Dogecoin Rises as Second Largest PoW Cryptocurrency Following Ethereum Merge Arrival

DOGE is presently trading at $0.059 (roughly Rs. 5) and its market cap stands at $7.83 billion (roughly Rs. 62 crore).

Written by Radhika Parashar, Edited by David Delima | Updated: 16 September 2022 16:45 IST

Dogecoin Rises as Second Largest PoW Cryptocurrency Following Ethereum Merge Arrival

Photo Credit: Pexels/ Rudolfs Klintsons

Dogecoin was created in 2013 and its symbol is a meme-famous dog from the Shiba Inu breed

Highlights

Dogecoin is supported by Elon Musk
DOGE is presently trading at $0.059 (roughly Rs. 4)
BTC’s market cap of $378 billion is far ahead of Dogecoin’s

Dogecoin, the meme-based cryptocurrency that was formed as a joke in 2013, today stands as the second-largest proof-of-work (PoW) cryptocurrency after Bitcoin. The development comes a day after the Ethereum blockchain completed its transition to the energy-efficient proof-of-stake (PoS) mining model from its previous power-intensive PoW mechanism. Ethereum's native cryptocurrency, the Ether has also, hence given up its place among the PoW coins. Dogecoin, meanwhile, is presently trading at $0.059 (roughly Rs. 5) and its market cap stands at $7.83 billion (roughly Rs. 62 crore).

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer.

Back in 2021, Markus had admitted in an interview that he made Dogecoin in ‘just two hours', and didn't even ‘think of the environmental impact'.

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The meme cryptocurrency is an open-source token, based on a fork of the Litecoin code. The symbol for the DOGE is based on a meme-famous dog from the Shiba Inu breed.

As per CoinMarketCap, DOGE has a circulating supply of 132,670,764,300 DOGE coins and the maximum supply is not available.

Elon Musk, the world's richest man is an avid DOGE supporter. Musk recently found himself in legal trouble after some Doge investors filed a complaint that Musk's endorsement of the cryptocurrency has been beyond its usability that has caused the investors financial dips.

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A lawsuit worth $258 billion (roughly Rs. 20,57,911 crore) has been levied on Musk by the plaintiffs in the case.

Meanwhile, PoW cryptocurrencies Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR) follow BTC and DOGE on the third, fourth, and fifth ranks.

:100:Dogecoin NO 2 PoW Blockchain:gift::bar_chart::chart_with_upwards_trend:
well done Doge:smile:https://t.co/HpMHGqMXIV pic.twitter.com/rGROPm0hYp
— Dogecoin Staking Mining (@BoatLov23465430) September 16, 2022

Insiders from the crypto community have often said that if more PoW cryptocurrencies switch to PoS modes, it could trigger a wide-scale adoption of the technology around the world.

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Further reading: Cryptocurrency, Dogecoin, DOGE, Bitcoin, Ether, Ethereum, Merge, Ethereum Classic, Litecoin, Monero

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More