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.
Â
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.Â
Â
This change is due to a slight decline in ADAâs value, ADA price increasd 1% over the last 7 days.
Â
Meanwhile, Tron (TRX) price increased 13.52% over the last 7 days with market cap of $12.4 billion.
Â
While, Cardano (ADA) has a market cap of $12.2 billion.
Â
Cardano has been criticized as a âghost networkâ due to its relatively low number of active addresses, only 23,807, compared to Ethereumâs 350,000 and Tronâs 1.9 million.
Â
The total value locked on the Cardano network is $197.23 million, which is less than 1% of the DeFi market share.
Â
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.
Â
The surge in Tronâs value is also linked to the launch of a new âfair launchâ meme coin platform called âsunpumpâ, which is similar to the Solana-based âpump.funâ.
Â
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.
Â
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.
#Cardano #Tron #TRX #ADA #Dogs $ADA $TRX $BTC