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).