Cardano (ADA) falls out of the top 10 largest crypto by market cap after being overtaken by Tron
On August 19, 2024, Cardano (ADA) has experienced a major drop, it fell out of the top 10 cryptocurrencies by market cap to the 11th spot.
This shift has been attributed to the rise of Tron (TRX), which saw an increase in its market cap to $11.98 billion at time time of overtaking, it overtook ADA by about $100 million.
This change is due to a slight decline in ADA’s value, ADA price increasd 1% over the last 7 days.
Meanwhile, Tron (TRX) price increased 13.52% over the last 7 days with market cap of $12.4 billion.
While, Cardano (ADA) has a market cap of $12.2 billion.
Cardano has been criticized as a “ghost network” due to its relatively low number of active addresses, only 23,807, compared to Ethereum’s 350,000 and Tron’s 1.9 million.
The total value locked on the Cardano network is $197.23 million, which is less than 1% of the DeFi market share.
In contrast, Ethereum, Solana, and Tron occupy the top three spots in terms of total value locked. Tron has $7.969 billion in total value locked.
The surge in Tron’s value is also linked to the launch of a new ‘fair launch’ meme coin platform called “sunpump”, which is similar to the Solana-based “pump.fun”.
The meme coin mania has driven a lot of volume and attention to the Tron network, resulting in a boost for its native token, TRX123.
This trend reflects the current meme-driven market cycle, where meme coins are having a significant impact on the crypto market rankings.
This incident highlight volatile nature of the cryptocurrency market.
