TRON Overtakes Dogecoin as GENIUS Act Advances in US
TRON’s native token, TRX, has surpassed Dogecoin (DOGE) to become the eighth-largest cryptocurrency by market capitalization, reaching $25.7 billion. This milestone follows progress in stablecoin regulation in the United States, spurred by the Senate’s approval of the GENIUS Act.
TRX dethroned Dogecoin in market capitalization on Friday, securing its position as the eighth-largest cryptocurrency. TRON boasts a market cap of $25.75 billion, exceeding Dogecoin’s $24.1 billion at the time of reporting, according to CoinGecko data.
This shift coincides with advancements in US stablecoin legislation, with the Senate passing the GENIUS Act by a 68-30 vote on Tuesday. The bill, aimed at regulating stablecoin issuance in the US, has moved to the House for deliberation and a final vote.
With former President Donald Trump urging the House to expedite the bill, TRON stands to benefit significantly. It is currently the second-largest blockchain by stablecoin market capitalization, trailing only Ethereum’s 50.1% share, according to DefiLlama data.
Data from Artemis indicates that TRON was the most utilized network for USDT payments in May, followed by Ethereum and BNB Chain. The blockchain processed $694.5 billion in USDT transactions during May, with $411 billion attributed to whale activity, as noted by CryptoQuant analysts in a June 12 report.
Notably, Binance emerged as the largest driver of USDT transactions via the TRON network. The cryptocurrency exchange reportedly processes between $2 billion and $3 billion in USDT daily through the TRON network, accounting for over 65% of all on-chain USDT transfers via centralized exchanges.
This development also occurs as SRM Entertainment, a Nasdaq-listed company, announced plans to rebrand as Tron Inc. and launch its TRON treasury strategy with a $100 million TRX purchase. TRON founder Justin Sun will also join the company as an advisor.
Meanwhile, Sun has been engaging with US government officials. He revealed on X that he met with Bo Hines, Executive Director of the Presidential Advisory Council on Digital Assets. The discussion centered on how the TRON network could support digital asset innovation in the US. Sun also shared photos with Senator Bill Hagerty, who introduced the GENIUS Act in February.
Despite a broader cryptocurrency market downturn, TRX experienced a slight dip of 0.9% on Friday but remained stable above the 50-day exponential moving average (EMA).
TRX/USDT Daily Chart
TRX could find support at $0.260 if it falls below the 50-day EMA. Conversely, it may test resistance at $0.296.
Key Takeaways:
- TRON (TRX) has overtaken Dogecoin to become the 8th largest cryptocurrency.
- This growth is likely driven by progress in US stablecoin legislation.
- TRON is the second-largest blockchain in terms of stablecoin market capitalization.
- TRON founder Justin Sun met with government officials to discuss digital asset innovation.
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