Dogecoin Replaces Ethereum Becomes 2nd Largest Proof-of-Work Coin

Dogecoin (DOGE) officially became the 2nd largest POW coin by market capitalization after Bitcoin since Ethereum succeeded with The Merge upgrade.

As updated in a recent Coincu News article, one of the biggest events in Ethereum history took place. The Merge took place very successfully in the expectation of the entire crypto community. The Ethereum network officially switched from PoW to PoS.

This has put Dogecoin in the position of Ethereum’s 2nd largest proof-of-work coin. Currently DOGE has a total market capitalization of about $8,037 billion behind only Bitcoin. It is also currently the 10th largest cryptocurrency by market.

Dogecoin, like Bitcoin, is mined using proof-of-work, which means that miners use computers and a significant amount of energy to solve complex mathematical equations, validate transactions and get DOGE as a reward.

According to the report, miners can mine $14.4 million a day, or $5.2 billion a year. However, the supply of Dogecoin is not as limited as Bitcoin’s only 21 million tokens.

This is also the most “shilled” token by billionaire Elon Musk. For this passion, he always insists that he will never sell DOGE.

But even Musk’s support couldn’t save Doge from a harsh crypto winter. Currently, Dogecoin is trading at $0.05, down from its all-time high of $0.73 on May 8, 2021.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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