Cardano Slips to 11th in Market Cap as Tron Surges into Top 10 Amidst Crypto Market Corrections
Aug 20, 2024
Cardano (ADA) has recently fallen out of the top 10 cryptocurrencies by market capitalization, slipping to the 11th spot as Tron (TRX) has surged ahead. This shift is largely due to Tron’s impressive growth, with TRX’s market cap reaching $12.04 billion, compared to Cardano’s $11.89 billion. The drop in ADA's position is part of a broader market correction, where many cryptocurrencies, including Bitcoin, have experienced declines.Cardano has struggled with low network activity, often being criticised as a "ghost network," with only around 23,807 active addresses, far fewer than Tron’s 1.9 million. Additionally, the total value locked (TVL) on Cardano's network is significantly lower than its competitors, ranking 29th with just $178.07 million, less than 1% of the DeFi market share. In contrast, Tron has aggressively expanded, particularly in the stablecoin sector, capturing a substantial portion of the market.
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