- According to data from CoinMarketCap, TRON (TRX) currently overtakes Shiba Inu (SHIB) in terms of market capitalization.
- TRON also seems to be gaining momentum following the launch of its algorithmic stablecoin.
- TRON’s Total Value Locked has increased by 22.37% in the last 24 hours.
According to data from CoinMarketCap, TRON (TRX) currently overtakes Shiba Inu (SHIB) in terms of market capitalization. TRX is currently ranked in the 14th position with a market valuation of about $4.7 billion, just ahead of SHIB with its own valuation of $6.38 billion.
TRON also seems to be gaining momentum following the launch of its algorithmic stablecoin, USDD. The stablecoin runs on a similar algorithm to Terra’s USD. USDD is already amongst the top 100 cryptocurrencies by market capitalization, just half a month after its launch.
Currently, the TRON ecosystem consists of stablecoins USDT, USDJ, TUSD, USDC and USDD, forming a very solid foundation for its ecosystem.
TRON DAO also stated in a Tweet on May 23 that “according to DefiLlama, the Total Value Locked on TRON currently ranks 3rd among the global public chains, just next to Ethereum and BNBChain.” TRON’s Total Value Locked has increased by 22.37% in the last 24 hours.
Also helping maintain its momentum is the fact that TRON regularly burns TRX tokens. According to a Twitter user, over 5.8 billion TRX tokens worth about $462 million have already been burned.
Ankr, a decentralized Web3 infrastructure, also announced its partnership with TRON developers to build scalable and secure dApps.
TRX currently trades at $0.07839 after a 5.3% increase over the last 24 hours and a 11.45% increase over the last 7 days.
TRX also saw a 24 hour trading volume of around $1,304,299,970 which is a 28.30% increase from yesterday’s numbers.