Dogecoin Emerges as Second-Largest Proof-of-Work Cryptocurrency After Ethereum Merge
Dogecoin's Rise to Prominence
The Dogecoin development team congratulated Vitalik Buterin and the Ethereum community on the successful Merge, which transitioned Ethereum to proof-of-stake (PoS). This shift leaves Dogecoin (DOGE) as the second-largest proof-of-work (PoW) blockchain, trailing only Bitcoin (BTC).
Mining Migration and Market Opportunities
With Ethereum's PoW phase ending, miners are seeking alternative blockchains. Among the top 20 cryptocurrencies by market capitalization, Dogecoin (DOGE) and Ethereum Classic (ETC) are the most viable options. Dogecoin's market cap stands at $7.97 billion, while Ethereum Classic's is $4.70 billion. Monero (XMR) follows with a $2.67 billion market cap.
Dogecoin's PoS Ambitions
Dogecoin's developers aim to transition to PoS, a plan first announced in late 2021. This move would allow users to stake DOGE for rewards. Although supported by Vitalik Buterin, the proposal remains pending.
Expanding Use Cases
Despite the delayed PoS transition, Dogecoin's utility is growing. The Dogechain bridge has facilitated over $300 million in transactions, marking Dogecoin's entry into the Web 3.0 era. Additionally, the official Dogecoin team is collaborating with Blue Pepper on a Layer-2 project, expected to launch by year-end.
Current Market Performance
Dogecoin (DOGE) currently trades at $0.060114, down 1.6% in the last 24 hours and 31.1% over the past month. Despite its struggles, Dogecoin remains a prominent memecoin with growing use cases and infrastructure development.
Why This Matters
The transition of Ethereum to PoS creates opportunities for PoW blockchains like Dogecoin. As miners seek new platforms, Dogecoin's position as the second-largest PoW cryptocurrency makes it a key player in the evolving crypto landscape.
Stay updated on Dogecoin's latest developments and market trends.
What is Coinefficiency?
Coinefficiency is your go-to platform for optimizing cryptocurrency trading, investments and strategies. We provide a comprehensive suite of tools to analyze market trends, monitor price movements, and execute effective trading strategies. Whether you're a seasoned trader or new to crypto, Coinefficiency helps you maximize your profits with data-driven insights.
Why Use Coinefficiency?
- Advanced market analytics to identify trading opportunities.
- Compare markets relative performance.
- Understand market cycles over time. See market levels.
- Compare buy-and-hold, portfolio rebalancing, Dollar-Cost-Averaging trading strategies.
With Coinefficiency, you can stay ahead of the market and execute efficient trading strategies effortlessly.
Get Started with Coinefficiency
Ready to optimize your crypto investments? Take control of your portfolio with cutting-edge tools designed for both beginners and experts.