Dogecoin is finally making some noise. After the Ethereum Merge concluded last September 15, investors did not notice the huge market shift they were expecting.
Nonetheless, one substantial result of this occasion was the meme-inspired crypto Dogecoin has now become the second biggest Proof-of-Work (PoW) consensus-based network, sprawling only the Bitcoin network when it comes to market value.
According to the official Twitter account of ETHPoW, Dogecoin is more likely to compete along with ETHPoW, which is the Ethereum PoW hard fork chain, which is projected to keep mining.
Still, Bitcoin is the most valued PoW blockchain with a huge market capitalization of $380 billion, based on the information provided by TradingView. Following Bitcoin and Dogecoin, Ethereum Classic, Litecoin, and Monera have the third, fourth, and fifth biggest PoW blockchains, correspondingly.
Initially hurled in 2013 as a joke, ridiculing the crypto crash, Dogecoin is at the moment the tenth biggest cryptocurrency, along with a market capitalization of $7.95 billion.
Like Bitcoin, Dogecoin is mined using proof of work. That only indicates miners utilize computers, and a substantial amount of energy, to solve complicated mathematical equations, confirming transactions and receiving DOGE as a reward.
Each day, miners extract about 14.4 million DOGE based on the cryptocurrency tracking platform, Currency.com. That also adds to the coins’ 132.6 billion supply. Compared to Bitcoin, which has a limited supply of 21 million, which will ever exist, Dogecoin doesn’t have a cap.
In the past years, Dogecoin has discovered itself as an unlikely champion in the globe’s richest person, SpaceX founder Elon Musk, who has tweeted about the coin going back as far as 2021 and has already caused the price of Dogecoin to pump on various events.
However, not even Elon’s support could save Doge from the severe crypto winter. Now, Dogecoin is trading at $0.05, down from an all-time high of $0.73 on May 8, 2021. The same Musk appeared on Saturday Night Live. That is a decline of 91.89 percent.
A month ago, an ATM company and cryptocurrency exchange announced the addition of Dogecoin to the list of options of its machines via a deal with a coin kiosk operator Coinstar. On top of that, the ATM also supports polygon, Stellar, Litecoin, Ethereum, Chainlink, and Bitcoin.
Bagging Tenth Place in the Top Crypto List
Dogecoin was launched in 2013 and has since climbed to the top ten cryptocurrency rankings. The crypto is presently trading at $0.060888, a decrease of 4.8 percent over the past seven days. The joke coin is currently ranked tenth on Coingecko’s list of the top cryptocurrencies.
As with Bitcoin, DOGE is mined through proof of work that needs miners to use strong computers and a substantial amount of energy to solve complicated mathematical problems to confirm transactions and earn DOGE.
On top of that, regulatory authorities have upped their monitoring of network validators as many countries support a complete ban on crypto mining activities since they put a substantial strain on national grids.
Dogecoin PoS Shift in the Drawing Boards
At least 14.4 billion DOGE are mined on a regular basis, based on the crypto tracking Ssite Currency.com, totaling to the supply of coins of 132.6 billion. Unlike Bitcoin, which has a limited supply of twenty-one million, Dogecoin doesn’t have a supply limit.
On the other hand, the Dogecoin Foundation has been expecting a shift of Dogecoin to a PoS (proof-of-stake) mechanism after Ethereum co-founder Vitalik Buterin, who is an advisor to the foundation as well, recommended the transition in September of last year.
In the past years, the dog-inspired cryptocurrency has obtained a strange champion in the globe’s richest person, Tesla chief executive Elon Musk, who has recently tweeted about the coin as far back as 2019 and on many times, causing the price of Dogecoin to increase.
It stays a great question how long DOGE will take its position as the second biggest PoW cryptocurrency. The Dogecoin may soon begin competing with forked ETHW, which since September 15 has noticed a nearly seventy percent drop in its price.
At the end of 2021, the Dogecoin Foundation presented Dogecoin Trailmap to establish a Dogecoin “community staking version, which imitates PoW. In the middle of September, DOGE was also selling for $0.05962.
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