Dogecoin Rises as Second Largest PoW Cryptocurrency After Ethereum Merge Arrival

Dogecoin Rises as Second Largest PoW Cryptocurrency Following Ethereum Merge Arrival

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

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

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

The meme cryptocurrency is an open-source token based on the Litecoin code fork. The emblem of DOGE is based on a meme-famous dog of the Shiba Inu breed.

According to CoinMarketCapDOGE has a circulating supply of 132,670,764,300 DOGE coins and there is no maximum supply available.

Elon Musk, the world’s richest man, is a strong supporter of DOGE. Musk recently found himself in legal trouble when some Doge investors filed complaints that Musk’s endorsement of the cryptocurrency was beyond its usefulness causing investors’ financial downfall.

Musk has been sued by the plaintiffs for $258 billion (about Rs 20,57,911 crore) in the case.

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

Crypto community insiders have often said that if more PoW cryptocurrencies switch to PoS mode, it could lead to widespread adoption of the technology around the world.

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