Due to Ethereum’s transition to proof-of-stake, Dogecoin is currently second only to Bitcoin among currencies that can be mined via proof-of-work.
Now that the Ethereum merging is complete and the leading blockchain for NFTs and decentralized apps has transitioned to a proof-of-stake mechanism, Dogecoin is the second-largest proof-of-work currency by market capitalization, behind Bitcoin.
Dogecoin is now the tenth-largest cryptocurrency, with a market valuation of $7.95 billion. It was first released in 2013 as a joke that mocked the crypto market meltdown.
As with Bitcoin, Dogecoin is mined via proof of work, which requires miners to utilize computers and a significant amount of energy to solve complicated mathematical problems in order to validate transactions and earn DOGE.
Approximately 14.4 million DOGE are mined daily, according to the cryptocurrency monitoring portal Currency.com, adding to the coin’s supply of 132.6 billion. Contrary to Bitcoin, which has a supply limit of 21 million coins, Dogecoin has no restrictions.
In recent years, Dogecoin has gained an odd advocate in the world’s wealthiest person, Tesla inventor Elon Musk, who has tweeted about the currency as far back as 2019 and many times caused the price of Dogecoin to surge.
Even with Musk’s help, Doge could not survive the severe crypto winter. Dogecoin is now trading at $0.05, which is a decrease from its all-time high of $0.73 on May 8, 2021, the same day Musk appeared on Saturday Night Live. That is a drop of 91.89 percent.
Through a partnership with coin kiosk operator Coinstar, the cryptocurrency exchange and ATM provider Coinme added support for Dogecoin to its machines last month. In addition to Bitcoin, the ATM supports Chainlink, Ethereum, Litecoin, Stellar, and Polygon.
Also Read: The Crypto Market Loses $30 Billion In 24 Hours As Ethereum’s Merge Fails To Spark A Surge
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