Meme-inspired cryptocurrency Dogecoin (DOGE) is now formally the second largest proof-of-work (PoW) crypto when it comes to market cap, following the Ethereum community’s proof-of-stake improve on Sept. 15.
Bitcoin (BTC) in fact stays miles forward of Dogecoin’s market cap of $7.83 billion, though the well-followed memecoin continues to be comfortably forward of the third place PoW cryptocurrency Ethereum Classic (ETC) (with a market cap of $4.69 billion), Litecoin ( LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion).
One Dogecoin fan gave the impression to be in disbelief of Dogecoin’s rise to grow to be the second largest PoW cryptocurrency, standing “who would have thought that this might occur. Congrats #Dogefam.”
But it wasn’t taken properly by everybody. One Twitter person responding to a tweet about the information requested how folks might take the crypto trade significantly with a memecoin so near the high spot, emphasizing the must take away “ineffective cash” from public view.
But Dogecoin may quickly discover itself competing in opposition to ETHPoW – the Ethereum PoW arduous fork chain that can proceed mining, accordingly to the official Twitter account of the ETHPoW, which is presently priced at $13.64.
Ethereum’s transition to PoS could have added stress on PoW-powered cryptocurrency networks to transition to a extra sustainable consensus mechanism.
In an announcement to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain improvement company Labrys stated “the stress is on” Bitcoin now to justify the PoW system over the long run.”
He added that “reluctance to hold out its personal transition to PoS might be big.”
Meanwhile, the Dogecoin Foundation has been contemplating a transition of Dogecoin to a proof-of-stake after first hinting at the shift in Sept. 2021, which was put ahead by Ethereum co-founder Vitalik Buterin, who can also be an advisor for the Dogecoin Foundation.
In Dec. 2021, the Dogecoin Foundation launched its “Dogecoin Trailmap” which proposed to construct a Dogecoin “group staking” model that resembled PoS.
Related: Proof-of-stake vs. proof-of-work: Differences defined
“Such a model would enable all Dogecoin customers to stake their DOGE and get additional tokens for supporting the community,” the Dogecoin Foundation stated.
However, little progress has been made since then, because it nonetheless seems to be in “proposal” standing in keeping with the Dogecoin web site.
DOGE is presently priced at $0.06 at the time of writing.