YEREVAN (CoinChapter.com) – The FTX collapse left a wide gash in the crypto market, as its collective valuation dipped below $750 billion for the first time since Jan 2021.
However, several digital assets defied the overall bearish trend, untouched by the FTX contagion. Here are five of the November winners: Trust Wallet Token (TWT), DYDX, Toncoin (TON), OKX (OKB), and Chiliz (CHZ).
#1 Trust Wallet Token (TWT) in a triple-digit rally
Binance-owned self-custody wallet app Trust Wallet saw its native token TWT jump 130% Nov 1-14, the largest month-to-date uptrend in the top 50 cryptos by market cap. The rally resulted in an all-time high of $2.7 on Nov 14, but the surge fizzled out afterward, with TWT settling at $2.2 on Nov 17.
As seen on the chart above, the buying pressure has declined since Nov 12, lowering the chances for a new leg up.
Meanwhile, the reasons behind the rally are noteworthy. A massive outflow from centralized cryptocurrency exchanges due to the FTX implosion fuelled heightened interest in self-custody wallets and Trust Wallet among them. Not to mention Binance CEO Changpeng Zhao’s efforts to shill TWT.
As a result, traders pulled a bank run on several CEXs and turned to options with less contagion risk and more privacy.
#2 DYDX exchange’s same-name token jumps 50%
DYDX is a decentralized exchange (DEX) built on the Ethereum blockchain. After the FTX implosion, dydx also enjoyed more attention from traders. As a result, its in-house token DYDX jumped 50% month-to-date, settling at $2.2 on Nov 17.
As seen on the chart above, the token bottomed out near significant support at $1.15 on Nov 8-9. However, the increased buying pressure triggered a triple-digit rally in the following days, taking DYDX to a six-month high of $2.7 on Nov 15.
Like the TWT chart, the declining trading volumes don’t foresee a bullish continuation. However, the crypto market is far from stable at the moment. Thus, making solid predictions is particularly difficult.
#3 Toncoin (TON) Price jumped 20%
Despite the erratic price fluctuations in the chart below, Toncoin (TON) price rallied 20% month-to-date and stood at $1.72 in the European session on Nov 17. The digital asset complied with the FTX-driven drop on Nov 8-9 but has advanced over 30%.
Additionally, while the TON price did not see a dramatic difference in the previous 24 hours, the token’s trading volumes jumped 65% per CoinMarketCap. The audit from crypto security firm CertiK could have also propelled the token, inspiring traders’ trust.
#4 OKX exchange’s OKB token
OKB, the in-house token of the OKX exchange, formerly known as OKEx, price rallied 50% Nov 3-7, reaching a 10-month high of $24. However, the surge subsequently fizzled out, erasing some of the gains. As a result, OKB price stood at $19 on Nov 17.
In detail, OKX is one of the largest crypto exchanges by trading volume. On Nov 15, the platform announced rebranding itself as a cross-platform service provider.
The exchange added an NFT marketplace, a “decentralized application discovery hub,” and a new feature called MetaX. OKX’s new “decentralized mode” is the latter, which features a cross-chain dashboard and self-custody Web 3.0 wallet.
#5 Chiliz (CHZ) didn’t catch the FTX contagion
Chiliz (CHZ) is a crypto platform associated with the sports industry and FIFA World Cup.
The platform orients itself as a fan token with a target audience of sports fans. While Chiliz does not exist independently from the crypto market, FIFA World Cup has become one of the strongest bullish backdrops behind CHZ’s price escalation, pushing out the bearish ripples from the FTX implosion.
As CoinChapter reported previously, CHZ also dropped Nov 8-9. However, after a choppy monthly performance, the token price returned to its Nov 1 value of $0.22. Considering the ubiquitous wipeouts, a recovery to the previous position without losing ground could be considered a good sign.
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