TRON (TRX) Dethrones Cardano (ADA) as a Top L1 Blockchain, Revisiting Its 2021 ATH
- WBOYOriginal
- 2024-08-26 18:27:18327browse
Amid the ongoing crypto bullish rebound led by Bitcoin (BTC), Tron (TRX), a top-tier layer one (L1) blockchain, has emerged as a leader in the large-cap altcoins.
Bitcoin (BTC) led a bullish rebound in the crypto market on Monday, with Tron (TRX), a top-tier layer one (L1) blockchain, emerging as a leader among the large-cap altcoins.
TRX price was trading at about $0.165 on Monday, up around 4 percent in the past 24 hours. Notably, TRX price rallied over 22 percent last week against the US dollar, revisiting its 2021 all-time high (ATH).
Tron Network vs Competitors
With the TRX price breakout, the altcoin dethroned Cardano (ADA), another layer one (L1) blockchain that has seen a slow adoption rate in the past few years. TRX had a market cap of around $14.36 billion at the time of this report, close to Toncoin’s $14.4 billion. The Cardano network, on the other hand, had a market cap of about $13.6 billion.
The Tron network saw its total value locked (TVL) rise to about $8.74 billion, while its stablecoins market cap increased to about $60 billion. The Tron network has a daily revenue of about $2.3 million and an average volume of around $237 million.
In comparison, the Solana (SOL) network had a TVL of about $5.5 billion and a stablecoins market cap of around $4 billion, with a daily revenue of only $234k from an average volume of approximately $724 million.
Rising Meme Coin Activity
Tron memecoin traders are making millions with Tron memes. Today we interview @justinsuntron what he thinks memecoins on Tron do next & why you’re still early get in on 100X plays! Live in 90min: https://t.co/f8ZL6KhsQ5 pic.twitter.com/6Rtk0k6yLF
As Coinpedia covered extensively in the past two weeks, the Tron network gained significant attention from crypto traders for its introduction of meme coins. Earlier this month, the Tron Foundation and Sunpump network allocated $10 million to boost the meme coin market on the Tron network.
At the time of this writing, Tron network meme coins had a market cap of about $327 million and a daily average traded volume of around $119 million. Some of the top memes on Tron include Sundog (SUNDOG), SunWukong (SUNWUKONG), and FoFar (FOFAR), among others.
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