An altcoin project praised by Binance CEO Changpeng Zhao (CZ) has landed on the whales’ radar. The biggest whales of the market are predicting a price increase of around 100x for the coin. This kind of bullish is tough for any cryptocurrency. But whales and CZ’s positive predictions could reshape the altcoin’s future.
Binance CEO praises this altcoin project
Binance, the world’s largest cryptocurrency exchange by trading volume, invests in many projects. Changpeng Zhao, who sits in the CEO seat of the exchange, recently praised one of these projects. The CEO’s post on Twitter comes just days after the FTX stock market crash. With the FTX collapse, the crypto world entered a new crisis and the prices of many assets fell. However, Trust Wallet (TWT), which CZ praised in his tweet, managed to maintain its rise. This rise caught the attention of investors and the project gained significant support.
In addition to CZ, the FED also appeared as a factor that pushed the price of the coin up. FED Chairman Jerome Powell’s dove stance triggered a moderate recovery in the cryptocurrency market. The US dollar was also next to cryptocurrencies. The dollar fell more than 1.5% in global markets, hitting a three-month low. In fact, the global cryptocurrency market has been struggling in recent weeks. The developments, however, stopped the decline and ignited a minor rebound today. Bitcoin (BTC) and Ethereum (ETH), the most valuable cryptocurrencies, surpassed $17,000 and $1,200 respectively.
Trust Wallet (TWT) up 90 percent: “Can do 100x”
Binance CEO CZ highly praised the altcoin project. As we reported on Kriptokoin.com, CZ said that Trust Wallet is much better than exchanges for hosting Bitcoins. After that, the TWT price started to rise with a huge popularity spike. It has increased by over 90% in just a few days. This increase also caused the token to reach a new high of $2.40 on November 14. Currently, the crypto industry’s biggest whales are predicting a price increase of around 100x by 2023 for Trust Wallet. This is extremely difficult, but possible.
It wasn’t just CZ and the crypto community that trusted him. Although the project witnessed a huge user growth with the announcement of the Binance CEO, the weak US dollar and the statements of FED Chairman Jerome Powell also supported the rise. Powell said interest rate hikes in the US could be slowed as early as December. The Fed’s dove stance has sparked a recovery in the crypto market. However, the weakening of the US dollar has made it easier for altcoin prices to rise.
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