Dogecoin has climbed to the second spot among proof-of-work cryptocurrencies with a market cap north of $7.9 billion.
The meme coin achieved the feat following the merge.
Ethereum was previously the second largest PoW blockchain before its proof-of-stake upgrade.
Doge is now topped only by the world’s largest decentralized network – Bitcoin.
Crypto’s largest meme coin has become the second largest proof-of-work (PoW) blockchain network after Ethereum switched to a proof-of-stake consensus mechanism on Thursday, September 2022.
A PoW chain relies on miners to discover new blocks in the chain to churn out more tokens, validate transactions, and guarantee network security.
The upgrade known as the Merge was initiated after Ethereum’s chain hit a Total Terminal Difficulty (TTD) of 58,750,000,000,000,000,000,000. As reported, the final step dubbed Paris was hard coded into the network by ETH engineers and proved successfully after over six years of development.
Ethereum was crypto’s second largest PoW blockchain before the merge. Indeed, the switch to PoS left a vacuum that was quickly filled by the popular meme coin.
Dogecoin Climbs PoW Ranks After Ethereum PoS Switch
Ethereum’s PoS upgrade meant another blockchain was poised to inherit the number two PoW spot. Ether’s chain sat between the top PoW network Bitcoin and the third largest, Dogecoin.
As such, the meme coin became the second largest network for miners following the merge. Dogecoin was founded in 2013 by Jackson Palmer and has managed to carve out its spot among leading tokens in the digital asset ecosystem.
DOGE has attracted some criticism throughout its history, which is not new to the crypto community. However, the meme coin has stood the test of time much to the chagrin of its doubters.
The meme coin sits 10th among all cryptocurrencies and boasts a massive market cap of almost $8 billion in addition to its new number two spot among PoW chains. Doge has also propelled itself to the limelight, earning support from industry leaders like Tesla CEO Elon Musk.
Elon’s automobile maker added the meme coin as a payment method for Tesla merch. The billionaire has spoken highly of the coin on several occasions, tagging the token “the people’s crypto” in a tweet.
At press time, the meme token traded at $0.05 and with over $200 million in daily trading volume.