Key Takeaways:
- Tron’s market cap climbs to $25.93 billion, surpassing Dogecoin, as USDT transactions on the network surge across global markets.
- Tron gears up for a $210 million IPO via reverse merger, positioning itself as a major crypto-native payments infrastructure in the U.S. capital markets.
Tron (TRX) has once again leapfrogged Dogecoin (DOGE) in market capitalization, marking a pivotal moment for the blockchain network as it gears up for a $210 million reverse merger to go public. According to CoinGecko, Tron’s market cap now stands at $25.93 billion, well ahead of Dogecoin’s $25.13 billion.
This is not the first time Tron has surpassed Dogecoin — it did so briefly just two weeks ago. However, the current rally appears more sustained, driven by robust fundamentals rather than fleeting market sentiment.
USDT Transactions Cement Tron’s Utility Role
A key driver behind TRX’s ascent is the explosion of Tether (USDT) activity on the network. Tron DAO recently highlighted how USDT on Tron is powering real-world payments in both developed and emerging markets — not merely an “emerging markets” phenomenon.
CryptoQuant data shows that Binance alone processes between $2 billion and $3 billion in USDT transfers via Tron daily, accounting for more than 65% of total on-chain USDT activity. The low transaction fees and rapid settlement times of the Tron network have made it the backbone for stablecoin movement at scale.
DOGE Struggles as Meme Coin Interest Wanes
In stark contrast, Dogecoin’s market dynamics tell a different story. The meme coin sector has suffered a significant downturn, with DOGE losing more than 30% of its value since May. Trading volumes have plunged over 80% week-on-week, according to CoinMarketCap, as investor appetite shifts toward utility-driven assets.
The broader meme coin market has seen declining engagement, as traders increasingly prioritize networks offering real-world value, scalability, and robust liquidity — a niche that Tron is rapidly filling.
IPO on the Horizon: Tron Eyes US Capital Markets
Adding further momentum, Tron is preparing for an initial public offering via a $210 million reverse merger — a move reported by BeInCrypto. If successful, Tron would become one of the first crypto-native payment networks to enter the US public markets, offering a significant boost to its credibility and institutional appeal.
On-chain research firm Artemis noted that Tron’s role in the global payments landscape is evolving rapidly: “Tron + USDT is as important to South American payments as Visa and Mastercard are in the West.”
Tron + $USDT is as important a payment rail to South America and other emerging markets as $V and $MA are in the West, or Alipay or WeChat Pay are in China. Tron Inc. could be the Visa IPO moment for LatAm payment rails.https://t.co/IyVud60jJZ
— Sam Reynolds (@thesamreynolds) June 17, 2025
The market’s shifting focus is clear. TRX has gained 12% since May, while meme coins like DOGE have struggled. Investors are reallocating capital toward projects with scalable payment solutions and strong adoption metrics — a trend that could accelerate as Tron’s IPO draws nearer.
With institutional players monitoring stablecoin flows on Tron and Binance driving massive USDT volumes, the network is increasingly positioning itself as a critical component of the global financial ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
Also Read: Tron Group to Go Public, Taps Eric Trump for Leadership
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