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With Ethereum (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, Dogecoin (CRYPTO: DOGE) is officially the second largest PoW blockchain after Bitcoin (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.
— Guhan (@TheDogeVampire) September 15, 2022
Who would have thought that this would happen. Congrats #Dogefam #DogecoinToTheMoon #doge #btc #Ethereum pic.twitter.com/t3Jqd3Umm4
Bitcoin still remains the leading PoW blockchain with a market cap of $383 billion. After Bitcoin and Dogecoin, Ethereum Classic (CRYPTO: ETC), Litecoin (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), Filecoin (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.
— Timothy Stebbing (@tjstebbing) September 6, 2022
Time for some international install-parties, here's one metric that's totally in the community's hands: Node count! https://t.co/SY1EP7RC4H
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.
