Tron's native token, TRX, has surpassed Dogecoin (DOGE), becoming the eighth largest cryptocurrency by market capitalization. This move marks a significant moment for the blockchain network preparing to go public through a $210 million reverse merger.
Tron Surpasses Dogecoin in Market Capitalization — What Drives This Change?
This is not the first time Tron has surpassed Dogecoin in market capitalization metrics. It did so recently, just two weeks ago, although this only lasted for a short time.
Data from CoinGecko shows TRX's market capitalization at $25.93 billion, significantly higher than Dogecoin's $25.13 billion.
This range appears as USDT transactions on the TRON network surge across emerging and developed economies. This increase gradually solidifies Tron's position as a vital global payment rail.
“Tron is not just a story of emerging markets. USDT on TRON is driving real payments across both developed and emerging economies. The utility of Stablecoin is truly global,” Tron DAO stated in a post.
While TRX has risen 12% since May, Dogecoin has fallen over 30% due to a decline in enthusiasm for meme coins.
In this context, DOGE's weekly trading volume has fallen over 80%, indicating a shift in investor preference towards utility assets.
The network will be made public through a $210 million reverse merger. This potential IPO positions Tron as one of the first major cryptocurrency payment infrastructures to tap into the US capital markets.
Binance Drives TRON's USDT Liquidity as the Network Becomes the Backbone of Payments
Data from CryptoQuant highlights the scale of that usage. Binance processes $2 billion to $3 billion in USDT transfers via TRON daily, consistently accounting for over 65% of total on-chain USDT activity.
The analytics firm notes that: "Binance is the biggest driver of USDT liquidity on the TRON network."
Tron's low fees and fast transaction times have made it the preferred choice for stablecoin transactions, especially at scale.
This effectiveness has attracted the attention of analysts, who are now comparing Tron’s role in Latin America to that of traditional payment giants.
“Tron + USDT is a critical payment rail for South America and other emerging markets like $V and $MA in the West, or Alipay or WeChat Pay in China. Tron Inc. could be the Visa IPO moment for the LatAm payment rail,” a user commented on X.
Blockchain research firm Artemis also agrees with this view, noting that Tether and Tron are not only stories of emerging markets but also of developing countries that rely heavily on this pair.
Market reactions reflect this changing perception. TRX has seen a steady increase in acceptance and investor confidence, while narratives around meme coins have stagnated.
The reallocation of capital to Tron signals a deeper trend, where traders prioritize the utility, scalability, and liquidity of stablecoins over hype cycles.