Tron (TRX), like most assets on the cryptocurrency market, is experiencing volatility, and its price has dipped by over 2% in the last 24 hours. Despite fluctuations, the broader market could see TRX flipping Dogecoin (DOGE), the king of meme coins, in the capitalization ranking.
Tron narrows market cap gap to $580 million
According to CoinMarketCap data, as of press time, Tron ranks ninth with a market cap of $25.64 billion. Dogecoin occupies the eighth position with a market cap of $26.22 billion. This leaves a difference of about $580 million between the two assets.
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Notably, both Tron and Dogecoin are witnessing bearish market volatility. Tron is changing hands at $0.2703, representing a 2.12% decline in the last 24 hours. Additionally, investors have temporarily pulled back as trading volume plunged by 25.12% to $799.15 million.
However, the community remains bullish. Tron is dominating the stablecoin market with about 99.25% USDT value, which puts it ahead of Ethereum in DeFi efficiency. This is helping to fuel the likelihood it will flip DOGE as the meme coin’s sell-off is steeper.
Furthermore, a recent analysis of the ecosystem revealed that 98% of Tron addresses were in profit, sparking bullish rally expectations. Some market participants expect TRX to post a new local high if it sustains a price increase.
If this scenario plays out and Tron climbs to breach the $0.30 resistance level, it could break out to flip its ATH of $0.4407, a figure less than 39% away. This could support it in dethroning Dogecoin in the market cap ranking, as it did to Cardano in May.
Could DOGE-BTC correlation fuel its resilience?
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However, this prediction assumes that Dogecoin will remain bearish, which is unlikely. Notably, DOGE has shown a correlation with Bitcoin (BTC) regarding price movement, and any uptick in BTC could serve as a rebound catalyst.
DOGE is likely to be pumped up by social media hype, delaying Tron’s quest to climb the market capitalization ranking ladder. The price movement of both assets in the coming days will reveal which asset has an edge.