Tron Flips Dogecoin Again with $25B Market Cap and IPO Plans

Tron Overtakes Dogecoin in Market Cap

Tron recently reversed Dogecoin's market capitalization. Despite the fact that this metamorphosis has occurred before, it feels unique. Tron's market value is currently $25.93 billion, higher than Dogecoin's $25.13 billion, according to CoinGecko.Source: X

The action was taken while Tron was getting ready to go public through a reverse merger worth $210 million. As the blockchain network enters conventional finance markets, this event may be one of the most important ones. Tron would be among the first crypto-native payment systems in the United States to do so if it were effective.

This growth is not just about market cap. Tron is gaining strength in the real world, especially through stablecoin transactions. USDT usage on Tron is booming. More users across both developing and developed markets are using USDT on Tron for actual payments. It’s not just speculation anymore.

Tron DAO highlighted that this growth is not only tied to emerging markets. USDT on Tron is now part of everyday transactions worldwide. Whether in Latin America or Europe, users are moving stablecoins for business, savings, or trade. The utility of stablecoins like USDT is showing its strength.

TRX has gained around 12% since May, while Dogecoin has dropped by over 30%. Meme coins are losing appeal. Many traders are shifting to assets that offer real use. DOGE’s trading volume has plunged by more than 80%, showing where the market’s attention is going.

It’s a simple story. Memes fade. Utility grows.

Binance Supports Tron’s Stablecoin Dominance

A major reason for Tron’s strong position is its relationship with Binance. Data from CryptoQuant shows that Binance handles between $2 billion and $3 billion of USDT transfers on Tron every day. That’s more than 65% of all on-chain USDT activity.

Minimal costs. Quick transactions. For this reason, firms and dealers prefer using Tron to transfer money. It performs well, particularly when used in big quantities.

Comparisons to conventional payment networks are made possible by this strength. According to analysts, Tron is beginning to be compared to Visa or Mastercard in the West and Alipay or WeChat Pay in China. Tron might be Latin America's "Visa IPO moment," according to one X user.

Source: X

Artemis, an on-chain research group, concurs. They emphasized that emerging markets aren't the only aspect of this. The two main payment infrastructures in the world today are Tron and Tether.

The numbers tell a clear story. As meme coin interest drops, attention is moving to projects with real use cases. Tron stands at the center of this change, offering both scalability and stablecoin liquidity.

Investors are showing more confidence in projects like Tron because of this focus on real-world use. This isn’t about hype. It’s about payments that actually work.

The shift in capital is a reflection of where crypto is heading. Traders are moving toward assets that solve real problems. Utility matters. Speed matters. Stablecoin liquidity matters. That’s why Tron is growing while meme coins like Dogecoin are struggling.

Tron’s upcoming IPO could lock in this transition, pushing crypto closer to mainstream financial markets. As the market adjusts, expect more focus on projects that deliver more than just headlines.