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The Tron network’s native TRX token recently leapfrogged canine-themed meme coin Shiba Inu (SHIB) in terms of market capitalization, landing it into position as the 11th largest cryptocurrency by total value, according to data from CoinGecko. TRX’s explosive move has raised the possibility that it could soon flip Cardano (ADA), which currently occupies the tenth spot.
SHIB Bows Out To TRX
Shiba Inu has a strong presence in the crypto market owing to its vibrant SHIBArmy and major developments within the SHIB ecosystem. However, its market value of $9.792 billion, while remarkable, now places it just behind Justin Sun-related Tron (TRX).
SHIB is trading at $0.00001671 after having shed 5.5% of its value over the last 24 hours. Meanwhile, TRX is at $0.1195 and is down a paltry 0.3% since yesterday, according to CoinGecko.
TRX pushing out SHIB comes as Tether (USDT) on Tron briefly exceeded the average daily trading volume of payments giant Visa over 24 hours last week.
Data from Tron block explorer TronScan, noted in a recent X post from blockchain analytics firmLookonchain, shows that USDT volumes on the Tron network reached a total trading volume of $53 billion, overtaking Visa’s average daily volume of $42 billion.
TRX’s move past SHIB also comes as the majority of other cryptocurrencies in the market are falling. The downturn, led by Bitcoin, was primarily caused by an announcement from the Mt. Gox trustee stating that creditors will begin receiving their Bitcoin and Bitcoin Cash next week. Making matters worse for investors is the fact that the German government has continued dumping Bitcoin, which they confiscated from film piracy site Movie2k.
Will TRX Flip Cardano?
TRX currently boasts a market of over $10.5 billion compared to Cardano’s market cap of $13.9 billion. Notably, a significant price surge for TRX could easily see the crypto token surpass ADA as its market cap swells. Cardano is valued at $0.3913 at the time of writing, showing a 4.4% decrease from yesterday and an 8.3% fall over the last seven days.
ADA dropped out of the top 10 coins by market value in early April, giving way to the Telegram-linked cryptocurrency Toncoin (TON).
Meanwhile, the Cardano network is poised to enter the Age of Voltaire this month after the upcoming Chang hard fork. Voltaire, the final phase, will introduce governance, voting, and treasury management functionality to the Cardano blockchain. It remains to be seen whether the much-anticipated major upgrade will trigger an epic ADA rally.
Nermeen Nabil Khear