Dogecoin Rises as Second Largest PoW Cryptocurrency Following Ethereum Merge Arrival 4e6d73 Technology News

DOGE is presently trading at $0.059 (roughly Rs. 5) and its market cap stands at $7.83 billion (roughly Rs. 62 crore). 3je4m

Written by David Delima | Updated: 16 September 2022 16:45 IST

Dogecoin Rises as Second Largest PoW Cryptocurrency Following Ethereum Merge Arrival

Photo Credit: Pexels/ Rudolfs Klintsons 4u5a6q

Dogecoin was created in 2013 and its symbol is a meme-famous dog from the Shiba Inu breed

Highlights

Dogecoin is ed by Elon Musk
DOGE is presently trading at $0.059 (roughly Rs. 4)
BTC’s market cap of $378 billion is far ahead of Dogecoin’s

ment

Dogecoin, the meme-based cryptocurrency that was formed as a joke in 2013, today stands as the second-largest proof-of-work (PoW) cryptocurrency after Bitcoin. The development comes a day after the Ethereum blockchain completed its transition to the energy-efficient proof-of-stake (PoS) mining model from its previous power-intensive PoW mechanism. Ethereum's native cryptocurrency, the Ether has also, hence given up its place among the PoW coins. Dogecoin, meanwhile, is presently trading at $0.059 (roughly Rs. 5) and its market cap stands at $7.83 billion (roughly Rs. 62 crore).

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer.

Back in 2021, Markus had itted in an interview that he made Dogecoin in ‘just two hours', and didn't even ‘think of the environmental impact'.

Crypto Scammers Flock to Exploit Twitter s Following Merge

The meme cryptocurrency is an open-source token, based on a fork of the Litecoin code. The symbol for the DOGE is based on a meme-famous dog from the Shiba Inu breed.

As per CoinMarketCap, DOGE has a circulating supply of 132,670,764,300 DOGE coins and the maximum supply is not available.

Elon Musk, the world's richest man is an avid DOGE er. Musk recently found himself in legal trouble after some Doge investors filed a complaint that Musk's endorsement of the cryptocurrency has been beyond its usability that has caused the investors financial dips.

India Ranks Above US, Russia on Global Crypto Adoption Index: Chainalysis

A lawsuit worth $258 billion (roughly Rs. 20,57,911 crore) has been levied on Musk by the plaintiffs in the case.

Meanwhile, PoW cryptocurrencies Ethereum Classic (ETC), Litecoin (LTC), and Monero (XMR) follow BTC and DOGE on the third, fourth, and fifth ranks.

:100:Dogecoin NO 2 PoW Blockchain:gift::bar_chart::chart_with_upwards_trend:
well done Doge:smile:https://t.co/HpMHGqMXIV pic.twitter.com/rGROPm0hYp
— Dogecoin Staking Mining (@BoatLov23465430) September 16, 2022

Insiders from the crypto community have often said that if more PoW cryptocurrencies switch to PoS modes, it could trigger a wide-scale adoption of the technology around the world.

Apple unveiled eight new products at its September 'Far Out' event. Which ones will float — and which will sink? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Monero

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More