Dogecoin has taken the position as the second largest PoW cryptocurrency after the Ethereum merger

Dogecoin has taken the position as the second largest PoW cryptocurrency after the Ethereum merger


Dogecoin is making some noise right now.

When the Ethereum consolidation finally ended on September 15th, investors did not see the massive shift in the market that they had been expecting.

However, one significant outcome of the event was that the cryptocurrency inspired by the Dogecoin meme is now the second largest Proof of Work (PoW) consensus-based network, trailing only the Bitcoin network in terms of market capitalization.

According to the official ETHPoW Twitter account, Dogecoin is likely to compete with ETHPoW, a hard fork of the Ethereum PoW that is expected to continue mining.

Bitcoin remains the most valuable blockchain PoW with a market capitalization of $380 billion, based on TradingView data. Next to Bitcoin and Dogecoin, Ethereum Classic, Litecoin, and Monero have the third largest Proof of Work Blockchains, the fourth, and the fifth, respectively.

Image: Coinsfera

Putting the bags in the tenth place in the list of the best cryptocurrencies

Dogecoin was launched in 2013 and has since risen to the top 10 cryptocurrency rankings. The cryptocurrency is currently trading at $0.060888, a decrease of 4.8% over the past seven days.

The joke coin is now ranked 10th on Coingecko’s list of leading cryptocurrencies. In the last 24 hours, BTC was trading at $19,709, down 2.5%, while ETH was trading at $1,474, down 9.7%.

As with Bitcoin, DOGE is mined using Proof of Work, which requires miners to use powerful computers and a large amount of power to solve complex mathematical problems in order to validate transactions and earn DOGE.

Regulatory authorities have recently increased their monitoring of network validators as many countries are calling for a complete ban on cryptocurrency mining activities as they put a lot of pressure on national networks.

Dogecoin PoS transition in drawing boards

Roughly 14.4 million DOGEs are mined daily, according to crypto-tracking platform Currency.com, adding to the 132.6 billion coin supply. Unlike Bitcoin, which has a restricted supply of 21 million, Dogecoin has no supply limit.

Meanwhile, the Dogecoin Foundation has been considering Dogecoin’s transition to a Proof of Stake (PoS) mechanism after Ethereum founder Vitalik Buterin, who is also an advisor to the foundation, proposed the change in September last year.

In recent years, the dog-inspired cryptocurrency has earned a bizarre hero in the world’s richest person, Tesla CEO Elon Musk, who has tweeted about the coin since 2019 and caused the price of Dogecoin to skyrocket several times.

DOGE total market cap at $8.11 billion on the daily chart | Source: TradingView.com

Featured image Times of India, Chart: TradingView.com



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