There’s been a big shake-up in the crypto top rank by CoinMarketCap as Tron (TRX) has officially overtaken Dogecoin (DOGE) in market cap, breaking into the global top nine and pushing “the meme coin king” down a spot. It might seem like a small move on paper, but it actually tells a bigger story about the state of affairs in the crypto market.
TRX now has a market cap of just over $26 billion, edging past Dogecoin’s $24.6 billion. Interestingly, the difference didn’t come from a surge in TRX price — its token is only up a modest 1.05% over the week.
What’s the deal with TRX? Basically, it’s all about being useful and falling into the hottest narrative right now — stablecoins.
Tron has become a really important part of stablecoin transfers as USDT volumes on Tron regularly beat Ethereum, mostly because the fees are almost zero and transactions are processed much faster. It’s no joke with over 50% of Tether USD circulation being minted on Tron — a staggering $80,699,138,050 worth of USDT.
Meanwhile, even though DOGE has a strong community and some famous supporters, it hasn’t seen the same level of hype or adoption in utility. The meme coin scene remains extra saturated, and an asset of Dogecoin scale presents less lucrative opportunities than its smaller and newer peers.
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TRX flipping DOGE might not seem like a big deal at first, but it’s actually a sign of something bigger. We are seeing tokens that are backed by real utility overtaking the ones that are just based on hype.
However, this may change if DOGE accelerates with the Dogecoin ETF. But TRX isn’t out of the running either, as an application for the TRX ETF has been filed and is under review by regulators.
