2 November 2024
Dogecoin Is Now The Second Largest PoW Crypto
Dogecoin (DOGE) has become the second largest Proof-of-Work cryptocurrency by market capitalization.
The memecoin was able to enter the second position after the long-awaited Ethereum Merge. Yesterday, Ethereum (ETH) switched from proof-of-Work to Proof-of-Stake, giving up its position as the second largest PoW cryptocurrency.
Currently, Dogecoin with its market capitalization worth $7,9 billion, surpassed Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR).
However, it is still miles away from bitcoin with a capitalization of around $379 billion.
Dogecoin holds the 10th position among cryptocurrencies like Solana (SOL), Cardano (ADA), and Ripple (XRP).
Dogecoin first emerged as a “joke,” making fun of the wild speculations connected with the future of crypto.
It is interesting to watch for how long DOGE will take its position as the second largest PoW cryptocurrency. The Dogecoin may soon start competing with forked ETHW, which since September 15th has seen an almost 70% drop in its price.
However, it seems, that Dogecoin itself is considering a transition to Proof-of-Stake. The Ethereum co-founder and an advisor for Dogecoin Foundation, Vitalik Buterin, briefly hinted at Dogecoin's plans in September 2021.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice
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