Meme-inspired cryptocurrency Dogecoin (DOGE) is now the second largest proof-of-work (PoW) crypto by market capitalization following the Ethereum network’s proof-of-concept upgrade on September 15.
Bitcoin (BTC), of course, remains miles ahead of the $7.83 billion market cap of Dogecoin, although the well-followed memecoin is still comfortably ahead of third-place PoW cryptocurrency Ethereum Classic (ETC) ($4.69 billion in market capitalization), Litecoin (in market capitalization ) is ahead. LTC ($4.01 billion) and Monero (XMR) ($2.65 billion).
A Dogecoin enthusiast seems to be in disbelief that Dogecoin has emerged as the second largest PoW cryptocurrency. he said. “Who would have thought this would happen. Congratulations #Dogefam.”
But it was not well received by everyone. Reacting to the news, one Twitter user questioned how people could take the crypto industry seriously with memecoin so close to its peak, stressing that “useless coins” should be removed from public view.
But Dogecoin may also soon find itself competing with ETHPoW – the Ethereum PoW hard fork chain that will continue to mine; basis This is the official Twitter account for ETPA, which is currently selling for $13.64.
Ethereum’s move to PoS has increased pressure on PoW-powered cryptocurrency networks to transition to a sustainable consensus mechanism.
In a statement to Cointelegraph, Lachlan Feeney, founder and CEO of Australia-based blockchain development agency Labrys, said that “the pressure is now on” to approve the PoW system in the long term.
He added, “Reluctance to make one’s own transition to PoS will be huge.”
Meanwhile, the Dogecoin Foundation has been considering moving Dogecoin to proof-of-stake after first hinting at a change in September 2021, which was announced by Ethereum co-founder Vitalik Buterin, who is a Dogecoin advisor to the foundation.
In December 2021, the Dogecoin Foundation released a “Dogecoin Trailmap” that plans to build a PoS-like “community staking” version of Dogecoin.
Related: Proof of Stock and Proof of Work: Differences Explained.
“Such a version would allow all Dogecoin users to share their DOGE and earn additional tokens to support the network,” the Dogecoin Foundation said.
However, according to the Dogecoin website, little progress has been made since then, as it is still in “Proposal” status.
DOGE is currently priced at $0.06 at the time of writing.