Finally, The Merge’s upgrade Ethereum The long awaited has finally come to an end. and led to many changes in the Crypto world, with such events directly affecting meme coins like Dogecoin as well
Dogecoin used to be the third largest PoW crypto-currency, but after Ethereum switched its mechanism to Proof of Stake (PoS), Dogecoin is now the second largest PoW-powered asset. Also the fact that Dogecoin has risen above Litecoin in the ranking chart. The more people are interested in this coin is overwhelming.
Even with major coins like Ethereum Classic (ETC) or Litecoin (LTC), Dogecoin is still second only to its pioneering coin. Bitcoin (BTC) only. From the crypto coin ranking charts using the PoW mechanism, it is noticed that the top coins Ethereum Classic (LTC), Litecoin (LTC), Monero (XMR), and Bitcoin Cash (BCH) maintain their rankings. in the third, fourth, fifth and sixth, respectively, and if considering all digital assets Including PoS mechanical tokens, Dogecoin still ranks 10th among the largest digital assets. with a market capitalization of $8.04 billion at the moment
Stepping up to the second largest PoW mechanical asset It was a remarkable achievement for Dogecoin, as the image of the coin made many people skeptical that the meme coin could reach this point. But on the side of those who have supported Dogecoin’s success, Twitter has come out to acknowledge the success. “Who would have thought something like this would happen? Congratulations, Dogefam.”
Earlier, it was reported that Elon Musk has launched a Tesla Cyberwhistle, limited to the purchase of Dogecoin. Which is valued at 1,000 DOGE, or about $60 USD. But the merchandise sold out within an hour of Elon Musk’s Twitter promotion.
On the other hand, Ethereum’s mechanical switch to PoS has reduced Ethereum’s power consumption by over 99%, resulting in a 0.2% reduction in global power consumption. However, the ETHPoW – the Ethereum hard fork chain will still be mining. The next PoW mechanism is likely to be enabled soon, with the official ETHPoW Twitter account saying that the 1-hour countdown for the mainnet launch will begin in 23 hours.
Source: thecryptobasic