Tron Surpasses ADA to Claim 10th Market Cap Position

According to data from CoinMarketCap, Cardano (ADA) has officially dropped out of the top 10 cryptocurrencies by market capitalization after a roughly 3% decline over the past seven days. Once ranked third in cryptocurrency rankings during the 2021 bull cycle, Cardano has now fallen to 11th place, trailing behind Tron (TRX). Tron currently has a market cap of $12.7 billion, while Cardano’s market cap stands at $12.3 billion.

This is not the first time Cardano has fallen out of the top 10. In May, ADA was overtaken by Toncoin when TON surged by 30% in just two weeks.

Cardano’s drop in rankings comes amid a broader correction in the cryptocurrency market, with most coins falling below key support levels.

Cardano has also been referred to as a “ghost network” due to having only 23,807 active addresses compared to Ethereum’s 350,000 and Tron’s 1.9 million, according to data from DefiLlama. The total value locked (TVL) on the Cardano network is $178.07 million, accounting for less than 1% of the DeFi market share and ranking 29th, while Ethereum, Solana, and Tron hold the top three positions.

In addition to Tron’s superior network activity compared to ADA, the recent increase in TRX’s value can also be attributed to Tron CEO Justin Sun, who has been actively promoting memecoins on the network. This has led to several memecoins reaching market caps of tens of millions of dollars, further boosting the value of TRX.

Related: Justin Sun Offers to Buy German Government’s Bitcoin