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With Ethereum’s transition from Poof-of-Work to Proof-of-Stake, Dogecoin is now the second-largest PoW-using cryptocurrency after Bitcoin by market capitalization.

The Ethereum Merge event is now complete and Ethereum, the leading blockchain for NFTs and decentralized applications, migrated to a proof-of-stake (Proof-of-Stake) system.

 

After the above event, Dogecoin became the 2nd largest Proof-of-Work cryptocurrency after Bitcoin by market capitalization.

 

With a market cap of $7.76 billion , DOGE is positioned higher than Ethereum Classic (ETC) with a market cap of $4 billion . It is followed by Litecoin (LTC) with a market cap of $3.7 billion and Monero (XMR) with $2.58 billion .

 

However, this new position of Dogecoin did not receive a positive response from the community. One Twitter user suggested that people will no longer take the crypto industry seriously when a memecoin comes in at #2.

 

This user also emphasized the need to remove “useless cryptocurrencies” from the public’s attention.

 

Ethereum’s transition to PoS also increases pressure on proof-of-work (PoW) cryptocurrencies to move to a more sustainable consensus mechanism.

 

“Right now, there is pressure on Bitcoin to prove the effectiveness of a PoW system in the long term,” said Lachlan Feeney, founder and CEO of Australia-based blockchain development agency Labrys. know.

 

He also added that “Bitcoin’s reluctance to switch to PoS will be a huge problem.”

 

Meanwhile, the Dogecoin Foundation has also considered converting Dogecoin to proof of stake (PoS). Ethereum co-founder Vitalik Buterin and an advisor to the Dogecoin Foundation first hinted at the change in September 2021.

 

In December 2021, the Dogecoin Foundation drew up a development roadmap for Dogecoin, proposing to build a similar version of Dogecoin on PoS.

 

“Such a version would allow all Dogecoin users to stake DOGE coins and receive additional staking rewards,” said the Dogecoin Foundation.

 

However, with little progress since then, the roadmap still appears to be in a “proposed” state according to the Dogecoin website.

 

Dogecoin was launched in 2013, developed by Billy Markus, a software engineer at IBM, and Jackson Palmer, a software engineer at Adobe.

 

The symbol of this coin is inspired by the image of the Shiba Inu dog. The original purpose was to criticize the Bitcoin craze.