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Tron (TRX) appears set to overtake Dogecoin (DOGE) as the eighth-largest cryptocurrency. Although both cryptocurrencies have experienced price declines in the past 24 hours, their market capitalization is closely matching up.
Tron rivals Dogecoin
At press time, the price of Dogecoin was changing hands for $0.1668, down 2.23% in 24 hours, per CoinMarket data. The price mark pegs the market capitalization of the meme coin at $24.8 billion.
On the other hand, TRX was trading for $0.24, down by 2% within the same time frame. At this level, the altcoin's market valuation is $23.2 billion. This leaves only a difference of $1.6 million between the two assets.
Therefore, if positive market momentum builds, TRX might overtake DOGE in the coming days. It is important to note that most altcoins see a positional change as investor sentiment shifts regularly.
At the moment, market activity for TRX is low. The trading volume for TRX has decreased by 11.7% to $430 million. In contrast, the trading volume for DOGE rose 6.5% to over $752 million.
Favorable upsides for TRX
Several updates in the Tron ecosystem could boost the asset’s market capitalization. As U.Today reported, Tron has welcomed P2P.org, a primary staking provider, as its super representative validator.
Besides, the push for the Tron ETF product is also gaining immense traction on the market. While the number of TRX ETF filings pale compared to assets like Solana and XRP, Justin Sun has revealed he is optimistic about the product.
Additionally, the large number of TRX holders who are in profit could impact its valuation in the long term. U.Today recently spotlighted data from IntoTheBlock that showed 72.87 billion TRX, valued at $18.11 billion, have generated profits from their investments. Importantly, no wallet address recorded a loss at the time, reinforcing the bullish price outlook for TRX.
Vladislav Sopov