Following the Ethereum Merge, Dogecoin now only trails Bitcoin as the biggest proof-of-work cryptocurrency. 5657 Total views 43 Total shares Listen to article 0:00 News Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following theEthereum networks proof-of-stake (PoS) upgrade on Thursday.
Bitcoin (BTC), of course, remains miles ahead of Dogecoins market cap of $7.83 billion, though the well-followed memecoin is still comfortably ahead of the third place PoW cryptocurrencyEthereum Classic (ETC) with a market cap of $4.69 billion, Litecoin (LTC) at $4.01 billion and Monero (XMR) at $2.65 billion.Ranking of PoW-Based Cryptocurrencies by Market Cap. Source: CoinMarketCap
One Dogecoin fan appeared to be in disbelief of Dogecoins rise to become the second largest PoW cryptocurrency, stating, who would have thought that this would happen. Congrats #Dogefam.
But, it wasnt taken well by everyone. One Twitter user responding to a tweet about the news asked how people could take the crypto industry seriously with a memecoin so close to the top spot, emphasizing the need to remove useless coins from public view.
Dogecoin may also soon find itself competing against ETHPoW (ETHW) the Ethereum PoW hard fork chain that will continue mining, according to the official Twitter account of the ETHW, which is currently priced at $13.64, according to CoinMarketCap.
Ethereums transition to PoS may have added pressure on PoW-powered cryptocurrency networks to transition to a more sustainable consensus mechanism.
In a statement to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain development agency Labrys, said the pressure is on Bitcoin now to justify the PoW system over the long term.
He added that reluctance to carry out its own transition to PoS will be huge.
Meanwhile, the Dogecoin Foundation has been considering a transition of Dogecoin to a proof-of-stake after first hinting at the shift in September 2021, which was put forward by Ethereum co-founder Vitalik Buterin, who is also an adviser for the Dogecoin Foundation.
In December 2021, the Dogecoin Foundation released its Dogecoin Trailmap,which proposed to build a Dogecoin community staking version that resembled PoS.
Related: Proof-of-stake vs. proof-of-work: Differences explained
Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network, the Dogecoin Foundation said.
However, little progress has been made since then, as it still appears to be in proposal status according to the Dogecoin website.
DOGE is currently priced at $0.06 at the time of writing. #Blockchain #Dogecoin #Cryptocurrencies #Altcoin #Proof-of-Stake #Ethereum #Adoption #Proof-of-Work Related News How to get a job in the Metaverse and Web3 The metaverse is the future but are current platforms failing users? IOTA co-founder: Lummis-Gillibrand is a blessing for the crypto industry FTX to halt ETH deposit and withdrawals on Arbitrum, Solana, BSC during the Merge ETC Group launches crypto ETP based on PoW Ethereum hard fork The launch of a rocket Observers on the future of Ethereum post-Merge
