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The bullish run of Tron network’s native TRX token in recent days has helped it dethrone Charles Hoskinson’s Cardano (ADA) from the top 10 crypto rankings by market capitalization.
TRX has climbed 12.1% over the last seven days, pushing it above ADA. At the same time as this TRX upsurge, ADA has gained a paltry 0.3% over a seven-day period.
ADA Slips To 12th Position
ADA once ranked third in the crypto rankings during the 2020–2021 bull run, is currently the 12th most valuable crypto after TRX. TRX, currently has a market cap of $12.3 billion, while Cardano’s market cap is $11.9 billion, according to CoinGecko data.
The ADA token is exchanging hands for $0.3359 after having shed 0.9% in the past day. Meanwhile, while TRX is at $0.1425 and has climbed 5.2% since yesterday.
This comes amid a marketwide pullback. Bitcoin, the industry’s oldest and largest cryptocurrency, slid under $60,000, while Ethereum (ETH) dipped even more to a current price of $2,608.01.
Notably, Tron has risen to become the second blockchain in the stablecoin market share, trailing market leader, Ethereum. Data compiled by Coin Metrics Network shows that stablecoin supply on Tron currently hovers around $61 billion, controlling 38% of the entire stablecoin market share, which stands at $161 billion. This is a considerable growth from a supply of $46.6 billion that Tron commanded a year ago.
This is not the first time ADA has lost its spot among the upper echelon of cryptocurrencies. In May, Telegram-endorsed token Toncoin (TON) surged into the top 10 crypto leaderboard, overtaking ADA. After pushing out ADA, TON became the ninth-largest crypto by market value.
Since its creation in 2015 by a team led by Charles Hoskinson, several Cardano products have sought to better the planet. They have included Emurgo Africa, which strives to push blockchain innovation in the continent. Despite this, naysayers have referred to Cardano as a “ghost chain” with only 23,805 active wallets compared to Ether’s 350,000 and Tron’s 1.9 million, according to DeFi Llama. Cardano’s drawback is further evidenced by the total value locked on the network, which stood at $177 million — ranking at No. 29 — as Ethereum, Solana, and Tron secure the top three positions.
Nermeen Nabil Khear