© Reuters Dogecoin (DOGE) becomes the largest PoW cryptocurrency after Bitcoin (BTC)
The development team was quick to send congratulations to Vitalik Buterin, co-founder of (ETH), as the second largest cryptocurrency officially turned Proof Of Stake (PoS). The Ethereum upgrade leaves Dogecoin (DOGE) as the second largest PoW blockchain, second only to (BTC).
Many congratulations to VitalikButerin and all involved in the ethereum integration. Fabulous. #EthereumMerge pic.twitter.com/Iu5aQ1wsci
– Dogecoin (@dogecoin) September 15, 2022
The King of Altcoin paves the way for the younger brothers
With the merger completed successfully, miners using the Proof of Work mechanism are more likely to search for a new home. Among the top 20 cryptocurrencies by market cap, the most realistic options available to them are Elon Musk’s beloved Dogecoin (DOGE), the original blockchain (ETC).
Currently, Dogecoin (DOGE) has a total market capitalization of $7.97 billion while Ethereum Classic (ETC) has a total market capitalization of $4.70 billion. The next closest competitor to the aforementioned Altcoins is Monero (XMR), which has a market capitalization of just $2.67 billion.
#Dogecoin is now the second largest Proof of Work crypto.
– Altcoin Daily (@AltcoinDailyio) September 15, 2022
Dogecoin (DOGE) has ambitions to become Proof of Stake
The Dogecoin developer team has their own plans to switch to Proof of Stake (PoS). This was first announced in late 2021, when the Dogecoin Foundation explained that “such a release would allow all Dogecoin users to participate in the DOGE and receive additional tokens to support the network.”
The idea was supported by Vitalik Buterin, who also serves as a consultant at the Dogecoin Foundation. Despite this, Dogecoin’s proposal to switch to PoS has yet to pass.
However, the use of Dogecoin (DOGE) has increased dramatically. The unofficial bridge, Dogechain, has invested a fair amount of time and money into Dogechain’s infrastructure, and has already reportedly seen the bridge run over $300 million. “Dogecoin has entered the era of Web 3.0,” the developers behind Dogechain proudly announced earlier today, Friday the 16th.
#Dogecoin entered the web3 era with #Dogechain every day $DOGE holders discover new use cases for the best #memecoin pic.twitter.com/U2zbVQQogf
— Dogechain (Giving up on Tesla (NASDAQ :)) (@DogechainFamily) September 15, 2022
Perhaps most importantly, the official Dogecoin development team is working on their own Layer-2 project in partnership with Blue Pepper. The project is expected to be launched by the end of the year.
Dogecoin (DOGE) is still fighting against bloodthirsty bears
At the time of publication, the top dog memcoin was trading at $0.060114, according to CoinGecko. The dog-themed Japanese token has fallen into the red in the past 24 hours, posting a 1.6% deficit over the week. The monthly forecast looks worse for Dogecoin (DOGE), as the meme symbol has lost 31.1% of its value in the past 30 days.
on the flip side
- Despite offering more interest than it was a year ago, the value of the original meme has declined by 75.7% over the same period.
- The moon is still far from DOGE, as the dog-themed token tracks 91.8% of the $0.73 ATH set last year.
Why should you care
Currently, the largest PoW-powered cryptocurrency has plenty of room for expansion, as Ethereum (ETH) miners will look for alternatives to ETH.
Learn more about the latest Dogecoin updates:
Draft Whistleblower: Dogecoin (DOGE) Exclusive Cyberwhistle Sale in Minutes
Dogecoin (DOGE) Founder Billy Marcus Rejected Juicy’s $14 Million Offer from Dogechain