TRX Now Ranks #8 in Crypto Market Cap

Tron’s native token, TRX, has surpassed Dogecoin (DOGE), effectively becoming the eighth-largest cryptocurrency by market capitalization.

The move marks a pivotal moment for the blockchain network, which is preparing to go public through a $210 million reverse merger.

Tron Flips Dogecoin in Market Cap — What’s Driving the Shift?

This is not the first time Tron has surpassed Dogecoin on market cap metrics. It did so recently, barely two weeks ago, although this lasted only briefly.

CoinGecko data shows TRX’s market cap at $25.93 billion, significantly higher than Dogecoin’s $25.13 billion.

The range comes as USDT transactions on the TRON network surge across emerging and developed economies. This traction progressively cements Tron’s status as a vital global payments rail.

“Tron is not just an emerging markets story. USDT on TRON is fueling real payments across both developed and emerging economies. Stablecoin utility is truly global,” Tron DAO said in a post.

While TRX has gained 12% since May, Dogecoin has dropped more than 30%, weighed down by waning interest in meme coins.

Meme coin sector market cap. Source: CoinMarketCap

Against this backdrop, DOGE’s weekly trading volume has plunged by over 80%, highlighting the shifting investor preference toward utility-driven assets.

BeInCrypto reported Tron’s upcoming IPO. The network is set to go public through a $210 million reverse merger. The prospective public offering positions Tron as one of the first major crypto-native payment infrastructures to tap the US capital markets.

Binance Drives TRON’s USDT Liquidity as Network Becomes Payment Backbone

Data from CryptoQuant highlights the scale of that usage. Binance exchange processes between $2 billion and $3 billion in USDT transfers via TRON daily, consistently representing more than 65% of total on-chain USDT activity.

“Binance is by far the largest driver of USDT liquidity on the TRON network,” the analytics firm noted.

Tron’s low fees and rapid settlement times have made it the preferred choice for stablecoin movement, especially at scale.

This efficiency has caught the attention of analysts, who are now comparing Tron’s role in Latin America to that of legacy payment giants.

“Tron + USDT is as important a payment rail to South America and other emerging markets as $V and $MA are in the West, or Alipay or WeChat Pay are in China. Tron Inc. could be the Visa IPO moment for LatAm payment rails,” one user on X remarked.

On-chain research firm Artemis echoed the sentiment, observing that Tether and Tron go beyond an emerging markets story, with developing countries also heavily relying on this pair.

The market response reflects this shifting perception. TRX has seen a steady uptick in adoption and investor confidence, while meme coin-driven narratives have faltered.

The reallocation of capital toward Tron signals a deeper trend, where traders prioritize utility, scalability, and stablecoin liquidity over hype cycles.

As Tron heads toward its public listing, renewed market cap momentum and a compelling claim as the backbone of real-world crypto payments could steer further upside.

The network is increasingly positioned as a core component of the global financial system. This is as major exchanges like Binance drive massive daily USDT volumes on TRON, and institutional traders monitor stablecoin flows as liquidity signals.