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The second-largest PoW cryptocurrency is Dogecoin. Since Ethereum and Dogecoin combined, Bitcoin has become the largest proof-of-work cryptocurrency, with Dogecoin taking second place.
Dogecoin (DOGE), a cryptocurrency inspired by memes, is now officially the second-largest proof-of-work (PoW) cryptocurrency in terms of market cap following the Ethereum Merge, which occurred on Thursday. To know in detail, keep reading.
Software developers Billy Markus and Jackson Palmer developed the cryptocurrency known as Dogecoin as a “joke” to mock the irrational investment in cryptocurrencies at the time. It is regarded as the first “meme coin” as well as the first “dog coin,” more specifically. Despite being sarcastic, some people view it as a viable financial opportunity. The Shiba Inu dog’s face from the “doge” meme serves as Dogecoin’s emblem and namesake. Following its launch on December 6, 2013, it swiftly established its own online community and, by May 5, 2021, had a market capitalization of more than $85 billion. It currently serves as Watford Football Club’s jersey sponsor.
Dogecoin.com markets the money as the “fun and friendly Internet currency,” alluding to its “joke” origins. The satirical cryptocurrency was created by software developers Billy Markus and Jackson Palmer as a method to mock Bitcoin and the other cryptocurrencies boasting ambitious aspirations to take over the world. The website quickly gained popularity with Reddit’s assistance. Dogecoin built a dedicated blog and forum in less than two weeks, and its market value has already risen to US$8 million, making it the seventh-largest electronic currency in the world. Dogecoin uses the Scrypt algorithm and has a more user-friendly transaction system than Bitcoin. In comparison to BTC, Dogecoin is confirmed in just one minute.
Following the Ethereum network’s proof-of-stake (PoS) update on Thursday, the cryptocurrency Dogecoin (DOGE), which was inspired by memes, is now the second-largest proof-of-work (PoW) cryptocurrency in terms of market cap. Dogecoin, a popular meme coin, is still comfortably ahead of the third-place PoW cryptocurrency Ethereum Classic (ETC), which has a market cap of $4.69 billion, as well as Litecoin (LTC), which has a market cap of $4.01 billion, and Monero (XMR), which has a market cap of $2.65 billion. Of course, Bitcoin (BTC) continues to lead Dogecoin by a wide margin. Who would have believed that this would happen, a Dogecoin supporter said in the apparent surprise of the cryptocurrency’s ascent to the second-largest PoW market cap. Bravo, #Dogefam!
However, not everyone found it to be favorable. In response to a message announcing the announcement, one Twitter user emphasized the need to hide “useless coins” from the public’s perspective by questioning how they could take the cryptocurrency sector seriously with a meme coin so close to the top spot.
According to the official Twitter account of ETH PoW (ETHW), the Ethereum PoW hard fork chain that will continue mining, Dogecoin may also soon find itself in competition with ETH PoW (ETHW), which is presently trading at $13.64 according to CoinMarketCap. The move by Ethereum to a PoS consensus mechanism may have increased pressure on PoW-powered cryptocurrency networks to make a similar move.
Lachlan Feeney, the founder, and CEO of the Australian-based blockchain development company Labrys said in a statement to Coin telegraph that “the burden is on” Bitcoin right now to sustain the PoW method in the long run. “Reluctance to carry out its shift to PoS will be tremendous,” he continued. Since September 2021, when Ethereum co-founder and adviser Vitalik Buterin first hinted about the possibility of switching Dogecoin to a proof-of-stake protocol, the Dogecoin Foundation has been exploring the possibility.
The Dogecoin Foundation published their Dogecoin Trail map in December 2021, outlining plans to create a Dogecoin “community staking” variant that mirrored PoS .the Dogecoin Foundation stated that such a version “would enable all Dogecoin users to stake their DOGE and get additional tokens for sustaining the network.” Little has changed since then, though, since the Dogecoin website indicates that it is still in the “proposal” stage.