Dogecoin, the cryptocurrency that has been brought to the limelight through memes, is currently the second largest proof-of-work crypto in terms of its market capitalization. This news followed the proof-of-stake upgrade that the network Ethereum saw on Thursday. Bitcoin is still at the top of the chain, with a market cap that is quite far from DOGE’s market cap of $7.83 billion.
Yet, one needs to remember that DOGE itself is miles ahead of the third-place PoW cryptocurrency Ethereum Classic, which has a market cap of $4.69 billion. The other cryptocurrencies which follow ETH Classic are Litecoin with a market cap of $4.01 billion, and Monero, with a market cap of $2.65 billion.
Dogecoin Has Turned Out To Be The Second Largest POW Cryptocurrency
The meteoric rise of Dogecoin did render some of the fans disbelieving, as no one thought that the meme cryptocurrency would be the second largest PoW cryptocurrency. Nevertheless, the news wasn’t taken by most investors in the crypto community. One user responded that there was no reason why people in the crypto industry take a meme coin so seriously- so much so that it reaches the top spot.
The user also emphasized the need to erase such useless coins from the public view. It is reported that the meme cryptocurrency could find itself against ETHPoW- the hard fork of Ethereum PoW which will continue to mine, as mentioned on Twitter. This cryptocurrency has been priced at around $13.64.
Back in the December of 2021, the Dogecoin Foundation had brought out the Dogecoin Trailmap, which further proposed to create a community staking version of the cryptocurrency that would closely resemble PoS. The Foundation claimed that a version like that would allow all users of the cryptocurrency to stake their DOGE and manage to get in some extra tokens for their continued support of the network.