The post Cardano Left Behind: Tron Memecoins Surge Marks a New Era appeared first on Coinpedia Fintech News
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. According to the latest market data, TRX price traded about $0.165 on Monday, up around 4 percent in the past 24 hours. Most importantly, TRX price, against the US dollar, rallied over 22 percent last week, thus revisiting its 2021 all-time high (ATH).
Tron Network vs Competitors
Following the notable TRX price breakout, the altcoin has dethroned Cardano (ADA), another layer one (L1) blockchain that has suffered a low adoption rate in the past few years. As of this report, TRX had a market cap of around $$14.36 billion, which is close to Toncoin’s $14.4 billion. On the other hand, the Cardano network had a market cap of about $13.6 billion.
The Tron network has seen its total value locked (TVL) rise to about $8.74 billion, while its stablecoins market cap rose to about $60 billion. The Tron network registers a daily revenue of about $2.3 million and an average volume of around $237 million.
The Solana (SOL) network, with a TVL of about $5.5 billion and a stablecoins market cap of around $4 billion, registered a daily revenue of only $234k from an average volume of approximately $724 million.
Rising Meme Coin Activity
As Coinpedia severally reported in the past two weeks, the Tron network has gained notable attention from crypto traders due to its introduction of meme coins. Earlier this month, the Tron Foundation and Sunpump network set aside $10 million to boost the meme coin market on the Tron network.
As of this writing, the Tron network’s 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.