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.
Tron (TRX) has dethroned Cardano’s ADA token from the top 10 crypto rankings by market capitalization. TRX’s recent bullish run saw it climb 12.1% over seven days, pushing it above ADA.
While TRX enjoyed double-digit gains, ADA gained a paltry 0.3% over the same period. This pushed ADA down to the 12th position in the crypto rankings.
Once ranked third in the crypto rankings during the 2020–2021 bull run, ADA is now 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 shedding 0.9% in the past day. Meanwhile, TRX is at $0.1425 and has climbed 5.2% since yesterday.
These movements come 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.
Tron’s Rise in Stablecoin Market Share
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.
To put things into perspective, Tron’s stablecoin supply is now more than double that of layer-1 blockchain Solana, which commands 17% of the stablecoin market share with a supply of $27.3 billion. Binance Chain follows closely behind Solana with a 16% market share.
Tron’s stablecoin market share is also significantly higher than layer-1 blockchain Avalanche, which has a stablecoin supply of $6.3 billion, controlling 4% of the market share.
ADA Lost Top 10 Spot Once Before
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.
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