Tron Flips Dogecoin as TRX Rises to 8th Rank

The post Tron Flips Dogecoin as TRX Rises to 8th Rank appeared first on Coinpedia Fintech News

Tron’s native token, TRX, has surpassed Dogecoin (DOGE), showcasing that utility is the trend now against memes. It has effectively become the eighth-largest cryptocurrency by market capitalization.

This increase in rank happened as Tron founder Justin Sun met with Bo Hines today. He said his conversation with the executive director of the president’s council of advisors on digital assets happened around how US dominance in crypto could increase with Tron.

The conversations have elevated crypto enthusiasts’ hope for the TRX price , as earning strong political support is a plus point for the Tron ecosystem . This news has basically flipped Dogecoin today, but this rank would be sustainable or not. Keep reading to know more.

Tron Rank Increase Is Not Temporary

Since altcoins like Tron often react strongly to ecosystem-specific news. This political development has added another factor among many for its ecosystem growth.

During his conversation, he also thanked for advancing the genius ACt forward, which has boosted the Tron ecosystem’s reliability.

The political move marks a pivotal moment as this week, they are going public in the US through a $210 million reverse merger with SRM Entertainment and will become Tron Inc.

The public moves alongside the openly displayed political connection, Tron is literally showing space for much larger growth for the blockchain network’s future.

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The recent update might have pushed its rank today to 8th with TRX’s market cap at $25.93 billion, significantly higher than Dogecoin’s $25.13 billion. But it won’t be there for a brief period this time.

As Data from CryptoQuant highlights, the scale of stablecoin usage on Tron is much higher. It also displayed that even Binance exchange processes between $2 billion and $3 billion in USDT transfers through TRON daily, which is set to increase more in the future.

It consistently represents over 65% of total on-chain USDT activity. This growth is compounded due to Tron’s low fees and rapid settlement times, as a result why USDT on TRON is fueling real payments across both developed and emerging economies.

That’s why the rank is going to increase from here onwards as Stablecoin utility is rising, and firms like WLFI have entered with USD1 on Tron too.

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