- In a new cryptocurrency market change, TRX ranks 10th in SHIB.
- Tron founder Justin Sun buys more Ethereum as price falls
- Tron Network Exceeds $53 billion It surpassed VISA in daily trading volume.
During turbulent times in cryptocurrency, veteran altcoins are often seen as safe havens, unlike newer altcoins that fluctuate quickly. Tron (TRX), an altcoin founded in 2017, has often provided a haven for cryptocurrency traders looking to escape the cryptocurrency winter.
Will TRON replace SHIB and Cardano next?
TRX has been at the top of the cryptocurrency charts since its inception, surprisingly surpassing Shiba Inu (SHIB) in terms of global market capitalization. SHIB continues to run multiple projects related to Shibarium L2 while also being known to dominate the social metrics of the blockchain due to its active community, popularly known as the SHIB Army.
However, SHIB succumbed to TRX on Wednesday, and TRX ranked 11th by global market capitalization with a total of $10,852,988,755. By comparison, SHIB’s market cap is currently $10,309,087,345.
Tron’s recent dominance over SHIB is also evident in its 24-hour trading volume of $344 million compared to Shiba Inu’s $311 million. Cryptocurrency traders at ADA’s current market cap is $13,735,838,293.
The sun caught the movement.
Tron founder and renowned cryptocurrency entrepreneur Justin Sun is taking advantage of the latest Ethereum (ETH) price drop. According to blockchain analytics platform SpotOnChain, Sun cashed out a whopping 4,629 ETH on Binance on June 24, 2024.
Valued at $16.07 million at Stamp trading hours, Sun’s recent moves have contributed to 13,967 Ether withdrawals on Binance over the past five days, with an average price of $3,494. Upon further investigation, Daily CoinSun’s cryptocurrency address has been confirmed to currently hold 6,086K ETH (currently worth $20,573M).
Sun’s purchase of Ethereum could potentially be linked to the imminent launch of the Ether Spot exchange-traded fund (ETF) in U.S. financial markets. In a move that was pleasantly surprising to many cryptocurrency analysts, the Ether Spot ETF received approval from the U.S. Securities and Exchange Commission (SEC) on May 23.
On the flip side
- Tron (TRX)’s outperformance in a volatile cryptocurrency market environment can be attributed to the network’s adoption of stablecoins.
- For example, the TRC-20 version of Tether USD (USDT) caught in a net Trading volume last Friday surpassed credit card giant VISA’s daily volume of $53 billion.
Why This Matters
Tron’s network recently surpassed 239 million registered accounts, making it one of the realistic candidates to challenge Ethereum (ETH) as the leading Layer-1 chain.
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