Cardano (ADA) and Tron (TRX) are neck and neck, with both cryptocurrencies competing to flip above or below each other.
Justin Sun’s Tron network has witnessed a surge in decentralized financial growth with the network’s memecoins, decentralized exchanges, and bridges bursting in TVL (Total Value Locked).
With both cryptos within the $23 billion market cap range, let’s find out what triggers could push them higher and into the top 5 cryptocurrencies by market capitalization.
Tron network surges to $23B market cap, threatening Cardano’s top 9 position
This month, Tron network and Cardano are battling it out for a spot in the top 10 cryptocurrencies by market capitalization.
Over the past few months, Cardano has sat in the limelight after President Trump highlighted the token for inclusion in an upcoming crypto reserve alongside other altcoins.
Investment firm Greyscale has also filed for a Cardano ETF with the SEC, which, according to Bloomberg analysts, has a 75% chance of being approved this year.
For Tron, the TRX token has surged 100% over the past year, with a bustling memecoin market and decentralized financial ecosystem being populated onchain.
Justin Sun’s Sun Pump platform allows users to create and launch Tron-based tokens and memecoins with a few clicks.
Tokens such as SUNDOG, which gained in popularity in late 2024, drew millions in TVL to the Tron ecosystem, pulling in traders and investors from across the cryptocurrency markets.
Tron’s DeFi TVL boomed in 2024, pushing the network’s value from $9 billion to highs of $14 billion by December 2024.
As of May 2025, Tron’s TVL has settled at $5 billion, with its stablecoin circulation sitting at $71.3 billion, with leading DeFi applications JustLend, SUN, and USDD holding up TRX’s decentralized ecosystem.
Price catalysts for ADA on the horizon in 2025
Catalysts that can boost both cryptos into the top 6 include increased decentralized usage on Tron with new network upgrades, bridges, and use cases on the way.
For Cardano, ADA holders have Cardano ETFs and the long-awaited Midnight sidechain to look forward to.
According to Cardano founder Charles Hoskinson, the Midnight private layer 2 network will allow users to trade tokens on a private ledger. The L2’s native NIGHT token will also be dropped to eligible wallets in the cryptocurrency market.
