Cardano (ADA) has lost its top 10 market capitalization position to Tron by Justin Sun.
According to CoinMarketCap, Cardano (ADA) has just slipped from the list of the top 10 cryptocurrencies by market capitalization following a roughly 3% stumble in the last seven days. Going down further in the rankings of cryptocurrencies from the third position in the 2021 bull cycle, Cardano is now behind Tron (TRX) and falls in the 11th position. TRX has a market cap of $12.7 billion, with ADA lagging at $12.3 billion.
This is not the first time Cardano has been out of the top 10. Back in May, ADA fell behind Toncoin as TON surged by 30% within two weeks.
Cardano was not alone in this, as most coins were trading below critical support areas in the wider crypto market.
It is worth noting that Cardano also earned the nickname of being a "ghost network" since only 23,807 active addresses compared to Ethereum's at 350,000 and Tron's at 1.9 million, data from DefiLlama showed. The total value locked in the Cardano network amounts to $178.07 million and implies less than 1% of the DeFi market share at 29th, with Ethereum, Solana, and Tron taking the top three places.
While TRX indeed has more network activity than ADA, some of its recent spike in value must be credited to Tron CEO Justin Sun. He has just begun shilling memecoins on the network, two of which boasts a market cap of tens of millions of dollars, and, of course, have also enhanced the sealing of TRX.