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The Merge upgrade on the Ethereum network is perhaps the hottest topic across the cryptocurrency space. The first smart contract compatible blockchain network is going to be the first blockchain to transition from proof-of-work to a proof-of-stakes consensus mechanism. This is quite a significant move considering the behemoth size of the Ethereum network, yet, it is happening.
While the discussion around the Ethereum merge is going on, top meme currency Dogecoin also became a part of it given its intentions to transition to PoS. The discussion around Dogecoin shifting to proof-of-stakes is also around the space for a long. This attracted a lot of attention, and even so Ethereum founder Vitalik Buterin also got interested in it.
The subject of Dogecoin shifting to PoS remained a hot topic since December last year. This was the same time when the crypto market started witnessing the loss of capital following the market decline. Yet the Dogecoin Trailmap mentioned the transition proposal.
The Dogecoin community, however, considers this proposal as just a mere proposal. While Ethereum co-founder was occupied with the Ethereum merge itself.
On the brighter side, it might not take place this year but Dogecoin is assumed to move to a new consensus mechanism by next year. If this happens, many assume that it could result in a way more positive impact for the meme currency in comparison to Ethereum (ETH) following the merge upgrade.
This is due to the wild popularity of DOGE and by the time Vitalik would have gained the experience of a network transitioning to proof-of-stakes, who can share his expertise. It is expected that in case anything like this happens, the meme coin could register growth in double and even triple digits percentages.
If anything such that happens, it will bring Dogecoin in the news but this is not the case for now. Currently, the meme currency is in news due to the lawsuit filed against its biggest supporter—Tesla CEO and multi-millionaire Elon Musk. Musk was accused of deliberately pumping DOGE prices through heavy marketing and promotion.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
