Following the Ethereum Merger, Dogecoin now follows Bitcoin as the largest proof-of-work cryptocurrency.

Meme-inspired cryptocurrency Dogecoin
DOGE

downwards
$0.11

It is now officially the second largest proof-of-work (PoW) cryptocurrency by market cap, after the Ethereum network’s proof-of-stake (PoS) upgrade on Thursday.

bitcoin
BTC

downwards
$16,904

, of course, is miles ahead of Dogecoin’s $7.83 billion market cap, but the well-followed memecoin is still ahead of the third-ranked PoW cryptocurrency Ethereum Classic.
ETC

downwards
$20.09

Litecoin with a market cap of $4.69 billion
LTC

downwards
$78.09

$4.01 billion and Monero
XMR

downwards
140 dollars

$2.65 billion.

Ranking of PoW Based Cryptocurrencies by Market Cap. Source: CoinMarketCap
One Dogecoin fan didn’t seem to believe that Dogecoin has become the second largest PoW cryptocurrency and said, “Who would have thought this would happen? Congratulations #Dogefam.”

However, it was not well received by everyone. Responding to a tweet about the news, a Twitter user asked how people could take the crypto industry seriously with a memecoin so close to the top, highlighting the need to remove “useless coins” from the public eye.

According to CoinMarketCap, ETHW’s official Twitter account, Dogecoin may soon find itself competing with Ethereum PoW hard fork chain ETHPoW (ETHW), which will continue mining.

Ethereum’s move to PoS may have put pressure on PoW-powered crypto networks to transition to a more sustainable consensus mechanism.

Lachlan Feeney, founder and CEO of Australian-based blockchain development agency Labrys, told Cointelegraph that Bitcoin is “in pressure” to justify the PoW system in the long run.

“The reluctance to make its own transition to PoS will be huge,” he added.

Meanwhile, the Dogecoin Foundation is considering the transition of Dogecoin to a proof-of-stake, after giving the first hint of the shift in September 2021 put forward by Ethereum co-founder Vitalik Buterin, who is also an advisor to the Dogecoin Foundation. .

In December 2021, the Dogecoin Foundation published the Dogecoin Trailmap, which proposes to create a PoS-like “community staking” version of Dogecoin.

Related: Proof-of-stake and proof-of-work: Differences explained

“Such a release allows all Dogecoin users to stake their DOGE and receive extra tokens to support the network,” the Dogecoin Foundation said.

But little progress has been made since then, as it still appears to be in “offer” status, according to the Dogecoin website.

DOGE is currently priced at $0.06 at the time of writing.

Source: CoinTelegraph

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