Ethereum after update dogecoin now the largest Proof of Work (PoW cryptocurrency) of bitcoin followed by second place.
Dogecoin Becomes Second Largest PoW Cryptocurrency
Meme token Dogecoin (DOGE) has become the second-largest Proof of Work (PoW) cryptocurrency by market cap, following the ETH network’s Proof of Stake upgrade on September 15.
Of course, Bitcoin (BTC) is well above Dogecoin’s $7.83 billion market cap.
However, Dogecoin is a PoW cryptocurrency. Ethereum Classic (ETC) ($4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion) seems to have passed as a market value.
However, this was not well received by everyone.
Regarding the news, Twitter users began asking how people could trust a crypto industry where a meme token is so valuable.
Dogecoin could compete with ETHPoW, the recent Ethereum PoW hardfork.
Lachlan Feeney, CEO of Australian-based blockchain development agency Labrys, said in a statement:
“There is pressure on Bitcoin to justify the PoW system in the long run.”
On the other hand, the Dogecoin Foundation is considering the transition of Dogecoin to the proof-of-stake system, which was introduced in September 2021 by Ethereum founder Vitalik Buterin, who is also an advisor to the Dogecoin Foundation.
The Dogecoin Foundation published the Dogecoin roadmap in December 2021 proposing to create a PoS-like version of Dogecoin staking.
The Dogecoin Foundation made the following statement on the subject:
“Such a release will allow all Dogecoin users to stake their DOGE and receive extra tokens to support the network.”
However, this idea remained in the proposal stage and has not yet been implemented Surprise Development in Dogecoin: Placed in Second Place!
*Not investment advice.
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