The popular meme token Dogecoin (DOGE) has become the second-largest Proof of Work (PoW) coin by market capitalization after the Ethereum network's Proof of Stake (PoS) upgrade on September 15. Of course, Bitcoin (BTC) is well above Dogecoin's $7.83 billion market cap. However, Dogecoin (DOGE) seems to have surpassed the Proof of Work (PoW) cryptocurrency Ethereum Classic (ETC) ($4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion) by market cap.
However, this was not well received by everyone. Regarding the news, Twitter users began asking how people could trust a crypto industry where a meme token is so valuable. Dogecoin could compete with ETHPoW, the recent Ethereum PoW hardfork.
Lachlan Feeney, CEO of Australian-based blockchain development agency Labrys, said in a statement:
“There is pressure on Bitcoin to justify the PoW system in the long run.”
On the other hand, the Dogecoin (DOGE) Foundation is considering the transition of Dogecoin to the proof-of-stake system, which was introduced in September 2021 by Ethereum founder Vitalik Buterin, who is also an advisor to the Dogecoin (DOGE) Foundation. The Dogecoin (DOGE) Foundation published the Dogecoin roadmap in December 2021 proposing to create a PoS-like version of staking Dogecoin. The Dogecoin Foundation made the following statement on the subject:
“Such a release will allow all Dogecoin users to stake their DOGE and receive extra tokens to support the network.”
However, this idea remained in the proposal stage and has not yet been implemented.
According to CoinGecko data, Dogecoin (DOGE) price was recorded as $0.05946 at the time of writing, while Dogecoin (DOGE)'s last 24-hour trading volume was $242,389,913. Dogecoin (DOGE) price has increased by 0.2% in the last 24 hours.