Large-cap altcoin Tron (TRX), a top-tier layer one (L1) blockchain, has become a leader amid the current bullish cryptocurrency recovery spearheaded by Bitcoin (BTC). As to the most recent market statistics, the price of TRX was about $0.165 on Monday, indicating a 4 percent increase in the last 24 hours. Above all, the price of TRX relative to the US dollar increased by more than 22% last week, taking it back to its all-time high (ATH) from 2021.
After a significant price surge, the cryptocurrency TRX has overtaken another layer one (L1) blockchain, Cardano (ADA), which has had a slow adoption rate in recent years. Near Toncoin's $14.4 billion market valuation as of this article, TRX has a market cap of approximately $14.36 billion.
Conversely, the Cardano network's market capitalization was around $13.6 billion.
While the market capitalization of its stablecoins increased to over $60 billion, the Tron network's total value locked (TVL) increased to approximately $8.74 billion. The average volume on the Tron network is around $237 million, with a daily income of approximately $2.3 million.
With a stablecoin market capitalization of nearly $4 billion and a TVL of roughly $5.5 billion, the Solana (SOL) network generated just $234k in income per day on average from a volume of roughly $724 million.
Due to the introduction of meme currencies, the Tron network has drawn significant attention from cryptocurrency speculators, as Coinpedia has highlighted on many occasions during the last two weeks. The Tron Foundation and Sunpump network allocated $10 million earlier this month to expand the Tron network's meme coin market.
The market capitalization of the meme currencies on the Tron network was around $327 million as of the time of writing, with an average daily trading volume of roughly $119 million. Sundog (SUNDOG), SunWukong (SUNWUKONG), and FoFar (FOFAR) are a some of the most popular memes on Tron.