Incredibly, Cardano has dropped out of the top 10 coins in the crypto market by market capitalization, with Tron taking its place while reporting on-chain metrics even better than those of Ethereum.
Since its launch in 2017, Cardano and its coin ADA have achieved a prestigious position within the cryptographic sector.
Now, however, things are about to change: the Tron ecosystem is improving visibly in the wake of the meme mania and the popularity of stablecoin transactions.
Let’s see all the details below
The fight for hegemony in the crypto market: Tron enters the top 10 and sweeps away Cardano
After years of recognition and success for the project “Ethereum Killer” Cardano, it is time to make room for competitors of the caliber of Tron.
Today the cryptocurrency market woke up to observe a small but significant change in the ranking of the top coins by market capitalization.
The token TRX, led by billionaire Justin Sun, has officially entered the top 10 on Coinmarketcap, leaving ADA in 11th place.
Thanks to a movement of +7.15% in the last 24 hours, Tron’s coin has earned a position in the ranking that is in itself useless, but which confers authority and respectability.
In the last 7 days the crypto has grown by 15.95%, elevating its marketcap up to 12.7 billion dollars.
Cardano has also moved positively in recent days, but without matching the performance of the competitor.
In the last 24 hours, it is up by 4.51% while in 7 days it has risen overall by 3.36%.
The capitalization of 12.3 billion dollars is not sufficient to guarantee a place of merit in the top 10, where we find 89% of the entire value of the crypto market.
Among the best tokens besides Bitcoin and Ethereum, we now find: Tether, Bnb, Solana, Usdc, Xrp, Toncoin, Dogecoin, and indeed Tron
Source: https://coinmarketcap.com/
Memecoin and stablecoin: the cavalli di battaglia of Tron
The graphic progress of the Tron token, with the results going against the “Ethereum Killer” Cardano project, are accomplices in the growth of the cryptographic ecosystem.
Recently Justin Sun, founder of the project, inaugurated the launch platform for memecoin “SunPump”, with characteristics very similar to “Pump.fun” of the Solana blockchain.
In a short time, this application has reached strong popularity within the crypto sector, attracting many users to the rapid exchange of meme coins.
According to Sun, the breadth of the Tron chain and the large amount of capital deposited within it could favor the momentum of the memecoin mania.
Already in these days we observe strongly boosted data, with an organic traffic of users that today is doubled compared to that of yesterday.
In addition to the trend of memecoin, Tron positions itself as the best blockchain for the settlement of stablecoin.
Unlike Cardano which after all these years has not yet launched an interesting product, Tron already boasts ⅓ of the transaction volumes recorded by the Visa payment network.
According to Token Terminal data, in Q2 2024 Tron processed a transaction volume of 1.25 trillion dollars.
Think that just 4 years ago in 2020 this figure amounted to just 25.2 billion dollars. From 2021 onwards Tron has become the chain par excellence for the exchange of stablecoin USDT, given its cost-effectiveness and scalability.
Just in these hours another billion dollars in USDT has been minted directly on the Tron network.
Source: https://x.com/tokenterminal/status/1823074373248417891
On-chain data: Ethereum’s 90-day revenue surpassed
The excellent result of Tron, which surpasses Cardano in market capitalization, reflects the trend of the revenue over 90 days of the network, currently even higher than those of Ethereum.
The ecosystem of Justin Sun, thanks to the increasingly attractive applications built on it, is earning a lot of money from the on-chain services market.
In the last 3 months Tron has earned revenue of 440 million dollars, surpassing the 364 million recorded by Ethereum in the same time frame.
Below the two top seeds we find Solana, MakerDao, Aereodrome, Ethena, Lido Finance, Uniswap, Aave.
In the metrics of Token Terminal, of Cardano not even the shadow is seen, reflecting an ecosystem poor in functioning applications and used by the community.
In 180 days Ethereum is still dominant with 1.1 billion dollars at the expense of Tron’s 849 million dollars.
Source: https://tokenterminal.com/terminal/metrics/revenue
Price analysis of ADA and TRX tokens
Tron enters the top 10, pushing out Cardano, as a result of a strongly bullish price movement of TRX in recent days, with better performance even compared to Ethereum
The crypto has fully recovered from the dump in the early days of August, approaching new annual highs at 0.147 dollars.
With today’s, the Tron token marks the fifth consecutive daily candle, approaching the top of the previous bull market of 2021
On the weekly chart, we notice how the currency perfectly follows the 50-period exponential moving average in a very organic bullish trend.
Probably TRX will continue to grow in the coming days, as long as there are no negative news for BTC or on the macro front.
Attention, however, to a bearish divergence on the RSI between the high of February 2024 and the current one.
On the other hand, Cardano with its crypto ADA is moving in a completely opposite manner, with prices showing no signs of reversing the ongoing multi-year decline.
From the top of 2021, the currency loses about 90%, approaching one of the lowest price levels in recent years.
The quotations have fallen below the EMA 50 on the weekly time frame, highlighting a broadly bear outlook.
It is not excluded that ADA could grow in the future, bringing its ecosystem back to its former glory and returning to the top 10 of Coinmarketcap: at the moment, however, this remains a remote hypothesis.
Source: https://en.cryptonomist.ch/2024/08/20/cardano-exits-the-top-10-of-the-crypto-market-and-makes-way-for-tron-justin-suns-project-surpasses-ethereum-in-revenue/