Justin Sun's Tron (TRX) Flips TON Out of Top 10 Crypto Assets by Market Cap

Justin Sun's Tron (TRX) is now the 9th biggest digital asset by market cap after overtaking Toncoin (TON) following the unexpected arrest of Telegram CEO

Justin Sun’s Tron (TRX) has overtaken Toncoin (TON) to become the ninth-largest digital asset by market capitalization. This comes amid the unexpected arrest of Telegram CEO Pavel Durov in France and a surge in meme coin activity on the Tron network.

According to data from CoinGecko, Tron has a market cap of $14 billion, slightly edging out TON’s $13.6 billion as of press time on Monday.

French authorities detained Durov outside of Paris on Saturday after he arrived on his private jet from Azerbaijan. TON, a cryptocurrency that is closely linked to Telegram, saw its price drop significantly following the news.

Telegram launched TON in 2018, operating on the proof-of-stake (PoS) blockchain. However, the project was abandoned by the messaging app after a lawsuit from the U.S. Securities and Exchange Commission. The TON Foundation subsequently took over the project, enabling users to send cryptocurrency transfers to other Telegram users without paying any commission fees.

The TON token, which is affiliated with Telegram, has seen a decrease in value of 22.1% over the past seven days.

On the other hand, the Tron network has seen a surge in activity recently, largely due to the launch of SunPump, which has generated record revenues for the TRX network. SunPump is a platform that is built on Tron, allowing users to easily mint and trade meme coins on the network, similar to how they would on crypto exchanges.

The massive activity on SunPump last week helped propel the product past Solana’s successful meme deployer, Pump.fun, ultimately contributing to the rise in TRX token prices.

Over the last week, TRX has seen a gain of approximately 12.7%, outpacing both Bitcoin (BTC) and major token gains. At the time of publication, TRX was trading at $0.1618 per coin.

With a substantial increase in both profitability and user adoption on its network, Tron has emerged as a strong contender to become the industry’s second most valuable crypto after Ethereum. Tron’s low transaction costs have played a pivotal role in its success, attracting interest from developers and users alike.

While Ethereum can only handle 30 transactions per second (TPS), Tron boasts a capacity of up to 2,000 TPS. This has made Tron an attractive option for projects and applications that require high transaction throughput.

As Tron continues to grow rapidly, thanks to its ability to handle a large volume of transactions at lower costs, many in the crypto community are speculating on whether it has the potential to surpass Ethereum in terms of market capitalization and user base.

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