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Home Altcoin News

Dogecoin: Became the second largest PoW cryptocurrency

Hania by Hania
September 17, 2022
in Altcoin News, Ethereum News, General News
Reading Time: 2 mins read
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Dogecoin: Became the second largest PoW cryptocurrency
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Since Ethereum and Dogecoin merged, Bitcoin is now the largest proof-of-work cryptocurrency, with Dogecoin coming in second.

Following the Ethereum network’s proof-of-stake (PoS) update on Thursday, the cryptocurrency Dogecoin (DOGE), which was inspired by memes, is now the second-largest proof-of-work (PoW) cryptocurrency in terms of market cap.

Popular meme coin Dogecoin continues to have a significant lead over Monero (XMR), which has a market cap of $2.65 billion, Litecoin (LTC), with a market cap of $4.01 billion, and Ethereum Classic (ETC), which is in third place among peer-to-peer (PoW) cryptocurrencies. Of course, Bitcoin (BTC) still has a significant advantage over Dogecoin.

Dogecoin: Became the second largest PoW cryptocurrency
Source: CoinMarketCap

Who would have believed that this would happen, a Dogecoin supporter said in the apparent surprise of the cryptocurrency’s ascent to the second-largest PoW market cap. Bravo, #Dogefam!

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However, not everyone found it to be favourable. In reply to a tweet announcing the announcement, one Twitter user highlighted the need to remove “useless coins” from the public’s perspective by questioning how they could take the cryptocurrency sector seriously with a meme coin so close to the top spot.

According to the official Twitter account of ETHPoW (ETHW), the Ethereum PoW hard fork chain that will continue mining, Dogecoin may soon find itself in competition with ETHPoW (ETHW), which is presently trading at $13.64 according to CoinMarketCap.

Dogecoin: Became the second largest PoW cryptocurrency

The transition by Ethereum to a PoS consensus mechanism may have increased pressure on PoW-powered cryptocurrency networks to make a similar approach.

Lachlan Feeney, the founder and CEO of the Australian-based blockchain development company Labrys, said in a statement to Cointelegraph that “the burden is on” Bitcoin right now to sustain the PoW method in the long run.

“Reluctance to carry out its own shift to PoS will be tremendous,” he continued.

Since September 2021, when Ethereum co-founder and adviser Vitalik Buterin first hinted about the possibility of switching Dogecoin to a proof-of-stake protocol, the Dogecoin Foundation has been exploring the opportunity.

The Dogecoin Foundation published their Dogecoin Trailmap in December 2021, outlining plans to create a Dogecoin “community staking” variant that mirrored PoS.

According to the Dogecoin Foundation, “Such a version would enable all Dogecoin users to stake their DOGE and earn more tokens for supporting the network.”

However, the Dogecoin website indicates that not much has changed since then and that it is still listed as a “proposal.”

Tags: crypto newsDOGEMeme coin
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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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