Cardano (ADA) Seems Struggling, as $TRX Displaced ADA
- 王林Original
- 2024-08-21 12:08:42825browse
Recently, Tron (TRX) Cryptocurrency replaced Cardano (ADA), and now the rally in the trade price of TRX Crypto is attracting people with more
Cardano (ADA) has been struggling in the market recently, and now Tron (TRX) Cryptocurrency is also attracting people with more dominance over the ADA coin. Just two days ago, the ADA coin was ranked 10th by market cap, but the TRX coin pushed ADA down, despite the fact that ADA was in a better bullish zone compared to the TRX coin.
Now, let’s see the current market status of both ADA and TRX coins. The current trade price of ADA coin is $0.34 which is showing a 0.54% increment over the last 24 hours period. On the other hand the trade price of TRX coin is $0.158 which is showing a 11% increment. Overall the trade price of TRX coin is showing a higher increment in every metric of period.
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Coming to the reason behind Cardano’s struggle, one major reason is the rise of Layer 2 solutions like Arbitrum and Optimism (OP). These Layer-2 blockchain networks offer faster and cheaper transactions, attracting developers and users who prioritize speed and cost-efficiency, leaving Cardano at a disadvantage.
Cardano’s network activity is also relatively low. It has just 22,572 active addresses and a total value locked (TVL) of $195.11 million, which is less than 1% of the entire DeFi market. In contrast, Ethereum has 317,648 active addresses, and Tron has a massive 2.22 million, showing that Cardano is struggling to compete.
Tron has also been aggressively expanding its market share, especially in the stablecoin sector. Tron’s stablecoin supply has grown to $61.1 billion, making up nearly 38% of the total stablecoin market. This growth puts additional competitive pressure on Cardano, contributing to its recent decline in ranking.
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