The TRX token, native to the Tron network, has surpassed Dogecoin in market capitalization, reaching eighth place among cryptocurrencies. This is due to recent political developments and the increasing use of stablecoins.
TRX Surpassing Dogecoin in Market Capitalization
The TRX token has become the eighth largest by market capitalization, surpassing Dogecoin (DOGE). TRX's market cap stands at $25.93 billion, while Dogecoin's is at $25.13 billion.
Political Support and Its Impact
The increase in TRX's rank coincided with Tron founder Justin Sun's visit to Bo Hines, the executive director of the president's council of advisors on digital assets. During the meeting, they discussed how US dominance in cryptocurrencies could be strengthened by Tron. This news has raised the hopes of crypto enthusiasts for TRX price increases, indicating potential sustainability of this ranking.
Stablecoin Market and Tron’s Growth
According to CryptoQuant, the scale of stablecoin usage on the Tron network is significantly increasing. Binance processes between $2 billion and $3 billion in USDT transactions through TRON daily. This is attributed to low fees and fast settlement times, making TRON appealing for real payments across both developed and emerging economies.
The rise of TRX demonstrates that the utility of cryptocurrencies is becoming a key factor in the market, while meme tokens like Dogecoin might face pressure from more functional alternatives.
