Dogecoin Becomes Second Biggest PoW Cryptocurrency

Following the Ethereum merger, Dogecoin now trails only Bitcoin as the largest proof-of-work cryptocurrency.

The meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second-largest proof-of-work (PoW) crypto by market capitalization, following the Ethereum network's proof-of-stake upgrade on the 15th september.

Bitcoin (BTC) of course remains ahead of Dogecoin's market cap of $7.83 billion, although the well-followed memecoin still comfortably outpaces 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).

PoW based cryptocurrency ranking by market capitalization. Source: Coinmarketcap.com.

A Dogecoin fan seemed incredulous at Dogecoin's rise to become the second largest PoW cryptocurrency, stating " who would have thought this would happen. Congratulations #Dogefam."

But it wasn't taken well by everyone. A 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, stressing the need to remove 'unnecessary coins' from view of the public.

But Dogecoin may also soon find itself competing with ETHPoW - the Ethereum PoW hard fork chain that will continue to mine,