On August
19, 2024, Cardano (ADA) has experienced a major drop, it fell out of the top 10
cryptocurrencies by market cap to the 11th spot.
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This shift
has been attributed to the rise of Tron (TRX), which saw an increase in
its market cap to $11.98 billion at time time of overtaking, it overtook ADA by about $100 million.Â
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This change
is due to a slight decline in ADAâs value, ADA price increasd 1% over the last 7
days.
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Meanwhile,
Tron (TRX) price increased 13.52% over the last 7 days with market cap of $12.4
billion.
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While,
Cardano (ADA) has a market cap of $12.2 billion.
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Cardano has
been criticized as a âghost networkâ due to its relatively low number of active
addresses, only 23,807, compared to Ethereumâs 350,000 and Tronâs 1.9 million.
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The total
value locked on the Cardano network is $197.23 million, which is less than 1%
of the DeFi market share.
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In
contrast, Ethereum, Solana, and Tron occupy the top three spots in terms of
total value locked. Tron has $7.969 billion in total value locked.
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The surge
in Tronâs value is also linked to the launch of a new âfair launchâ meme coin
platform called âsunpumpâ, which is similar to the Solana-based âpump.funâ.
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The meme
coin mania has driven a lot of volume and attention to the Tron network,
resulting in a boost for its native token, TRX123.
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This trend
reflects the current meme-driven market cycle, where meme coins are having a
significant impact on the crypto market rankings.
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This incident
highlight volatile nature of the cryptocurrency market.