Dogecoin became the second largest PoW token after Ethereum’s transition to PoS.
The largest meme token has a total market cap of around $7.8 billion.
Dogecoin Becomes Second Largest PoW Token
DOGE became the second largest PoW token after the Ethereum merge. Bitcoin is at the top of the list with a market cap of around $375 billion.
Ethereum hard fork Ethereum Classic ranked third after Dogecoin.
Litecoin and Monero also found themselves in the fourth and fifth places.
While DOGE is currently in second place, this may not be for long. Last September, Ethereum founder Vitalik Buterin urged the Dogecoin community to switch to Proof of staking. Buterin’s proposal caused controversy within the DOGE community.
The Dogecoin Foundation also included the proof-of-stake algorithm in its roadmap last December. Vitalik Buterin is among the consultants of the foundation.
The privacy-focused cryptocurrency Zcash also announced plans to move away from the proof-of-work algorithm last year.
Bitcoin’s Energy Problem
Cryptocurrencies using the proof-of-work algorithm, such as Dogecoin and Bitcoin, continue to be the subject of discussion. Bitcoin alone consumes more electricity than Argentina as a whole. This is causing a reaction from regulators.
Last March, Ripple co-founders Chris Larsen and Greenpeace launched a campaign to encourage the Bitcoin community to switch to proof-of-stake.
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