- The meme-inspired cryptocurrency, Dogecoin, now became the second-biggest proof-of-work (PoW) cryptocurrency followed by Bitcoin.
- As the Ethereum merge transition successfully completed to the proof-of-stake (PoS.)
Dogecoin: The Second-Biggest PoW Crypto
The Ethereum transition successfully completed yesterday (September 15, 2022) that made the meme coin, Dogecoin, second-biggest PoW cryptocurrency in terms of market capitalization.
Before the Merge, Dogecoin held the third place in the PoW cryptocurrency, which then stepped-up at the second place just after the most-traded cryptocurrency, Bitcoin (BTC.)
From the above chart the top five PoW tokens by market capitalization can be seen. All these crypto projects have their own blockchains. Bitcoin, as usual, holds the first place in the PoW list, while Dogecoin holds the second place with a market capitalization of $7.90B at the time of writing. Its current trading price is $0.05956 USD. Additionally, Dogecoin ranked at 10, in the top-ten list of cryptocurrencies.
Apart from this, Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR) respectively ranked at third, fourth and fifth in the top five PoW list of cryptocurrencies.
Furthermore, a Dogecoin proponent shared a Tweet, “Dogecoin is now the second-biggest Proof of Work Cryptocurrency followed by bitcoin. Who would have thought that this would happen. Congrats Dogefam”
It must be noted that the Dogecoin Foundation was considering the transition of the coin to a proof-of-stake, after it first hinted about the shift in september 2021, which was invoked by Ethereum co-founder Vitalik Buterin. Also, in December 2021, Dogecoin Foundation released its “Dogecoin Trailmap” to build a Dogecoin “Community Staking” version that matched PoS. The foundation further stated that Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network. This small step made since then and it is still in the “proposal” status as per the Dogecoin website.
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