- Post the Ethereum Merge, Dogecoin is only behind Bitcoin as the biggest PoW cryptocurrency.
- Transition of Ethereum to PoS might have created pressure on PoW-based cryptocurrency networks to move to an even sustainable consensus mechanism.
- The Dogecoin Foundation is looking forward to the transition of Dogecoin to a PoS.
Dogecoin has become the second largest PoW crypto in market cap after Ethereum network’s proof-of-stake upgrade.
Before the merge, DOGE was the third largest PoW cryptocurrency. Now it has surpassed notable assets like Ethereum Classic (ETC) and Litecoin (LTC). It is only behind the very first crypto, Bitcoin (BTC).
As of now, the market capitalization of Dogecoin is $8.04B and it is at the 10th spot in the list of largest cryptocurrencies, including all assets, which includes PoS tokens as well.
A fan wasn’t able to believe that Dogecoin has become the second largest PoW cryptocurrency. Sharing the excitement, the fan stated:
who would have thought that this would happen. Congrats #Dogefam.
Though not everyone took it happily. A user tweeted that if a memecoin can get close to the top spot, how can one trust the crypto industry?
Meanwhile, Dogecoin might also compete with ETHPoW (ETHW), which is the Ethereum proof-of-work hard fork chain.
In December last year, the Dogecoin Foundation launched Dogecoin Trailmap regarding the building of a Dogecoin “community staking” version similar to PoS.
The version will enable users of Dogecoin to stake their DOGE and receive additional tokens owing to their support for the network, as said by the Dogecoin Foundation.
Based on the website of Dogecoin, the progress has been slow since it is still in the “proposal” status. Currently, DOGE is priced at $0.06.