Elon Musk’s favorite cryptocurrency has taken the place of Ethereum, becoming the second largest PoW cryptocurrency

The Dogecoin cryptocurrency has become the second PoW cryptocurrency by market capitalization, all thanks to the transition of Ethereum to PoS. At the time of writing, the market capitalization of DOGE is $ 7.83 billion.

Obviously, the flagship cryptocurrency is $ 371 billion ahead of DOGE’s capitalization, but taking second place after BTC is a significant achievement for the meme cryptocurrency. «Who would have thought this would happen. Congratulations #Dogefam,» one of DOGE’s fans tweeted. However, not all members of the cryptocurrency community are happy about Dogecoin’s achievements. One user emphasized that there is no point in taking the crypto industry seriously from now on, as meme tokens have «gone too far.»

It is interesting that the Dogecoin Foundation has long been considering the possibility of switching to a «green» blockchain, and DOGE developers started talking about it in September 2021. Perhaps a successful update of the ethereum will push the representatives of the meme cryptocurrency to take more decisive action.

As a reminder, The Merge will reduce electricity consumption by 0.2% globally. From now on, the entire Ethereum network will consume less power than YouTube, gold mining, BTC POW, ETH PoW, Netflix, gaming, and PayPal. As explained by the father of Ethereum, the Proof-of-Stake consensus algorithm is faster, more energy efficient, and more secure than Proof-of-Work.