Dogecoin becomes second largest PoW cryptocurrency
Following the Ethereum Merge, Dogecoin now only trails Bitcoin as the biggest proof-of-work cryptocurrency. Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network's proof-of-stake upgrade on Sept. 15. Bitcoin (BTC) of course remains miles ahead of Dogecoin’s market cap of $7.83 billion, though the well-followed memecoin is still comfortably ahead of the third place PoW cryptocurrency Ethereum Classic (ETC) (with a market cap of $4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion).
One Dogecoin fan appeared to be in disbelief of Dogecoin’s rise to become the second largest PoW cryptocurrency, stating “who would have thought that this would happen. Congrats #Dogefam.” But it wasn’t taken well by everyone. One Twitter user responding to a tweet about the news asked how people could take the crypto industry seriously with a memecoin so close to the top spot, emphasizing the need to remove “useless coins” from public view.
But Dogecoin may also soon find itself competing against ETHPoW - the Ethereum PoW hard fork chain that will continue mining, according to the official Twitter account of the ETHPoW, which is currently priced at $13.64. Ethereum's transition to PoS may have added pressure on PoW-powered cryptocurrency networks to transition to a more sustainable consensus mechanism.
In a statement to Cointelegraph, Lachlan Feeney, the founder and CEO of Australian-based blockchain development agency Labrys said “the pressure is on” Bitcoin now to justify the PoW system over the long term." He added that "reluctance to carry out its own transition to PoS will be huge."
Meanwhile, the Dogecoin Foundation has been considering a transition of Dogecoin to a proof-of-stake after first hinting at the shift in Sept. 2021, which was put forward by Ethereum co-founder Vitalik Buterin, who is also an advisor for the Dogecoin Foundation. In Dec. 2021, the Dogecoin Foundation released its “Dogecoin Trailmap” which proposed to build a Dogecoin “community staking” version that resembled PoS.
“Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network,” the Dogecoin Foundation said.
However, little progress has been made since then, as it still appears to be in “proposal” status according to the Dogecoin website. DOGE is currently priced at $0.06 at the time of writing.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 73.6% | 54 | $67 992.56 | 1.35% | 2.18% | $1 341 608 846 080 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 73.2% | 47 | $3 268.77 | 0.51% | -6.28% | $392 998 641 636 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $1.000111 | 0.02% | -0.05% | $114 341 903 845 |  |
|
| 4 |  SOL |
Solana predictions | 66.8% | 71 | $187.15 | 5.00% | 10.88% | $86 950 076 572 |  |
|
| 5 |  BNB |
Binance Coin predictions | 78% | 42 | $587.18 | 1.64% | -0.31% | $85 685 293 473 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.2% | 1 | $1.000122 | 0.01% | 0.01% | $34 147 378 826 |  |
|
| 7 |  XRP |
XRP predictions | 57.2% | 86 | $0.600376 | -0.28% | 1.62% | $33 597 543 281 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 74% | 55 | $0.134249 | 3.50% | 5.97% | $19 504 454 105 |  |
|
| 9 |  TON |
Toncoin predictions | 81.2% | 29 | $6.72 | -0.41% | -8.16% | $16 914 629 714 |  |
|
| 10 |  ADA |
Cardano predictions | 76.4% | 49 | $0.416969 | 0.87% | -4.75% | $14 970 823 076 |  |
|
| 11 |  TRX |
TRON predictions | 85.6% | 18 | $0.137122 | 0.49% | 1.69% | $11 938 028 529 |  |
|
| 12 |  AVAX |
Avalanche predictions | 75.2% | 40 | $28.57 | 1.38% | 1.50% | $11 278 950 659 |  |
|
| 13 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 90.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 15 |  SHIB |
SHIBA INU predictions | 82% | 29 | $0.000017 | 2.28% | -3.53% | $10 112 019 376 |  |
