- If this development happens in the popular meme coin, it could cause a bigger spike than Ethereum Merge provides.
The biggest “meme” cryptocurrency Dogecoin (DOGE) The issue of its transition to the Proof of Stake consensus has been a topic of discussion by the crypto community for a long time. And this even caught the attention of Ethereum founder Vitalik Buterin at one point. Buterin said:
“Personally, I hope Doge will switch to PoS soon, perhaps using Ethereum code. I also hope they don’t cancel $5 billion of annual PoW issuances, instead putting them in some sort of DAO that funds global public goods. This will be consistent with Dogecoin’s non-greedy, healthy ideology.”
Personally, I hope that doge can switch to PoS soon, perhaps using ethereum code. I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos.
— vitalik.eth (@VitalikButerin) September 2, 2021
A lot of money has flowed and a lot of time has passed through the crypto market since December 2021, when the topic was most actively discussed, but the transition offer is still listed on the Dogecoin Trailmap. However, this is currently only an offer to the DOGE community and Vitalik Buterin is primarily focused on his main project, Merge on Ethereum.
At the same time, Dogecoin will reach a new consensus in 2023, if not this year, and it will be much stronger than Ethereum. DOGE rise expected to result. Given the already global popularity of the cryptocurrency and the expertise Buterin and other proof-of-stake experts can provide, there is a chance of seeing double or triple-digit growth percentages on the chart again if the DOGE transition happens.
Current status of Dogecoin (DOGE)
So far, the news about Dogecoin is mostly based on reports of lawsuits filed against Elon Musk accused of pumping DOGE, but still, the project team itself continues to work on updating components of the ecosystem such as Dogecoin Core Wallet and Dogecoin Standard.
After the August surge that heralded a massive drop in the crypto market DOGE pricecontinues to stay in the same price corridor as it was in May.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.