TRX (Tron) has overtaken Toncoin (TON) to secure its place as the 10th biggest cryptocurrency, boasting a market cap of $14.31 billion. Meanwhile, TON lags closely behind at $14.23 billion after suffering a steep decline in value. The dramatic price drop followed the arrest of Telegram’s founder and CEO, Pavel Durov, in Paris over the weekend.

Durov’s Arrest and TON’s Decline

French authorities arrested Durov on charges related to Telegram’s alleged failure to moderate illegal activities on its platform. The Paris Public Prosecutor’s Office claims that Telegram has been complicit in allowing organized crime and fraudsters to operate unchecked. As a result, TON, the cryptocurrency closely linked with Telegram, has plummeted 17% over the last week.

Despite being technically independent of Telegram, TON has strong ties to the messaging app. Over the past year, Telegram has integrated TON into its services, using it to pay channel operators a share of revenue and introducing an in-app currency called Stars, which is tied to TON. Telegram has also seen a rise in crypto-fueled games, with many launching their tokens via TON.

Tron’s Rise on Meme Coin Hype

While TON falters, Tron has seen a surge in activity, largely driven by the launch of SunPump—a platform that allows users to mint new meme coins on the Tron blockchain. This surge in interest has seen Tron surpass Solana’s Pump.fun platform, with TRX’s price rising by 18% over the past week.

Meme coins, known for their volatility, have become popular among crypto traders seeking quick returns. Tron’s recent success highlights the growing influence of meme coin culture in the cryptocurrency market, with TRX now firmly positioned in the top 10.