TRON’s TRX Overtakes Dogecoin to Become Eighth Largest Cryptocurrency
TRON’s TRX has surpassed Dogecoin in market capitalization, now ranking as the eighth-largest digital asset according to CoinGecko. TRX is trading at approximately $0.2731 with a market cap of $25.9 billion, exceeding Dogecoin's $25.03 billion by over $500 million.
TRX overtakes DOGE to rank #8 by market cap | Source: CoinMarketCap
- TRX has increased over 130% in the past year.
- DOGE has declined more than 25% in the last month.
- TRON processes over 65% of total on-chain USDT activity, with Binance managing $2 billion to $3 billion daily.
- Growing use cases in emerging markets are bolstering TRON's momentum.
- DOGE is experiencing an over 80% drop in weekly trading volume.
TRON's infrastructure may compete with traditional payment networks in regions like Latin America. Analysts are observing exchange outflows from Dogecoin, indicating a shift toward utility-based projects like TRON.
Market Analysis
TRX is consolidating within a descending triangle pattern, showing support at $0.2670 and resistance near $0.2760. Key indicators suggest bullish pressure, with the RSI around 48.10 and early signs of bullish divergence.
- Key support levels range between $0.2535 and $0.2620.
- A move above $0.2950 could lead to targets of $0.3250 and $0.3545 based on Fibonacci levels.
TRON's growth reflects a broader move towards assets with tangible utility, with early-stage projects like Solaxy gaining attention in the DeFi sector.
