Tron (TRX) has overtaken Cardano (ADA) to become the ninth-largest cryptocurrency by market capitalization, reaching $29.23 billion amid preparations for its Nasdaq debut. TRX gained 12% over the past week and 14% monthly, while ADA dropped 10% weekly and 7.29% in 24 hours, sliding to tenth position with a sub-$0.80 price.
Justin Sun will ring Nasdaq's opening bell on July 24 to commemorate Tron Inc.'s public listing via reverse merger with SRM Entertainment. The company will trade under the ticker "TRON," becoming the largest publicly listed TRX holder. CEO Rich Miller emphasized this milestone aligns with their "innovation-driven approach" and treasury expansion strategy.
TRX trading volume surged 54% to $1.87 billion in 24 hours, fueled by anticipation of the Nasdaq listing and adoption of gas-free transactions that slashed average fees by 70% to 0.72 TRX. On-chain data shows TRX's stablecoin supply grew by $13.4 billion in 90 days, cementing its position as a leading network for stablecoin activity.