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

The native token of non-custodial wallet provider SafePal (SFP) spiked 125.96% over the past week, according to CryptoSlate data. At the time of writing, the token was trading at $0.743 — up 16.97% over the past 24 hours.

The token’s market cap more than doubled from around $35.6 million to $81 million over the past week, according to Coingecko data.

Founded in 2018 and backed by Binance, SafePal offers non-custodial software and hardware wallets, along with other related services. The platform’s utility token SFP enables users to claim bonuses on SafePal’s earn and lend program, discounts on SafePal products, and vote on governance proposals.

The “not your keys, not your coins” fever is driving growth

The collapse of the crypto exchange FTX has driven home the importance of self-custody among investors. This has led to a record crypto exodus from centralized exchanges at the rate of 106 Bitcoin (BTC) per month, Glassnode data indicates. Around 50,000 BTC, worth around $838 million at current prices, left centralized exchanges over the past week, Coinglass data shows.

SafePal is one of the beneficiaries of this crypto exodus as investors are increasingly looking to gain control of their assets. However, it is not the only non-custodial wallet token to see an uptick in price.

Binance-owned Trust Wallet’s utility token TWT has also seen significant growth over the past week. The token’s price registered a growth rate of 92.39% over the past week to trade at around $2.25 at the time of writing, according to CryptoSlate data. The token’s market cap increased by around $450 million during the period to $941.21 million at press time.

It is to be noted that Trust Wallet’s price growth was accelerated when Binance CEO Changepeng Zhao endorsed it on Twitter on Nov. 13.

While both the non-custodial wallets are linked with Binance, the exchange itself is defying the trend of crypto leaving exchanges. Over the past 24 hours, over 94,400 BTC, worth approximately $1.5 billion at current prices, flowed into Binance, according to Coinglass data.

It is to be noted, however, that Binance was not the only centralized exchange to see positive inflows of BTC over the past day, However, Binance saw the biggest inflow while Coinbase, Kraken, Bithumb, and a few others saw inflows of less than 1,500 BTC each.

The post Binance-linked non-custodial wallet tokens see massive growth over the past week appeared first on CryptoSlate.


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
On Key

Related Posts

Crypto Crisis Pushes BTC Mining Difficulty To Bottom Spot, Any Possibility Of Reversal?

The low profitability of BTC mining is still puzzling for many crypto fanatics and investors. There’s no surprise here, given the ever-increasing energy costs. Moreover, the bear market is also significantly impacting Bitcoin’s mining difficulty. As for now, making reasonable profits from mining Bitcoin is not probable. This fact, however, doesn’t imply that BTC mining

Bitcoin (BTC) Price Dump Incoming? On-Chain Data Reveals Bottom

Bitcoin (BTC) price failed to hold above $17k and fell to the support near $16,500 again. The BTC price remains under pressure as miner capitulation risk continues to haunt traders looking to make long positions. On-chain data reveals miners are indeed liquidating their Bitcoin holdings due to financial constraints. The effect can be easily seen