As of September 16, the coin ranks 10th in the overall ranking of digital assets with a figure of $7,967 billion

DOGE becomes the second most capitalized cryptocurrency on PoW

16.09.2022 - 12:40

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4 min

What’s new? The meme cryptocurrency Dogecoin (DOGE) took second place in terms of capitalization among coins on the Proof-of-Work (PoW) consensus algorithm. This came after the Ethereum network switched to Proof-of-Stake (PoS). As of September 16, 12:10 UTC, DOGE ranks 10th in the overall cryptocurrency ranking with a capitalization of $7,967 billion, according to aggregator CoinGecko. The asset is trading at $0,0599, down by 1,24% in 24 hours, according to crypto exchange Binance.

CoinMarketCap’s data

Community reaction. Members of the cryptocurrency community had mixed reactions to the news of Dogecoin’s advancement in the rankings. According to some holders of the asset, they did not believe that it would rise so much, although they are happy about it.

Other Twitter users are perplexed as to how people can take the crypto industry seriously when the meme currency is so close to the first place, and emphasize the need to remove “useless coins” from the public eye.

Another disgruntled user also considers DOGE a useless cryptocurrency. According to him, the coin’s capitalization is overestimated in comparison with more useful tokens.

In September 2021, Ethereum co-founder Vitalik Buterin, who is also an adviser for the Dogecoin Foundation, proposed a transition of DOGE to PoS. In December 2021, the organization released its roadmap proposing to create a PoS version of the asset. It was noted that this would allow holders of a small number of coins to be rewarded for participating in the governance of the network. In January 2022, Buterin confirmed in an interview for UpOnly that he was involved in the work on changing the DOGE algorithm.

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