Cardano Falls From the Top 10 as Justin Sun’s Tron Takes Over

• Cardano’s network has $200 million in TVL, and Tron has $8.1 billion in TVL.
• Tether (USDT) has minted $1 billion worth of tokens onto the Tron network, bringing the total to $19 billion.
• Justin Sun remains locked in legal disputes with the U.S. SEC over alleged securities violations.

Cardano (ADA), one of the market’s long-standing hall-of-famer cryptocurrencies by market cap, has again been edged out of the top ten rankings.

Justin Sun’s Tron (TRX) market cap has now surpassed ADA by a few hundred million, though for how long can Tron maintain its newfound position?

Cardano Falls

Once one of the top-ranked cryptocurrencies by market cap , ADA has fallen off the top ten listings as TRX pushes ahead, squeezing Cardano into eleventh place.

At the time of writing, ADA was priced at $0.34 and had a market cap of $12.38 billion. Moving up, TRX is priced at $0.14 and has a market cap of $12.7 billion. The gap isn’t particularly huge, and some believe that ADA still has a fighting chance.

But, TRX’s strong growth could outpace ADA, just like Telegram’s Toncoin (TON) did in late May after jumping some 30% over two weeks. Toncoin now sits in 8th position with a market cap of $17.2 billion.

Tron Pumps

Love him or hate him, Justin Sun’s tenacious nature and ever-bold business strategies have paid off for Tron.

Justin Sun has made some interesting decisions to keep Tron in the spotlight. Whether through the acquisition of BitTorrent, his use of celebrities  to promote the project, or his wildly successful memecoin market, the growth of TRX has been slow but consistent since late 2022.

Notably, the TRX chain’s decentralized finance (DeFi) ecosystem is ranked number two, according to DeFiLlama. With $8.1 billion in total value locked (TVL), it may be some time before it comes close to Ethereum’s $50 billion.

Tron’s TVL is still double that of its nearest competitor, Solana (SOL), which has $4.9 billion locked. Meanwhile, Cardano’s sits at rank 29, with just $198 million TVL.

Cardano Fights On

Perhaps to investors, ADA is a relic of the past and an endlessly bearish asset. However, it’s worth considering that Cardano has leagues of loyal HODLers and developers backing the project. Despite its often negative press, the network continues to attract new investors , devs, and projects.

Despite its historically tepid performance, some observers believe that ADA will bounce back even with today’s fall from grace. This isn’t impossible, and there’s a gap of approximately $400 million between TRX and ADA’s market caps.

It’s not the first time ADA has been edged out of the top ten rankings. During the spring/summer memecoin mania, Shiba Inu (SHIB) briefly dethroned Cardano from the top ten. ADA eventually retook this position.

Among the loftiest predictions, some relatively well-respected analysts predict  that ADA will hit $1.60 this year, a price not seen since 2021. Remember, Cardano was previously a top-three cryptocurrency and has one of the highest rates of developer activity  of all blockchain networks.

About the Author

Eddie Mitchell

Eddie has been writing news and content primarily for crypto news and industry players over the past seven years. With an eye for the bigger picture, Eddie prefers to investigate the broader implications of a story, as well as explore the weird and wonderful world of crypto. He believes blockchain has already changed the world, but observes the space overall with a skeptical and adoring eye.

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