Dogecoin (DOGE) becomes the largest PoW cryptocurrency after Bitcoin (BTC) by DailyCoin.

© Reuters Dogecoin (DOGE) becomes the largest PoW cryptocurrency after Bitcoin (BTC).

The development team behind them was quick to send their congratulations to Vitalik Buterin, the co-founder of (ETH), when the second-largest cryptocurrency officially transitioned to Proof of Stake (PoS). Ethereum’s upgrade leaves Dogecoin (DOGE) behind as the second largest PoW blockchain (BTC).

Congratulations to @VitalikButerin and everyone involved in the @ethereum merger. Wow. #EthereumMerge pic.twitter.com/Iu5aQ1wsci

— Dogecoin (@dogecoin) September 15, 2022

The king of altcoins paves the way for younger siblings

With the successful completion of the merger, miners using the PoW mechanism will likely start looking for a new home. Of the top 20 cryptocurrencies by market cap, the most realistic options available to them are Elon Musk’s beloved Dogecoin (DOGE) and (ETC)’s original blockchain.

Currently, the total market cap of Dogecoin (DOGE) is $7.97 billion, while that of Ethereum Classic (ETC) is $4.70 billion. The closest competitor to the above altcoins is Monero (XMR), which has a market cap of just $2.67 billion.

#Dogecoin is now the second largest proof-of-work crypto.

— Altcoin Daily (@AltcoinDailyio) September 15, 2022

Dogecoin (DOGE) has ambitions to become Proof of Stake

The Dogecoin development team has their own plans to move to Proof of Stake (PoS). This was first announced in late 2021 when the Dogecoin Foundation stated that “such a release would allow all Dogecoin users to stake their DOGE and receive additional tokens to support the network.”

The idea was further supported by Vitalik Buterin, who also serves as an advisor to the Dogecoin Foundation. Despite this, the proposal for Dogecoin to move to PoS has yet to be approved.

Despite this, Dogecoin (DOGE) usage has increased dramatically. The unofficial bridge, Dogechain, has invested a significant amount of time and money into Dogechain’s infrastructure and has reportedly bridged over $300 million to date. “Dogecoin has entered the Web 3.0 era,” the developers behind Dogechain proudly announced today, Friday the 16th.

#Dogecoin has entered the Web3 era with #Dogechain Every day, $DOGE holders are discovering new use cases for the top #memecoin pic.twitter.com/U2zbVQQogf

— Dogechain (Giving away a Tesla (NASDAQ:)) (@DogechainFamily) September 15, 2022

Perhaps more importantly, the official Dogecoin development team is working in partnership with Blue Pepper on its own Layer 2 project. The project is scheduled to start by the end of the year.

Dogecoin (DOGE) is still battling bloodthirsty bears

At the time of publication, top-performing Memecoin is trading at $0.060114, according to CoinGecko. The Japanese dog-themed token has settled into the red over the past 24 hours, posting a weekly deficit of 1.6%. The monthly outlook for Dogecoin (DOGE) is even worse as the meme token has lost 31.1% of its value over the past 30 days.

On the flip side

• Although the original meme coin offers more utility than it did a year ago, its value has fallen by 75.7% over the same period.
• The moon is still a long way off DOGE as the dog-themed token lags 91.8% from its ATH of $0.73 set last year.

Why you should care

Currently, the largest cryptocurrencies running on PoW have ample room for expansion as Ethereum (ETH) miners will look for alternatives to ETH.

Learn more about the latest Dogecoin updates:

Musk Whistleblower Draft: Dogecoin (DOGE) Exclusive Cyberwhistle Sells Out In Minutes

Dogecoin (DOGE) founder Billy Markus rejects Dogechain’s hefty $14 million offer

Read more on DailyCoin

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