Justin Sun Rings Nasdaq Bell as TRON's $29.8B Market Cap Surpasses ADA's $27.8B

Justin Sun, founder of the TRON blockchain, rang the Nasdaq Opening Bell in Times Square on July 24 to commemorate the public debut of TRON Inc., a company formed through a reverse merger with SRM Entertainment, a Nasdaq-listed entity known for theme park merchandise. The rebranded company, now trading under the ticker “TRON,” has become the largest publicly held entity in TRON (TRX) tokens, with a market capitalization of approximately $29.8 billion, surpassing Cardano’s (ADA) $27.8 billion to claim the ninth-largest crypto market cap, according to CoinGecko [1]. This milestone marks a strategic shift in the cryptocurrency market cap hierarchy, as TRX supersedes ADA for the first time.

TRON Inc.’s CEO, Rich Miller, emphasized the significance of the event, stating that Sun’s appointment as Global Advisor and the company’s expansion into blockchain-powered treasury holdings underscore its commitment to building shareholder value through innovation. The company’s public listing follows a reverse merger that leveraged SRM Entertainment’s existing Nasdaq presence, a common strategy in the crypto sector to achieve traditional market visibility [1].

Technically, TRX’s price recently attempted a breakout from its ascending channel, peaking near $0.34 before retracting. The 20-day exponential moving average (EMA) has since acted as a dynamic support level, stabilizing the pullback to $0.31. Analysts note that TRX remains in the upper bounds of the channel, increasing the likelihood of another breakout attempt toward $0.40 if the EMA and channel midpoint ($0.28) hold as key support zones. A confirmed close above $0.34 would validate further upside potential, while a drop below $0.30 could signal continued consolidation [1].

The event highlights growing institutional interest in blockchain projects seeking traditional market integration. TRON Inc.’s public profile now aligns it with other crypto-native firms navigating regulatory frameworks, a trend that has accelerated amid evolving market dynamics. However, the price action suggests caution, as the recent failed breakout underscores the volatility inherent to assets transitioning from decentralized markets to public equity listings.

Source: [1] [title: Justin Sun rings the bell at Nasdaq opening ceremony as TRX flips ADA in market cap rankings] [url: https://coinmarketcap.com/community/articles/68837e9d2fb07463b9e4386b/]