It may come as a shocker for the entire cryptocurrency community but Dogecoin (DOGE) has recently achieved a new milestone. Dogecoin has now become the second-largest proof-of-work (PoW) cryptocurrency.
The rank comes to Dogecoin as its market valuation has reached the second highest rank in the list of proof-of-work protocols.
Dogecoin Shoots to Second-Largest PoW Crypto
The meme coin has reached the rank after the Ethereum blockchain has undergone an upgrade. The consensus protocol of Ethereum has reportedly upgraded from proof of work to proof of stake protocol.
Ethereum reportedly went through the upgrade on September 15. It is expected that the Ethereum network may get slashed between proof of work and proof of stake networks.
The slashing means that the valuation of the ETH PoW and PoS may get cut in half.
Comparison with Bitcoin
Despite being the second largest PoW cryptocurrency, Dogecoin is miles and miles behind the largest PoW protocol, Bitcoin (BTC).
The valuation of Bitcoin literally dwarfs the market valuation of any other protocol, even the likes of Dogecoin.
At the time of writing, the overall valuation for Bitcoin is $376.63 billion while the valuation of Dogecoin is just $7.89 billion.
Despite having a tiny valuation versus Bitcoin, it has a very high valuation versus other PoW protocols. These protocols include Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR).
The market valuation of Ethereum Classic is worth $4.69, while it is $4.01 for Litecoin and $2.65 billion for Monero.
The DOGE Community is in Shock
As Ethereum’s Merge came close to implementation, the community members of the cryptocurrency industry had many predictions to make.
Many were looking at different aspects and factors once ETH’s upgrade had been put in place. However, no one would have thought that ETH’s upgrade would make DOGE the second-largest PoW protocol.
The entire DOGE community was seen talking about the latest development where DOGE had reached a new milestone. Surprisingly, DOGE had nothing to do with the upgrade of ETH but still, it is benefiting from the upgrade.
The community members of DOGE were in disbelief and found it hard to admit something like this had happened to DOGE.
No one had thought that a meme coin would one day become the second largest protocol in the PoW segment.
Things Looking Good for DOGE
This is a positive indication for Dogecoin because one way or another, DOGE has caught the attention of millions of cryptocurrency investors.
People are now talking about DOGE more than ever and it is a psychological process that people may start investing in DOGE just because it ranks no. 2.
It is expected that after a downtrend, the trading price of DOGE may be able to experience a boost.