Dogecoin Rises To Be Second Largest PoW Cryptocurrency After Ethereum Consolidation

Dogecoin, the meme-based cryptocurrency conceived as a joke in 2013, is today considered the second largest proof-of-work (PoW) cryptocurrency after Bitcoin. The development comes a day after the Ethereum blockchain completed its transition to an energy-efficient proof-of-stake (PoS) mining model from its previous energy-intensive PoW mechanism. Ethereum’s native cryptocurrency, Ether, has also given up its place among PoW coins. Dogecoin, meanwhile, is currently trading at $0.059 (approximately Rs. 5) and its market capitalization is $7.83 billion (approximately Rs. 62 crore).

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer.

Back in 2021, Markus was admitted in an interview that he created Dogecoin in ‘just two hours’, and didn’t even ‘think about the environmental impact’.

The crypto meme is an open source token, based on a fork of the Litecoin code. The logo for DOGE is based on a famous dog meme of the Shiba Inu breed.

Follow CoinMarketCapDOGE has a circulating supply of 132,670.764,300 DOGE coins and the maximum supply is unavailable.

Elon Musk, the richest man in the world is an ardent DOGE supporter. Musk recently got into legal trouble after several Doge investors filed a complaint that Musk’s endorsement of the cryptocurrency exceeded its usability, which prompted investors to financial decline.

A valuable lawsuit 258 billion dollars (approximately Rs. 20,57,911 crore) was applied to Musk by the plaintiffs in the case.

Meanwhile, PoW cryptocurrencies Ethereum Classic (ETC), Litecoin (LTC) and Monero (XMR) follow BTC and DOGE in the third, fourth and fifth positions.

People in the crypto community often say that if more PoW cryptocurrencies move to PoS mode, that could trigger large-scale adoption of the technology worldwide.

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