u.today
As just became known, the alignment of forces in crypto market rankings suddenly changed today. Thus, according to CoinMarketCap, Cardano (ADA) yielded its place in the top 10 to Tron (TRX).
With a market cap of $11.98 billion, TRX takes over ADA with a margin worth about $100 million and secures its place in the top 10. ADA itself is not to blame for the fall of Cardano, however, but Tron.
This month saw the launch of "sunpump," which is a "fair launch" meme coin platform similar to Solana-based "pumpfun." As this market cycle can officially be claimed as meme-driven, the Tron network saw a rapid rise in volume, attention, money, and as a result, the native blockchain token, TRX, rose too.
How long this mania will last is hard to predict. On the one hand, Solana's pumpfun experienced months of unprecedented activity and, shockingly, recently surpassed Ethereum in seven-day revenue.
On other hand
Are those results applicable to Tron? Naturally, one would say no. But with Justin Sun behind the steering wheel and several exchanges in his own pocket, everything is possible. So, even if sunpump does not fully follow pumpfun's success, some fraction of it is probably guaranteed for Tron's app.
The question then arises: will 10th place in the top ranking be the final destination for TRX, or will Dogecoin be the next victim? Wouldn't it be poetic if the major meme cryptocurrency surrendered due to meme coin mania?