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Meme-inspired cryptocurrency Dogecoin (DOGE) is now formally the second largest proof-of-work (PoW) crypto by way of market cap, following the Ethereum network’s proof-of-stake upgrade on Sept. 15. 

Bitcoin (BTC) after all stays miles forward of Dogecoin’s market cap of $7.83 billion, although the well-followed memecoin continues to be comfortably forward of the third place PoW cryptocurrency Ethereum Classic (ETC) (with a market cap of $4.69 billion), Litecoin (LTC)  ($4.01 billion) and Monero (XMR) ($2.65 billion).

Rating of PoW-Based mostly Cryptocurrencies by Market Cap. Supply: Coinmarketcap.com.

One Dogecoin fan seemed to be in disbelief of Dogecoin’s rise to change into the second largest PoW cryptocurrency, stating “who would have thought that this may occur. Congrats #Dogefam.”

However it wasn’t taken effectively by everybody. One Twitter person responding to a tweet in regards to the information requested how individuals might take the crypto business critically with a memecoin so near the highest spot, emphasizing the necessity to take away “ineffective cash” from public view.

However Dogecoin can also quickly discover itself competing in opposition to ETHPoW – the Ethereum PoW onerous fork chain that can proceed mining, according to the official Twitter account of the ETHPoW, which is at the moment priced at $13.64.

Ethereum’s transition to PoS might have added strain on PoW-powered cryptocurrency networks to transition to a extra sustainable consensus mechanism.

In an announcement to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain improvement company Labrys stated “the strain is on” Bitcoin now to justify the PoW system over the long run.”

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He added that “reluctance to hold out its personal transition to PoS shall be big.”

In the meantime, the Dogecoin Basis has been contemplating a transition of Dogecoin to a proof-of-stake after first hinting on the shift in Sept. 2021, which was put ahead by Ethereum co-founder Vitalik Buterin, who can also be an advisor for the Dogecoin Basis.

In Dec. 2021, the Dogecoin Foundation released its “Dogecoin Trailmap” which proposed to construct a Dogecoin “neighborhood staking” model that resembled PoS.

Associated: Proof-of-stake vs. proof-of-work: Differences explained

“Such a model would enable all Dogecoin customers to stake their DOGE and get further tokens for supporting the community,” the Dogecoin Basis stated.

Nonetheless, little progress has been made since then, because it nonetheless seems to be in “proposal” standing in accordance with the Dogecoin web site.

DOGE is currently priced at $0.06 on the time of writing.