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Dogecoin achieves rare feat

Bitcoin is still expected to be ahead of Dogecoin, which has a market capitalization of USD 7.83 billion

After the Ethereum network upgraded to proof-of-stake (PoS) recently, the meme-based cryptocurrency Dogecoin (DOGE) is now purportedly the second-largest proof-of-work (PoW) cryptocurrency in terms of market capitalization.

According to Cointelegraph, memecoin is anticipated to surpass third-place PoW cryptocurrency Ethereum Classic (ETC), which has a market capitalization of USD 4.69 billion, as well as fourth- and fifth-place PoW cryptocurrencies Litecoin (LTC) (USD 4.01 billion) and Monero (XMR) (USD 2.65 billion). Bitcoin (BTC) is still expected to be ahead of Dogecoin, which has a market capitalization of USD 7.83 billion.

According to ETHPoW’s official Twitter handle, Dogecoin is anticipated to face the battle against ETHPoW, the Ethereum PoW hard fork chain that is anticipated to continue mining.

A Twitter user questioned how people could take the cryptocurrency sector seriously with a memecoin near the top rank and focused on the need to remove such kinds of tokens based on information provided by Cointelegraph.

According to reports, the move by Ethereum to PoS has increased pressure on cryptocurrency networks that rely on PoW to secure a long-lasting consensus mechanism.

Labrys founder and CEO Lachlan Feeney stated that Bitcoin must ultimately justify the PoW method.

However, the Dogecoin Foundation has been debating switching Dogecoin to a proof-of-stake protocol ever since Vitalik Buterin, the co-founder of Ethereum, suggested it in September 2021.

Additionally, Cointelegraph said that the Dogecoin Foundation revealed their Dogecoin Trailmap in December 2021, which included a plan to create a Dogecoin version that matched PoS.

Dogecoin Foundation said, “Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network.”

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