Tron's TRX Token Surpasses Shiba Inu in Market Cap, Becomes 11th Largest Cryptocurrency
The Tron network's TRX token has achieved a significant milestone by overtaking Shiba Inu (SHIB) in market capitalization, securing the 11th position among all cryptocurrencies. Despite Shiba Inu's strong community and ecosystem, its market value has dwindled to $9.792 billion, slightly trailing behind TRX. TRX is presently being traded at $0.1195, with a minimal decrease of 0.3% in the last 24 hours, while SHIB has experienced a 5.5% drop, reaching $0.00001671. This transformation unfolded when Tether (USDT) on Tron momentarily eclipsed Visa's daily trading volume, soaring to $53 billion in comparison to Visa's $42 billion.
The cryptocurrency market is grappling with a downturn largely instigated by Bitcoin, following the announcement from the Mt. Gox trustee regarding the settlement of creditors with Bitcoin and Bitcoin Cash. Furthermore, the German government's disposal of confiscated Bitcoin from a piracy site has added to the market pressure. Despite these obstacles, TRX's market capitalization stands strong at over $10.5 billion, closely matching Cardano's (ADA) $13.9 billion. Should TRX sustain its momentum, it could potentially overshadow ADA, which is presently valued at $0.3913, marking a 4.4% decrease from the previous day and an 8.3% decline over the past week.
Key Takeaways
- Tron's TRX token exceeds Shiba Inu in market cap, claiming the 11th spot among cryptocurrencies.
- TRX's market cap reaches $10.5 billion, drawing close to Cardano's $13.9 billion.
- Shiba Inu's market value decreases to $9.792 billion, trading at $0.00001671.
- Tether on the Tron network outstrips Visa's daily trading volume, reaching $53 billion.
- Cardano's ADA faces a potential decline in market cap ahead of the Voltaire phase upgrade.
Analysis
Tron's TRX overtaking Shiba Inu in market cap signifies a shift in investor sentiment towards Tron's resilient infrastructure, exemplified by Tether's substantial trading volume on its network. This development might catalyze increased adoption and further expansion for TRX, potentially leading to surpassing Cardano given favorable market conditions. Conversely, Shiba Inu's decline could be attributed to broader cryptocurrency market volatility and its comparatively inferior utility in comparison to TRX. The impending Voltaire phase for Cardano, focusing on governance and treasury, has the potential to stabilize or fortify ADA's value, countering TRX's ascension. This dynamic interplay among cryptocurrencies underscores the significance of real-world utility and network capabilities in determining market standings.
Did You Know?
- Tron Network's TRX Token: TRX serves as the native cryptocurrency of the Tron blockchain, striving to establish a global entertainment system for the dissemination of digital content. The Tron network leverages blockchain technology and decentralized applications (DApps) to enable content creators to directly share their work with consumers, bypassing intermediaries such as Apple's App Store or Google Play.
- Shiba Inu (SHIB): Shiba Inu is a decentralized cryptocurrency introduced in August 2020 by an anonymous individual or collective entity known as "Ryoshi". It is formulated as an experiment in community governance and is built on the Ethereum blockchain. SHIB is often referred to as a "meme coin" due to its origins and robust community endorsement, closely mirroring Dogecoin.
- Cardano's Voltaire Phase: The Voltaire phase constitutes the final segment in Cardano's developmental roadmap. It concentrates on constructing a governance system that empowers stakeholders to vote on network alterations and fund future development initiatives. This phase introduces a treasury system and a voting mechanism, aiming to establish Cardano as a self-sufficient system where decisions are democratically made by its users.