TRON Overthrows SHIB as Justin Sun Makes Use of Ethereum Dip

As TRX overtakes SHIB by market cap, Justin Sun comes up with another strategic move ahead of Ether ETF launch.

Justin Sun surrounded by low peak mountains and power of Ethereum.
Created by Kornelija Poderskytė from DailyCoin
  • In a fresh crypto market shift, TRX takes the 10th spot from SHIB.
  • During the price dip, Tron’s founder, Justin Sun, purchases more Ethereum.
  • Tron network exceeds $53B in daily trading volume, topping VISA.

In turbulent times for crypto, veteran altcoins are often seen as a safe haven in contrast to their rapidly fluctuating newer counterparts. Tron (TRX), an altcoin established in 2017, often offered shelter for crypto traders looking to evade crypto winter.

SHIB Displaced by TRON, Is Cardano Next?

Since its inception, TRX has moved up the crypto charts, surprisingly leapfrogging Shiba Inu (SHIB) by global market capitalization. While SHIB continues to execute multiple projects related to Shibarium L2, it is also known to dominate the blockchain’s social stats due to its vibrant community, popularly known as the SHIB Army.

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However, SHIB bowed down to TRX on Wednesday, as the latter stepped into the #11 position by global market cap with a total of $10,852,988,755. To compare, SHIB now encircles a market capitalization of $10,309,087,345.

Tron’s recent edge over SHIB is also evident in the 24-hour trading volume, standing at $344 million in comparison to Shiba Inu’s $311 million. Crypto traders on X are now counting the distance for Tron to enter the TOP 10 by global market capitalization, in which case TRX would have to surpass Cardano (ADA). ADA currently sports a market cap of $13,735,838,293.

Sun Caught Making Moves

Tron’s founder and renowned crypto entrepreneur, Justin Sun, is taking advantage of the latest Ethereum (ETH) price dip. According to blockchain analytics platform SpotOnChain, Sun cashed out a whopping 4,629 ETH from Binance on June 24, 2024.

Valued at $16.07 million at stamped transaction time, the latest move by Sun contributes to the 13,967 Ether withdrawals from Binance over the past five days at an average price of $3,494. Upon further investigation by DailyCoin, it was established that Sun’s cryptocurrency address now holds 6.086K ETH, currently valued at $20.573M.

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Sun’s Ethereum buying spree is potentially related to the nearing launch of Ether Spot exchange-traded funds (ETFs) in the American financial market. In a pleasantly surprising move for many crypto analysts, Ether Spot ETFs were approved by the U.S. Securities and Exchange Commission (SEC) on May 23.

On the Flipside

  • Tron’s (TRX) outstandingly bullish performance in volatile crypto market conditions can be ascribed to the network’s employment of stablecoins.
  • For instance, the TRC-20 version of Tether USD (USDT) netted a $53B trading volume last Friday, topping the credit card giant VISA in daily volume.

Why This Matters

Tron’s network recently exceeded 239 million registered accounts, making it one of the realistic candidates to challenge the leading Layer-1 chain, Ethereum (ETH).

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.