Binance-linked non-custodial wallet tokens see massive growth over the past week Monika Ghosh · 2 days ago · 2 min read
Binance-backed SafePal’s SFP token jumped 125.96% while Trust Wallet, which is owned by the exchange, saw its token price increase by 92.39%.
Cover art/illustration via CryptoSlate
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.
— CZ 🔶 Binance (@cz_binance) November 13, 2022
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.