Meme-inspired cryptocurrency Dogecoin (DOGE) has become formally the second biggest proof-of-work (Bang) crypto when it comes to market cap, following a Ethereum network’s proof-of-stake upgrade on Sept. 15.
Bitcoin (BTC) obviously remains miles in front of Dogecoin’s market cap of $7.83 billion, although the well-adopted memecoin continues to be easily in front of the third place Bang cryptocurrency Ethereum Classic (ETC) (having a market cap of $4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion).
One Dogecoin fan made an appearance to stay in disbelief of Dogecoin’s rise to get the second biggest Bang cryptocurrency, stating “who might have believed that this could happen. Congratulations #Dogefam.”
However it wasn’t taken well by everybody. One Twitter user answering a tweet concerning the news requested how people might take the crypto industry seriously having a memecoin so near to the top place, emphasizing the necessity to remove “useless coins” from public view.
But Dogecoin might also soon find itself in competition with ETHPoW – the Ethereum Bang hard fork chain which will continue mining, according towards the official Twitter account from the ETHPoW, that is presently priced at $13.64.
Ethereum’s transition to PoS might have added pressure on Bang-powered cryptocurrency systems to transition to some more sustainable consensus mechanism.
Inside a statement to Cointelegraph, Lachlan Feeney, the founder and Chief executive officer of Australian-based blockchain development agency Labrys stated “the pressure is on” Bitcoin how to justify the Bang system within the lengthy term.”
He added that “reluctance to handle its very own transition to PoS is going to be huge.”
Meanwhile, the Dogecoin Foundation continues to be thinking about a transition of Dogecoin to some proof-of-stake after first meaning in the shift in Sept. 2021, that was submit by Ethereum co-founder Vitalik Buterin, who’s also an consultant for that Dogecoin Foundation.
In 12 ,. 2021, the Dogecoin Foundation released its “Dogecoin Trailmap” which suggested to construct a Dogecoin “community staking” version that was similar to PoS.
“Such a version allows all Dogecoin users to stake their DOGE and obtain extra tokens for supporting the network,” the Dogecoin Foundation stated.
However, little progress has been created since that time, because it still seems to stay in “proposal” status based on the Dogecoin website.
DOGE is presently costing $.06 during the time of writing.