- Tron’s market capitalisation reached $29.3 billion, pushing Cardano down to the tenth spot.
- Tron Inc. lists on Nasdaq today under ticker TRON, with Justin Sun set to ring the opening bell.
Tron jumped into the global crypto top ten overnight, edging past Cardano in market value on the eve of its Wall Street listing.
Nasdaq Listing Follows Reverse Merger With SRM Entertainment
Tron Inc. will begin trading on Nasdaq today after completing a reverse merger with SRM Entertainment, giving the blockchain enterprise an estimated equity valuation of $18 billion. Justin Sun is scheduled to open the session remotely, marking the first direct listing of a layer‑1 blockchain firm on the exchange since 2022.
Speaking on the development, company CEO Rich Miller said:
“Ringing the Nasdaq Opening Bell marks a powerful milestone in Tron Inc.’s journey. With the addition of Justin Sun as our Global Advisor and our continued expansion into blockchain-powered treasury holdings, this moment highlights our long-term vision to build shareholder value through innovation and strategic leadership.”
The move provides fiat‑market access for investors previously limited to holding the TRX token and strengthens Tron’s regulatory profile ahead of possible spot‑ETF applications in the United States.
Trading Activity Intensifies as Volume Climbs 30 Percent
In the 24 hours leading up to the listing, TRX daily turnover rose to $1.65 billion, a 30 percent increase that lifted the token’s price to $0.31. Tron’s circulating supply of 94.7 billion coins translates into a $29.3 billion market cap, narrowly overtaking Cardano’s $28.6 billion.
Analysts attribute the shift to speculative inflows ahead of the listing as well as stable network fees that remain below $0.01 per transaction. By contrast, ADA volumes held steady at $1.97 billion as investors weighed last week’s regulatory delays over a proposed Cardano‑backed ETF.
Institutional desks report elevated demand for structured notes linked to TRX price performance, pointing to a widening divergence between Tron’s high‑throughput payments focus and Cardano’s research‑driven roadmap. Market makers are monitoring post‑listing liquidity conditions for signs of follow‑through buying once shares begin trading under the TRON ticker later today.
