Following the Ethereum network’s proof-of-stake (PoS) update on Thursday, the cryptocurrency Dogecoin (DOGE), which was inspired by memes, is now the second-largest proof-of-work (PoW) cryptocurrency in terms of market cap.
The popular memecoin Dogecoin is still well ahead of Ethereum Classic (ETC), which is in third place with a market cap of $4.69 billion, along with Litecoin (LTC), which is in fourth place with a market cap of $4.01 billion and Monero (XMR) in fifth place. However, in terms of market cap, Bitcoin (BTC) leads significantly over Dogecoin.
In an apparent surprise, a Dogecoin supporter said, “Who would have thought it would happen.”. Bravo, #Dogefam!
— Guhan💎🐾 (@TheDogeVampire) September 15, 2022
However, not everyone was happy with it. Following the announcement, one Twitter user commented on the importance of hiding “useless currencies” from the public’s perspective and asked how anyone could take cryptocurrency seriously when memecoin is so close to the top.
Thanks a lot everyone for joining us in the ETH Merge Party with Binance Live, we got over 6000 audiences!
Next, within 23 hours, we will publish the 1-hour Count Down Timer for the ETHW mainnet release.
— EthereumPoW (ETHW) Official #ETHW #ETHPoW (@EthereumPoW) September 15, 2022
A tweet from the official Twitter account of ETHPoW (ETHW), the Ethereum PoW hard fork chain that will continue mining, indicates Dogecoin may soon compete with ETHPoW (ETHW), which is currently trading at $13.64.
The switch from PoW to PoS on Ethereum may have pushed other cryptocurrency networks to switch to more sustainable consensus mechanisms.
Labrys CEO Lachlan Feeney said in a statement that Bitcoin right now is the company that must sustain the PoW method going forward. “Reluctance to carry out its shift to PoS will be tremendous,” he said.
Dogecoin Foundation has been exploring the possibility of switching Dogecoin to a proof-of-stake protocol since Ethereum co-founder Vitalik Buterin first hinted at it in September 2021.
— Dogecoin Foundation (@DogecoinFdn) December 23, 2021
A Dogecoin “community staking” variant modeled after PoS was outlined in the Dogecoin Trailmap in December 2021. A version of Dogecoin that supports stakes would bring more tokens to Dogecoin users who support the network. However, there hasn’t been much progress since then since Dogecoin’s website still indicates that it is in the “proposal” stage.
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