{"id":67270,"date":"2022-09-16T14:32:21","date_gmt":"2022-09-16T11:32:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=67270"},"modified":"2025-09-07T05:42:53","modified_gmt":"2025-09-07T02:42:53","slug":"dogecoin-has-become-the-second-largest-pow-cryptocurrency-by-market-capitalization","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/dogecoin-has-become-the-second-largest-pow-cryptocurrency-by-market-capitalization\/","title":{"rendered":"Dogecoin has become the second-largest PoW cryptocurrency by market capitalization"},"content":{"rendered":"<p>The meme cryptocurrency Dogecoin (DOGE) rose to second place in market capitalization among blockchains using the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-proof-of-work-pow-algorithm\">Proof-of-Work<\/a> (PoW) consensus algorithm after Ethereum migrated to <a href=\"https:\/\/forklog.com\/en\/news\/proof-of-stake-how-it-works-and-why-it-is-so-popular\">Proof-of-Stake<\/a> (PoS).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/uF6OBsXax6PR2wKpDBaRo-5Yh6PBnh17SlYZAfc_WmPJpS13ESGfDptYlsdL8Xiw5ieFh8ILudL22ZxU84Clc_rzeIF4upMZMHjzYMJTkIQZ5ZO6446MOLidBFsTiF-oKxR8FCZ3K1Et-910Iq2HAPax0KWhcBY0-8TvaxnA8IdxP1ybZK8SFecBQw\" alt=\"Dogecoin became the second-largest PoW cryptocurrency by market capitalization\"\/><figcaption>Data: <a href=\"https:\/\/coinmarketcap.com\/view\/pow\/\">CoinMarketCap<\/a>.<\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Who would have thought this would happen? Congratulations to the community,&#8221; commented one of the coin enthusiasts.<\/p>\n<\/blockquote>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Dogecoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Dogecoin<\/a> is now the second-biggest Proof of Work <a href=\"https:\/\/twitter.com\/hashtag\/Cryptocurency?src=hash&#038;ref_src=twsrc%5Etfw\">#Cryptocurency<\/a> followed by <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#bitcoin<\/a>.<\/p>\n<p>Who would have thought that this would happen. Congrats <a href=\"https:\/\/twitter.com\/hashtag\/Dogefam?src=hash&#038;ref_src=twsrc%5Etfw\">#Dogefam<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/DogecoinToTheMoon?src=hash&#038;ref_src=twsrc%5Etfw\">#DogecoinToTheMoon<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/doge?src=hash&#038;ref_src=twsrc%5Etfw\">#doge<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/btc?src=hash&#038;ref_src=twsrc%5Etfw\">#btc<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&#038;ref_src=twsrc%5Etfw\">#Ethereum<\/a> <a href=\"https:\/\/t.co\/t3Jqd3Umm4\">pic.twitter.com\/t3Jqd3Umm4<\/a><\/p>\n<p>\u2014 Guhan\ud83d\udc8e\ud83d\udc3e (@TheDogeVampire) <a href=\"https:\/\/twitter.com\/TheDogeVampire\/status\/1570332152080007168?ref_src=twsrc%5Etfw\">September 15, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>With a combined market capitalization of around $7.9 billion <a href=\"https:\/\/forklog.com\/en\/news\/what-is-dogecoin-doge\">Dogecoin<\/a> lags far behind Bitcoin \u2014 $378.2 billion. In third place on the ranking was Ethereum Classic (ETC) with a capitalization of $4.66 billion.<\/p>\n<p>Several experts had suggested that it would be Ethereum Classic&#8217;s network that would be the main beneficiary of Ethereum&#8217;s transition to PoS. On September 15, Ethereum developers <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-activates-the-merge-blockchain-shifts-to-pos\">activated The Merge update<\/a>, and the blockchain successfully migrated to the algorithm.<\/p>\n<p>The ETC network&#8217;s hash rate in the 24 hours after the merge in Ethereum <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-classic-hash-rate-jumps-70-amid-the-merge\">increased<\/a> from about 65 TH\/s to 290 TH\/s. The daily rise amounted to almost 350%.<\/p>\n<p>The cryptocurrency&#8217;s price during this period fell by 8.56%. Among leading PoW coins, Ravencoin (RVN) showed a deeper drop \u2014 18.7%. At the same time, the network benefited from the influx of ex-Ethereum miners, which boosted the hash rate to about 21 TH\/s.<\/p>\n<p>PoW forks of blockchains aimed to compete for the freed Ethereum mining power after The Merge.<\/p>\n<p>The most well-known such project, started by miner Chandler Guo, faced <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-pow-fork-developers-could-not-launch-network-immediately\">startup problems<\/a>. As of writing, data from <a href=\"https:\/\/www.oklink.com\/en\/ethw\">OKLink<\/a> show activity on the chain with a total daily transaction volume of 3.63 million ETHW.\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p>The Poloniex exchange supported another fork \u2014 EthereumFair (ETF). The coin fell 86.5% in the last 24 hours, with trading volume around $417 000 (<a href=\"https:\/\/www.coingecko.com\/en\/coins\/ethereumfair\">CoinGecko<\/a>).\u00a0<\/p>\n<p>ETF trades near $2.20. ETHW, traded as debt tokens, is around $13. The price of Ether is $1,470.<\/p>\n<p>In light of Ethereum&#8217;s shift to PoS, environmentalists urged Bitcoin to take a similar step. The Environmental Working Group, a non-governmental environmental protection group, launched a $1 million advertising campaign, &#8220;Change the Code, Not the Climate&#8221;.<\/p>\n<p>As reported, American lawmakers and regulators <a href=\"https:\/\/forklog.com\/en\/news\/white-house-threatens-to-ban-bitcoin-mining-over-its-environmental-impact\">have threatened to ban mining<\/a> of the first cryptocurrency due to the environmental impact of the PoW algorithm.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dogecoin has risen to second place in market capitalization among PoW blockchains after Ethereum migrated to PoS.<\/p>\n","protected":false},"author":1,"featured_media":67271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[99,1145,76],"class_list":["post-67270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dogecoin","tag-market-analysis","tag-proof-of-work"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67270","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=67270"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67270\/revisions"}],"predecessor-version":[{"id":67272,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/67270\/revisions\/67272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/67271"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=67270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=67270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=67270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}