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Dogecoin (DOGE) is currently the second largest proof-of-work (PoW) cryptocurrency by market capitalization, following the Ethereum network's proof-of-stake upgrade on September 15.
Bitcoin (BTC) is still well ahead of Dogecoin's $7.83 billion market cap. Still, the popular meme coin is comfortably ahead of Ethereum Classic (ETC) ($4.69 billion market cap), Litecoin (LTC) ($4.01 billion), and Monero (XMR) ($2.57 billion).
One Dogecoin supporter looked astonished by Dogecoin's ascent to the position of second-largest PoW cryptocurrency, remarking, "Who would have believed this would happen? Congrats, #Dogefam."
However, it was not favorably received by everyone. One Twitter user queried how anybody could take the crypto sector seriously with a meme coin so close to the top place, highlighting the need to remove “useless currencies” from the public eye.
ETHPoW is the Ethereum PoW hard fork chain that will continue mining, according to the official Twitter account for ETHPoW, which is presently valued at $13.64.
The shift of Ethereum to Proof-of-Stake (PoS) may have increased the pressure on PoW-powered cryptocurrency networks to switch to a more sustainable consensus mechanism.
In a comment to Cointelegraph, Lachlan Feeney, founder and CEO of Australian blockchain development firm Labrys stated that “the burden is on” Bitcoin to explain the PoW mechanism in the long run.
He noted that the resistance to implementing its shift to PoS would be substantial.
Meanwhile, the Dogecoin Foundation has been contemplating a transfer of Dogecoin to proof-of-stake after Ethereum co-founder and Dogecoin Foundation adviser Vitalik Buterin initially hinted at the change in September 2021.
The Dogecoin Foundation issued their “Dogecoin Roadmap” in December 2021, proposing to develop a “community staking” version of Dogecoin similar to PoS.
“Such a version would enable all Dogecoin users to stake their DOGE and get more tokens for supporting the network,” stated the Dogecoin Foundation.
According to the Dogecoin website, no work has been done since then since it still looks to be in the “proposal” stage.
DOGE is presently worth $0.06 at the time of publication.