TRON Overtakes Dogecoin to Become 8th Largest Crypto by Market Cap

TRON (TRX) has overtaken Dogecoin (DOGE) in market capitalization to become the 8th-largest cryptocurrency. The takeover comes as TRON announced an Initial Public Offering (IPO), which may propel the digital asset further into the public domain. Dogecoin (DOGE) has had a wide-reaching audience due to its exposure on social media platforms and in popular culture.

However, TRON (TRX) has been focused on breaking new boundaries regarding performance and has much potential as a token of the future. TRON has plans to create a reverse merger with SRM Entertainment, which could change the rules of crypto investing, merging the old world of traditional finance with the new world of blockchain innovations. TRON now has a market capitalization of $500 million, more than Dogecoin’s $23.5 billion. TRON’s price has historically enjoyed low volatility, with a similar signature to Ripple’s XRP, experiencing only a few dramatic jumps in price over the past year. 

USDT stablecoin transactions have surged on the TRON network, possibly adding to the increase in market cap, originating from both developing and established countries across the globe. TRON DAO commented that this was proof that cryptocurrency was not just a phenomenon of developing countries but was truly a global project powered by the convenience of stablecoins. Since May, TRON has risen by 12%, whereas Dogecoin has dropped by 30%. There is speculation that Dogecoin has dropped in price due to a waning interest in meme coins. 

TRON recently partnered with P2P.org, a staking business, to provide validator services. A big part of TRON’s success is fueled by its ever-expanding ecosystem. A cryptocurrency grows its user base by proving itself to be a trustworthy project that can be relied upon to provide business services. Despite blockchain being designed to enable trustless network connections, a project still needs trust to be developed. The recent success of TRON may be a combination of technical acumen and business partnerships. Nevertheless, TRON has not been as forthright with ETF developments as its counterpart, XRP. Justin Sun, the founder of TRON, has said that the project will push for an ETF shortly so that traders can enjoy the benefits of traditional finance when investing in TRX. 

Binance transactions include around $2 billion and $3 billion per day for USDT transfers on the TRON blockchain, representing around 65% of all USDT activity on the exchange. Therefore, it is reasonable to suggest that Binance is responsible for much of TRON’s success. TRON boasts rapid settlement times and low fees. Although new users are not used to the TRON ecosystem, it may have a slight learning curve to overcome. There are suggestions that TRON could become so popular that it could rival platforms like Alipay or GCash in certain jurisdictions. 

Meanwhile, Dogecoin has waned regarding technical appeal and business partnerships. The token seems to have relied on social media campaigns and neglected a cryptocurrency’s much-needed technical aspects. The DOGE token was started as a memecoin, but there was still an expectation that the coin could be used for more practical uses, such as making payments for a Tesla sedan. Dogecoin remains a well-known crypto project but risks dropping out of the top ten rankings if it does not adapt to a changing market.

Simply relying on social media campaigns could condemn the project as a ‘one-trick pony’ and limit its ability to expand globally. Conversely, TRON seems to be embracing an extensive range of crypto projects, including serious business partnerships and popular marketing projects. There is also the rift between President Trump and Elon Musk, a supporter of the DOGE token, while Justin Sun makes positive steps to collaborate with the Trump family. The shift in rankings, with TRON overtaking DOGE, could be a clear sign that the crypto world is evolving right before our eyes.