Dogecoin Drops 13% On Rumors Of An Ethereum-Like Merger

Key Points:

• Dogecoin’s price has dropped 13% in the last week and 6% in the last 24 hours to slightly less than $0.07.
• Rumors circulating on social media that Dogecoin may transition to a more energy-efficient proof-of-stake architecture, akin to Ethereum’s long-awaited merger in September, have prompted one of Dogecoin’s major engineers to deny that any significant change is imminent.

Dogecoin is one of the most volatile meme coins, which has been losing value as 2022 approaches, amid speculation of a possible proof-of-stake switch.

According to CoinGecko data, the price of Dogecoin has decreased 13% in the last week and 6% in the previous 24 hours to slightly under $0.07. The notoriously volatile meme coin has dropped this week amid concerns about prospective modifications to the cryptocurrency’s existing energy-intensive proof-of-work mining methodology.

Rumors that Dogecoin may switch to a more energy-efficient proof-of-stake architecture, similar to Ethereum‘s long-awaited merger in September, are circulating again on social media, prompting one of Dogecoin’s primary engineers to deny that any substantial change is imminent. With a nearly $9.3 billion market cap, Dogecoin remains the second largest proof-of-work cryptocurrency, trailing Bitcoin’s $316 billion market cap.

The Ethereum merger is scheduled to take place this week. In this episode of Decrypt- O’s, Kate Irwin explains the Bellatrix upgrade and the shadow fork, Dan Roberts forecasts the impact Ethereum’s move to proof of stake will have on Bitcoin’s energy use PR problem (plus commentary from Dan Held from the gm podcast), and Sander Lutz goes out on the street in Hollyweird to ask regular people if they know and care about the merge.

DOGE is down 61% in the last year, although it has outperformed some other important cryptocurrencies during 2022. Solana, for example, has lost over 95% of its value since the beginning of the year, owing in part to the FTX contagion. On Thursday, it briefly dropped out of the top 20 cryptocurrencies by market cap.

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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