Meme-based cryptocurrency Dogecoin (DOGE) has now reportedly become the second largest proof-of-work (PoW) cryptocurrency with regard to market capitalisation, post the Ethereum network’s proof-of-stake (PoS) upgrade on September 15, according to Cointelegraph
As reported by Cointelegraph, Bitcoin (BTC) is still expected to be ahead with regard to Dogecoin’s market capitalisation of $7.83 billion, while memecoin is anticipated to be ahead of the third place PoW cryptocurrency Ethereum Classic (ETC) (with a market capitalisation of $4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion). Dogecoin is expected be in competition against ETHPoW, which is the Ethereum PoW hard fork chain that is expected to continue mining, as per ETHPoW’s official Twitter handle.
On the basis of information by Cointelegraph, while one Dogecoin user expressed to be in disbelief with regard to Dogecoin’s rise, another Twitter user asked how people could take the cryptocurrency industry seriously with a memecoin being close to the top spot and focusing on the need for removal of such kind of tokens. Reportedly, Ethereum’s transition to PoS has added pressure on PoW-backed cryptocurrency networks to ensure a sustainable consensus mechanism. While Lachlan Feeney, founder and CEO, Labrys, an Australian-based blockchain development agency, stated that Bitcoin is required to provide justifications to the PoW system over the long term, Dogecoin Foundation has been considering a change of Dogecoin to a proof-of-stake after hinting the shift in September, 2021, which was advised by Vitalik Buterin, co-founder, Ethereum.
Moreover, Cointelegraph noted that in December, 2021, the Dogecoin Foundation unveiled its Dogecoin Trailmap which proposed to build a Dogecoin version that resembled PoS. “Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network,” the Dogecoin Foundation said. At the time of the publication’s writing, Dogecoin was priced at $0.06.
(With insights from Cointelegraph)