Recently, Tron (TRX) Cryptocurrency replaced Cardano (ADA), and now the rally in the trade price of TRX Crypto is attracting people with more dominance over the ADA coin.
Just two days ago, the ADA coin was ranked 10th by market cap, but the TRX coin displaced ADA, despite the fact that ADA was in a better bullish zone compared to the TRX coin.
#Cardano (ADA) seems struggling, as $TRX displaced ADA pic.twitter.com/ge7mduE0X1
— Bitcoinik (@Bitcoinikdotcom) August 21, 2024
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The current trade price of ADA coin is $0.34 which is 0.54% high over the last 24 hours period. On the other hand the trade price of TRX coin is $0.158 which is 11% high. Overall the trade price of TRX coin is high in every metric of period.
Reason behind Cardano’s struggle
One major reason is the rise of Layer 2 solutions like Arbitrum and Optimism (OP). These Layer-2 blockchain networks offer faster and cheaper transactions, attracting developers and users who prioritise speed and cost-efficiency, leaving Cardano at a disadvantage.
Cardano’s network activity is also relatively low. It has just 22,572 active addresses and a total value locked (TVL) of $195.11 million, which is less than 1% of the entire DeFi market. In contrast, Ethereum has 317,648 active addresses, and Tron has a massive 2.22 million, showing that Cardano is struggling to compete.
Tron has also been aggressively expanding its market share, especially in the stablecoin sector. Tron’s stablecoin supply has grown to $61.1 billion, making up nearly 38% of the total stablecoin market. This growth puts additional competitive pressure on Cardano, contributing to its recent decline in ranking.
Read also: Malicious Chrome Extension Drains Solana DeFi Users’ Funds: Hack Alert
Tron (TRX) Surpasses Cardano in Market Cap: Is TRX Now the Smarter Investment Choice Over ADA?
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