Key Takeaways
- The merge has provoked different effects, and one of them is that it has allowed Dogecoin to emerge as the second biggest PoW cryptocurrency.
- The launch of the ETH merge has catapulted Dogecoin into higher ranks as it is stated to have become the second biggest Proof-of-Work cryptocurrency by market capitalization.
Yesterday, the ETH merge went live, and the market witnessed a rush of thrilling emotions. Major crypto players congratulated Vitalik and his team. In extension, the merge has provoked different effects, and one of them is that it has allowed Dogecoin to emerge as the second biggest PoW cryptocurrency.
Read: Ethereum Merge Is Now Live, Network’s Move to PoS From PoW a Success
Dogecoin becomes second largest PoW cryptocurrency
Dogecoin (DOGE) was founded by Jackson Palmer and Billy Markus. The idea of Dogecoin was inspired by a meme, and since its creation, it has gained gradual popularity in the cryptocurrency ecosystem. The launch of the ETH merge has catapulted Dogecoin into higher ranks as it is stated to have become the second biggest Proof-of-Work cryptocurrency by market capitalization.
Ethereum ETH gave up its place as the second biggest PoW cryptocurrency yesterday after the merge. This led to the recent development that has placed Dogecoin as the second biggest PoW cryptocurrency. Dogecoin has a market capitalization valued at around $7.9 billion. This market capitalization has overtaken Litecoin (LTC), Monero (XMR) and Ethereum Classic (ETC). Bitcoin is ranked as the largest, but Dogecoin is miles behind it, although it ranks as the second biggest PoW cryptocurrency. The market capitalization for Bitcoin is valued at around $379 billion as we speak.
Considering the extensive ranking of all cryptocurrencies, Dogecoin is placed in the 10th position in the midst of other cryptocurrencies like Ripple (XRP), Solana (SOL), and Cardano (ADA). This achievement by Dogecoin is indeed laudable as when it was first launched, it was treated as a joke and highly underestimated to remain as a non-influential coin. After the news broke out, a fan of Dogecoin went ahead to tweet: Who would have thought that this would happen? No one could have predicted that Dogecoin would come to a peak of importance in the cryptocurrency ecosystem.
Now, the question remains: how soon will DOGE fall from its place as the second biggest PoW cryptocurrency? There have been different responses, but we would love to know what you think about this latest development. Let us know your thoughts in the comment section below.
