Dogecoin Becomes the Second Largest PoW Cryptocurrency in Terms of Market Cap

Dogecoin Becomes the Second Largest PoW Cryptocurrency in Terms of Market Cap

The Merge allowed Dogecoin to become the second largest PoW cryptocurrency.

Dogecoin (DOGE), a meme coin established by Billy Markus and Jackson Palmer, has become the second largest Proof-of-Work cryptocurrency by market capitalization.

The meme-inspired cryptocurrency was able to enter the second place after the long-awaited Ethereum Merge. On September 15th, Ethereum (ETH) shifted from Proof-of-Work to Proof-of-Stake, giving up its position as the second largest PoW cryptocurrency.

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At the time of writing, Dogecoin with its market capitalization worth $7,9 billion, surpassed Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR). Although it takes second place as one of the largest PoW cryptocurrencies, Bitcoin (BTC) is still miles away, holding a market capitalization of around $379 billion at the time of writing.

Moreover, in the overall cryptocurrency chart, Dogecoin (DOGE) holds the 10th position among cryptocurrencies like Solana (SOL), Cardano (ADA), and Ripple (XRP).

It is a great accomplishment to the cryptocurrency, which first emerged as a “joke,” making fun of the wild speculations connected with the future of crypto. One of Dogecoin's supporters used Twitter to share their disbelief about such an accomplishment, stating, "who would have thought that this would happen. Congrats #Dogefam."

It remains a great question 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 Dogecoin's plans in September 2021.

At the end of 2021, the Dogecoin Foundation launched “Dogecoin Trailmap” to create a Dogecoin “community staking” version, imitating PoS.

In the middle of September, DOGE was selling for $0.05962.

Gile K. - Crypto Analyst

by Gile K. - Crypto Analyst, BitDegree


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