Amidst volatility in the cryptocurrency market, Tron faces a price decline, yet its market capitalization may soon exceed Dogecoin.
Current Market Situation
According to CoinMarketCap data, at the time of publication, Tron ranks ninth in market capitalization with a figure of $25.64 billion. Dogecoin sits at the eighth position with a capitalization of $26.22 billion, leaving a gap of about $580 million.
Tron is trading at $0.2703, representing a 2.12% drop in the last 24 hours. Trading volume has decreased by 25.12%, standing at $799.15 million.
Growth Potential for Tron's TRX
Expectations for TRX's positive appeal remain high as approximately 99.25% of USDT values are within the Tron ecosystem, making it more efficient in DeFi compared to Ethereum. A recent analysis revealed that 98% of Tron addresses are in profit, spurring growth expectations. If TRX can break the $0.30 resistance level and rise further, this may help it establish a new local high and surpass Dogecoin.
Risks for Dogecoin
Growth forecasts for Tron are based on the assumption that Dogecoin will remain under pressure. DOGE shows a correlation with Bitcoin's price movement, and any uptick in BTC may act as a rebound catalyst for DOGE. Social media activity may also support interest in Dogecoin, delaying Tron's attempts to climb the market cap ranking.
In conclusion, Tron has opportunities to surpass Dogecoin in market capitalization, but upcoming price movements of both assets in the coming days will be crucial for their future standings.
