Dogecoin is making some noise now.
When the Ethereum Merge finally concluded on September 15th, investors didn’t see the massive market shift they were anticipating.
However, one significant outcome of this event was that meme-inspired cryptocurrency Dogecoin has now become the second-largest Proof-of-Work (PoW) consensus-based network, trailing only the Bitcoin network in terms of market value.
According to ETHPoW’s official Twitter account, Dogecoin is likely to compete with ETHPoW, which is the Ethereum PoW hard fork chain that is expected to keep mining.
Bitcoin is still the most valuable PoW blockchain with a market capitalization of $380 billion, based on data by TradingView. Next to Bitcoin and Dogecoin, Ethereum Classic, Litecoin, and Monero have the third, fourth, and fifth largest PoW blockchains, respectively.
Image: Coinsfera
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