Tron terrific
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TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 21st August 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
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What’s up
Justin Sun's New Meme Factory Has TRX Surging
All of the Big Ten coins are droopy so let's go to No. 11, Tron (TRX), up 12% in the past 24 hours.
Riding a bedeviling see-saw in recent weeks, many crypto investors have found a new playground in the form of Tron's memecoin deployment platform, SunPump, which has surpassed $1 million in revenue in 11 days since its launch.
Tron's beefiest memecoin (out of thousands created) is Sundog (SUNDOG). With a market capitalization of about $240 million, SUNDOG is now the 214th-largest digital asset, per CoinGecko. It had soared nearly 40% over the past 24 hours as of Wednesday at 7:04 a.m. (EST).
TRX today will battle for a spot among the ten largest cryptos, including stablecoins. In the No. 10 spot currently is Dogecoin (DOGE). The original and largest "jokey" asset is roughly a dime as of this morning after shedding 1.2% since yesterday. DOGE has a total market cap of $15.2 billion.
As its per-token price flirts with 17 cents, TRX now has a market cap of $14.3 billion. The recent valuation hike comes in part via help from Tron founder Justin Sun’s Meme Ecosystem Boost Incentive Program that set aside $10 million to support memecoin projects.
Additionally, as Coinspeaker pointed out, Tether just minted 1 billion USDT tokens on Tron.
Turning to the rearmost section of CoinGecko's Top 100, as ranked by market cap, we continue to enjoy what has become a closely contested game of shuffleboard.
DYDX, governance token of dYdX, a decentralized exchange, stayed flat but fell out of the Top 100 (to No. 101); Tezos (XTZ), neck and neck with DYDX as of yesterday, is now No. 98. The Nos. 99 and 100 spots are occupied by Gala (GALA) and Kelp DAO Restaked ETH (RSETH). These two are basically tied. Each has a market cap of $673M. XTZ's market cap, meanwhile, was about $675M after the security-centric chain's native asset gained 2% in 24 hours.
What's down
Major Marks Fall By Wayside
Over the past day, the total market cap of the global crypto market sagged by 2.6% to $2.2 trillion.
Bitcoin couldn't hold the pivotal $60K line. BTC fell 2% in 24 hours. The largest crypto hovered near $59,500 as of 7:24 a.m. (EST), according to CoinGecko.
Ethereum, second-largest coin, fell 2.4% to $2,590. It hasn't been above $3K since before the flash crash of early August. On the bright side, Ethereum's gas fees have reached their lowest levels in years, possibly partly owing to scalability-focused mainnet improvements (Decrypt).
Surrendering its cherished sixty-cent mark was XRP which slipped 1.6%. The seventh-largest crypto remains +16% over the past fortnight.
What's next
Gargantuan Girds For Tokenized Fund Growth
When State Street Corporation reported its 2023 financial results earlier this year, the Boston-based behemoth claimed an outrageous amount of dough, either administered, or held in custody, or managed; add it all up and the result is a serviced-assets figure that as of this past January topped $40 trillion.
But fee-based revenue knows no bounds and shareholders expect growth in perpetuity.
Last month, State Street revealed that, as of the end of June, total assets (all forms/ways/means) had increased to nearly $50 trillion.
Yesterday, State Street, hungry for digital assets, announced it was partnering with Taurus, a Swiss-based crypto company, to offer a bold new suite of services, including tokenizations, or the process of turning real-world assets, such as funds and securities, into tradeable tokens, Reuters reports.
State Street already provides crypto fund administration and accounting; now, through the Taurus collaboration, State Street branches into the realm of holding institutional clients' crypto assets while also helping some of them tokenize, Reuters said.
"We need to provide our clients the ability to deal with both traditional finance as well as (decentralized finance) side by side," said Donna Milrod, State Street's head of digital asset solutions.
State Street’s forward-thinking push is mainly geared toward money managers (many of which employ the giant bank as their custodian) seeking to tokenize funds. While it's not yet a trend, BlackRock, in an experimental melding of TradFi and DeFi, did recently tokenize a dollar-yield vehicle on the Ethereum network.
State Street is also reportedly exploring creating its own stablecoin.
