After Ethereum Merger, Dogecoin Becomes 2nd Largest Crypto Proof-of-Work

With Ethereum ETH/USD successfully completing its proof-of-stake merger, a new blockchain has earned the rank of the second-largest proof-of-work blockchain.

What happened: Ethereum is officially moving to a PoS network, marking the end of ETH mining on Thursday.

Ethereum no longer using PoW consensus, Dogecoin DOGE/USD is officially the second largest PoW blockchain after Bitcoin BTC/USD.

See also: Proof of Stake Vs. Proof of work

At the time of writing, Dogecoin had a market cap of $7.8 billion, while Ethereum had a market cap of $179 billion.

Bitcoin remains the leading PoW blockchain with a market capitalization of $383 billion. After Bitcoin and Dogecoin, Ethereum Classic ETC/USD, Litecoin LTC/USD and Monero XMR/USD are ranked third, fourth and fifth in terms of the largest PoW blockchains.

In terms of number of nodes, however, Dogecoin ranks sixth behind Bitcoin, Zcash ZEC/USD, Filecoin FIL/USD, Monero and Litecoin, according to data from Chain Parrot.

According to Timothy Stebbing, developer of Dogecoin, the DOGE community can help develop this metric by installing their own DOGE nodes.

Price Action: At press time, DOGE was trading at $0.058, down 3.8% in the past 24 hours, according to data from Benzinga Pro. BTC was trading at $19,709, down 2.6% and ETH at $1,473, down 9.8% over the same period.

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