According to U.Today, the alignment of forces in the crypto market rankings has shifted. CoinMarketCap data reveals that Tron (TRX) has surpassed Cardano (ADA) to secure a spot in the top 10 cryptocurrencies by market capitalization. TRX now holds a market cap of $11.98 billion, surpassing ADA by approximately $100 million.
The rise of Tron can be attributed to the recent launch of 'sunpump,' a meme coin platform similar to Solana-based 'pumpfun.' This development has driven significant volume, attention, and investment into the Tron network, boosting the value of its native token, TRX. The current market cycle appears to be heavily influenced by meme-driven trends, contributing to Tron's rapid ascent.
While the longevity of this trend remains uncertain, it is noteworthy that Solana's pumpfun experienced months of unprecedented activity and recently surpassed Ethereum in seven-day revenue. Whether Tron can replicate this success remains to be seen. However, with Justin Sun at the helm and several exchanges supporting Tron, there is potential for continued growth.
The question now is whether TRX's 10th place in the rankings is its final destination or if it will continue to climb, potentially overtaking other major cryptocurrencies like Dogecoin. The ongoing meme coin mania could play a significant role in shaping the future of Tron's position in the market.
