funds without consent. The shocking news resulted in mass withdrawals from the platform as fearful investors made a run for their money.
Source: https://www.cryptopolitan.com/why-are-non-custodial-wallet-tokens-pumping/