Dogecoin Takes Spot As Second Largest PoW Crypto Following Ethereum Merge

Dogecoin is making some noise right now.

When the Ethereum merger finally closed on September 15th, investors did not see the massive market shift they expected.

But one of the event’s key achievements was that Dogecoin, a meme-inspired cryptocurrency, became the second largest proof-of-work (PoW) consensus-based network after the Bitcoin network in terms of market value. It’s been a long time.

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

According to TradingView data, Bitcoin is still the most valuable PoW blockchain with a market capitalization of $380 billion. After Bitcoin and Dogecoin, Ethereum Classic, Litecoin and Monero have his PoW blockchains as the third, fourth and fifth largest respectively.

Image: Coinsfera

Bagging 10th place on Top Crypto List

Dogecoin has climbed into the top 10 cryptocurrency rankings since its launch in 2013. The cryptocurrency is currently trading at $0.060888, down 4.8% over the past seven days.

Joke Coin is currently ranked #10 on Coingecko’s list of major cryptocurrencies. Over the past 24 hours, BTC was trading down 2.5% at $19,709, while ETH was trading down 9.7% at $1,474.

Like Bitcoin, DOGE is mined using proof of work. This requires the miner to use powerful computers and large amounts of energy to solve complex mathematical problems in order to validate transactions and earn his DOGE.

Regulators have recently stepped up their scrutiny of network validators. This is because many countries are advocating a total ban on cryptocurrency mining activities.

Dogecoin PoS migration on the drawing board

According to cryptocurrency tracking platform Currency.com, about 14.4 million DOGE are being mined every day, adding to the 132.6 billion coin supply. In contrast to Bitcoin, which has a 21 million supply limit, Dogecoin has no supply limit.

Meanwhile, the Dogecoin Foundation is considering moving Dogecoin to a proof-of-stake (PoS) mechanism after Ethereum co-founder and foundation adviser Vitalik Buterin proposed a change last September. Was.

In recent years, dog-inspired cryptocurrencies have won the bizarre champion of the world’s richest man, Tesla CEO Elon Musk. He tweeted about the coin until 2019, causing Dogecoin’s price to skyrocket on numerous occasions.

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

Featured image Times of India, Chart: TradingView.com