After Ethereum Merge, Dogecoin Becomes 2nd-Largest Proof Of Work Crypto By Benzinga

With (CRYPTO: ETH) successfully completing its Merge to proof of stake, a new blockchain has earned the rank of the second-largest proof of work blockchain.

What Happened: Ethereum officially transition to a PoS network, marking an end to mining ETH, on Thursday.

With Ethereum no longer using a PoW consensus, (CRYPTO: DOGE) is officially the second largest PoW blockchain after (CRYPTO: BTC).

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.

#Dogecoin is now the second-biggest Proof of Work #Cryptocurency followed by #bitcoin.

Who would have thought that this would happen. Congrats #Dogefam #DogecoinToTheMoon #doge #btc #Ethereum pic.twitter.com/t3Jqd3Umm4

— Guhan (@TheDogeVampire) September 15, 2022

Bitcoin still remains the leading PoW blockchain with a market cap of $383 billion. After Bitcoin and Dogecoin, (CRYPTO: ETC), (CRYPTO: LTC) and Monero (CRYPTO: XMR) are ranked third, fourth and fifth in terms of largest PoW blockchains.

In terms of node count, however, Dogecoin ranks sixth behind Bitcoin, Zcash (CRYPTO: ZEC), (CRYPTO: FIL), Monero, and Litecoin, as per data from Chain Parrot.

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

#Dogecoin No. 8 blockchain by node count.

Time for some international install-parties, here’s one metric that’s totally in the community’s hands: Node count! https://t.co/SY1EP7RC4H

— Timothy Stebbing (@tjstebbing) September 6, 2022

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

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga