Tron Joins the Top 10 Crypto Networks with Memecoin Momentum

The cryptocurrency market ended Q3 2024 on a turbulent note, with a slight decline of 1%, closing at a $2.33 trillion market cap.

Crypto Market Ends Q3 with Slight Decline, Tron Enters Top 10

NAIROBI (CoinChapter.com) — The cryptocurrency market ended the third quarter (Q3) of 2024 on a slightly sour note, with a 1% decline, closing at a $2.33 trillion market capitalization. However, the quarter was filled with interesting developments, including Bitcoin strengthening its dominance and Tron joining the top 10 blockchain networks.

BTC dominance reached 53.6%, the highest since April 2021, as the apex coin gained from dwindling interest in alternative cryptocurrencies. Tron, meanwhile, entered the top 10 with memecoin activity and SunPump driving its trading volume to $1.7 billion.

Crypto Market Q3 Highlights: Tron Joins Top 10, BTC Dominance Surges

According to Footprint Analytics, Tron’s memecoin generator, SunPump, fueled a surge in its trading volume. The blockchain network recorded $1.7 billion in trading volume in September, accounting for 2% of the total market share.

This surge came after Blast’s activity sharply declined following its token generation event (TGE), opening the door for Tron’s rise. Moreover, despite its overall market share being small compared to larger players like Ethereum and Solana, Tron’s move into the top 10 highlighted its ability to capitalize on emerging trends.

Bitcoin retained its market dominance in Q3, increasing its market share by 2.7% quarter-on-quarter to reach 53.6%. However, despite a 0.8% rise in its price, BTC benefited from declining interest in alternative cryptocurrencies.

Ethereum, for instance, saw its dominance drop by 3.6% to 13.4%, and this was despite the launch of Ethereum ETFs in July. In fact, Q3 marked Ethereum’s lowest market share in years, as platforms like Solana and Base gained ground in the decentralized finance (DeFi) and decentralized exchange (DEX) ecosystems.

After the Federal Reserve’s rate cut and China’s stimulus efforts, September brought some stability to the crypto market following early-quarter volatility. However, Ethereum’s shrinking market share signaled rising competition from Solana and Base, which are gaining traction as alternatives in the DeFi and DEX ecosystems.

Meme coins, especially within the Solana ecosystem, captured 31.8% of crypto traffic in Q3. Prediction markets also gained traction, surging 565.4% in volume, mainly due to Polymarket's dominance in betting activity.

Centralized exchanges also faced challenges, with trading volumes dropping 14.8% to $3.05 trillion. Binance’s market share slipped below 40%, while Crypto.com ascended to the second spot with a 14.4% market share, showcasing resilience amidst the downturn.