With Ethereum switching to proof-of-stake, Dogecoin is now the second-most valuable proof-of-work coin after Bitcoin.
Dogecoin is currently the second-largest proof-of-work coin by market cap after Bitcoin as a result of the completion of the Ethereum merger and the conversion to a proof-of-stake method on the leading blockchain for NFTs and decentralized apps.
With a market capitalization of $7.95 billion, Dogecoin is now the tenth-largest cryptocurrency. It was first introduced in 2013 as a joke that parodied the cryptocurrency crisis.
Like Bitcoin, Dogecoin is mined through proof of work, which requires miners to use computers and a significant amount of energy to solve difficult mathematical equations in exchange for DOGE.
According to cryptocurrency tracking platform Currency.com, miners take about 14.4 million DOGE daily, increasing the coin's 132.6 billion supply. Dogecoin has no cap, in contrast to Bitcoin, which has a finite amount of 21 million coins that will ever exist.
Elon Musk, the founder of Tesla, has been the world's richest person in recent years, and he has become the unanticipated champion of Dogecoin. Musk has tweeted about the coin since 2019 and has repeatedly pushed up the price of Dogecoin.
However, even Musk's backing was unable to save Doge from the brutal crypto winter. Dogecoin's price is currently $0.05, down from its all-time high of $0.73 reached on May 8, 2021—the day that Musk made an appearance on Saturday Night Live. That is a loss of 91.89%.
Through a partnership with coin kiosk operator Coinstar, cryptocurrency exchange and ATM startup Coinme announced last month that Dogecoin would be added to the list of possibilities on its machines. Additionally supported by the ATM are Polygon, Stellar, Chainlink, Ethereum, and Litecoin.
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