- Dogecoin now enjoys a market cap of $8 Billion.
- The Dogecoin Foundation has earlier proposed to build a Dogecoin version that resembled PoS.
Renowned cryptocurrency Dogecoin (DOGE) has now earned the spot of the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum Network’s transition to Proof-of-Stake on September 15.
Bitcoin, however, tops the list among PoW cryptocurrencies with a staggering market cap of $378 Billion billion, while Dogecoin comes a distant second with a market cap of $7.83 Billion.
Dogecoin is followed by Ethereum Classic (ETC) (with a market cap of $4.69 billion), Litecoin (LTC) ($4.01 billion), and Monero (XMR) ($2.65 billion).
The news comes amidst increasing discussion on Dogecoin’s [possible transition to a Proof-of-Stake consensus. In December 2021, the Dogecoin Foundation unveiled its Dogecoin Trailmap, which proposed to build a Dogecoin version that resembled PoS.
“Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network,” the Dogecoin Foundation said.
The transition proposal is still listed in the Dogecoin Trailmap, however so far, it only remains as a proposal to the DOGE community,
The ETH Merge is also now compelling PoW-powered cryptocurrency networks to transition to a more sustainable consensus mechanism.
The crypto community has, however, reacted mixedly to the news of Dogecoin bagging the second spot among PoW cryptocurrencies.
One Twitter user was disappointed with the latest development emphasizing the need to remove “useless coins” from public view.
Dogecoin supporters known as Dogefam have received the news very well, with many calling it the resurgence of the meme coin.
The latest development is expected to increase the price of the coin, which hasn’t had a good run this year. Last week, Dogecoin’s price was down over 13% since the beginning of March 2022. Dogecoin is currently trading at $0.05966
Dogecoin, launched in 2013 by Jackson Palmer and Billy Markus, grew into popularity in the late 2010s owing to its logo, which features a Shiba Inu, a Japanese breed of dog.
Dogecoin is based on Litecoin, and by late 2017, it was participating in the cryptocurrency bubble that increased digital coin value significantly.