Tron to Dethrone Dogecoin? Here Are Odds

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Tron (TRX), like much of the cryptocurrency market, is currently navigating a period of volatility, with its price experiencing a dip of over 2% in the past 24 hours. Despite these fluctuations, the broader market dynamic suggests a potential shift where TRX could surpass Dogecoin (DOGE), the leading meme coin, in market capitalization ranking.

Tron Narrows Market Cap Gap to $580 Million

As of press time, data from CoinMarketCap indicates that Tron holds the ninth position with a market capitalization of $25.64 billion. Dogecoin currently occupies the eighth position with a market cap of $26.22 billion. This leaves a difference of approximately $580 million separating the two digital assets.

It's worth noting that both Tron and Dogecoin are experiencing bearish trends in the market. Tron is currently trading at $0.2703, reflecting a 2.12% decrease over the last 24 hours. Additionally, investor activity has temporarily subsided, with trading volume decreasing by 25.12% to $799.15 million.

Despite the current market conditions, the Tron community remains optimistic. Tron's dominance in the stablecoin market, particularly with approximately 99.25% of USDT value, positions it ahead of Ethereum in DeFi efficiency. This strength is contributing to the possibility of TRX overtaking DOGE, especially as the meme coin faces a steeper sell-off.

Furthermore, a recent ecosystem analysis revealed that 98% of Tron addresses were in profit, sparking expectations of a bullish rally. Some market observers anticipate TRX reaching a new local high if it can sustain its price increase.

If this positive scenario unfolds and Tron successfully breaches the $0.30 resistance level, it could potentially break out and challenge its all-time high of $0.4407, a figure less than 39% away. Achieving this milestone could bolster its position to surpass Dogecoin in market cap ranking, similar to its previous overtaking of Cardano in May.

Could DOGE-BTC Correlation Fuel Its Resilience?

However, this projection hinges on the assumption that Dogecoin will remain in a bearish trend, which is not guaranteed. Notably, DOGE has demonstrated a correlation with Bitcoin (BTC) in terms of price movement, and any positive surge in BTC could act as a catalyst for a rebound in DOGE.

DOGE is susceptible to surges driven by social media hype, which could potentially delay Tron's ascent in the market capitalization rankings. The price movements of both assets in the coming days will ultimately determine which asset holds the upper hand. Read original article on U.Today