Dogecoin is making noise now.
When the Ethereum merger finally closed on September 15, investors did not see the massive market shift they anticipated.
However, one of the significant results of this event was that the meme-inspired cryptocurrency Dogecoin has now become the second-largest Proof-of-Work (PoW) consensus-based network, trailing only the Bitcoin network in terms of market value.
According to the official ETHPoW Twitter account, Dogecoin is likely to compete with ETHPoW, which is the Ethereum PoW hard fork chain that is expected to continue mining.
Bitcoin is still the most valuable PoW blockchain with a market capitalization of $380 billion, based on data from TradingView. Next to Bitcoin and Dogecoin, Ethereum Classic, Litecoin and Monero have the third, fourth and fifth largest PoW blockchains respectively.
Bagging 10th place in the list of top cryptos
Dogecoin was launched in 2013 and has since risen to the top 10 cryptocurrency charts. The crypto is currently trading at $0.060888, down 4.8% in the last seven days.
The joke coin is now ranked 10th on Coingecko’s list of top cryptocurrencies. Over the past 24 hours, BTC traded at $19,709, down 2.5%, while ETH traded at $1,474, down 9.7%.
As with Bitcoin, DOGE is mined using proof of work, which requires miners to use powerful computers and a significant amount of energy to solve complex mathematical problems in order to validate transactions and earn DOGE .
Regulators have recently stepped up their oversight of network validators, as many countries are advocating for a complete ban on crypto mining activities as they put significant pressure on national networks.
Dogecoin PoS Transition in the Drawing Boards
Around 14.4 million DOGE are mined daily, according to cryptocurrency tracking platform Currency.com, adding to the supply of 132.6 billion coins. Unlike Bitcoin, which has a supply limit of 21 million, Dogecoin has no supply limit.
Meanwhile, the Dogecoin Foundation was considering a transition from Dogecoin to a proof-of-stake (PoS) mechanism after Ethereum co-founder Vitalik Buterin, who is also an advisor to the foundation, suggested the change in September from Last year.
In recent years, the dog-inspired crypto has gained an odd champion in the world’s richest person, Tesla CEO Elon Musk, who tweeted about the coin as early as 2019 and repeatedly drove the price up. Dogecoin price.
DOGE total market cap at $8.11 billion on the daily chart | Source: TradingView.com Featured image Times of India, Chart: TradingView.com