Dogecoin becomes second largest PoW cryptocurrency

Xal0lex

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Quote from: electronicash on September 16, 2022, 09:40:48 AM

doge to the moon? Grin

this proves keeping your doge will still pay off one day. so keep accumulating from now on. doge is for the mass, you never be left behind if you buy or mine doge today. its still cheaper. congratz. i saw some defi project related to doge, the hype might float again and its coming to steal the stage light.

This proves nothing, because before doge was not a competitor to ethereum in the pursuit of miner capacity. Or do you think ETH's departure from PoW will now attract hash power to doge? I highly doubt it. Miners will move their capacity to products similar to ETH, like ETC, ETHW, ETF, etc. Dogecoin will not grow just because it has become second among pow coins. Just another speculation on this topic to somehow fuel interest in this memcoin.

Iyeman

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Quote from: ?? on ??

I'm a little confused about dogecoin. I know this coin uses POW system mining but judging by other POW coins such as Monero and Litecoin, why is Dogecoin actually above them even though Dogecoin seems to have absolutely no utility compared to the two coins. Is the community so much on dogecoin that it makes dogecoin the second POW.

These days you must realize the fact that if utilities meant nothing. people much more care about the hype rather than utility. Yeah you're aware if doge coin has no utility compared with monero or litecoin but you must also understand if if doge coin has more hype compared with monero and litecoin. That's why it can go even higher compared with zero protocol coin like monero and litecoin as a lite version for bitcoin.

hichamito37

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Quote from: ?? on ??

I'm a little confused about dogecoin. I know this coin uses POW system mining but judging by other POW coins such as Monero and Litecoin, why is Dogecoin actually above them even though Dogecoin seems to have absolutely no utility compared to the two coins. Is the community so much on dogecoin that it makes dogecoin the second POW.

Ranking is based on market cap, doge has no utility or usecase like litecoin or monero but it has a large community that makes doge cap bigger than other POW coins so there is nothing wrong with it being ranked on other coins. But look at doge's 24h trading volume which is much lower than other coins. The market cap ranking is not entirely accurate in this case.

Z390

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You are right but this doesn't make doge coin a profitable coin to mine right now, Ethereum used to be the best PoW coin out there but now that it's gone I doubt there will ever be any profitable coin to mine until another bull market gets here, as a Eth miner I quit for now.

icalical

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I don't think it will make any effect on Doge price, moreover it's not that Doge gain the position it's kind a give away from other crypto, they start to leave the PoW and now Doge just claiming those dumped throne. Even if in the future Bitcoin joining the PoS side and Doge finally become the number #1 PoW, it still means nothing.

Uang_kartal

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you can say that maybe it's been research for a long time, apart from the chart you shared? it's interesting, when the community transacts using the coin. The law is that the more transactions there are, the more transaction bubble values are recorded. I don't think it's too late for everyone to explore doge. Coins or other memes, art, collections and transactions are the main things. If you want to add to the same project and maybe this is a good opportunity, you can check my signature mate. This is not a compulsion.

worle1bm

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A meme insipred dogecoin has no future scope even if it manages to outrun some other coins in the temporary pump because the Musk influence and support couldn't take it long down the road and it will be soon out of the market lying dead inside the wallet of holders.At this time there is some support from the community because they seek profit in it as they can easily mine it and earn rewards but what after it has no value left so anybody would support it as there's no utility for it? So the best is to stay away from these coins otherwise you know the results.

eXtremal

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I believe that dogecoin deserves to occupy a big position in the crypto market and rankings. they have a large community that benefits them in making dogecoin have very strong fundamentals even though this coin looks useless. after ethereum finished merging dogecoin to rank two even beat monero and litecoin in POW.

mindrust

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Dogecoin... Started as a joke and now it is the #2 PoW coin. What a joke. Grin

PoW is slowly dying. Who knows when will doge switch to PoS? It is very likely if these climate change retards keep talking shit about the PoW blockchains. Seeing so many tokens and stable coins on the list, I am even starting to like b-cash because at least they are still sticking with PoW instead of following the Vitalik cult.

dansus021

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but dogecoin and litecoin usually do merge mining i know in alot of crypto mining pool beside that i dont think doge poriftable if only been mine singlecoin only

bittraffic

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Why is RVN not listed there?

The ETHW will soon emerge on this list. Currently listed on a few exchanges yet with a price of $9.28. Everyone should take advantage of this opportunity to make some huge money when this price spikes to the ATH. It does need to be listed on binance and maybe it will happen soon. So far its already on Kraken, Gate and Bitfinex so get your bags ready for it.

GreatArkansas

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And people fighting their random meme coins like Shiba Inu that are comparing to Dogecoin, lol. This is one of the best examples of why Dogecoin is the number 1 meme coin.
Dogecoin for sure will still hold its position these coming few months, until whole market or Bitcoin recovers.

wheelz1200

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Quote from: thecodebear on September 16, 2022, 01:30:17 PM

Quote from: Bananington on September 16, 2022, 09:30:16 AM

You didn't say something of your own about the article you copied and pasted with the link, we expect a piece of what you think as well considering you started the topic. Dogecoin may soon become the first on PoW or second on PoS, depending on if bitcoins transition first or they do. If asked some months ago, I would have picked litecoins as the next to succeed ETH as second largest PoW, but here we are. The announcement however did not seem to have any major effect on the price of Dogecoin.

ummm what?? Bitcoin will always be PoW. What are you even talking about transitioning?
Dogecoin I suppose could move to PoS but its a silly memecoin so it doesn't matter whether its PoW or PoS, it'll continue being a silly memecoin no matter what consensus protocol it uses. And Bitcoin is the only PoW crypto that matters so it doesn't really matter what is 2nd in hash power.

People just don't get it. And agreed doge had its run as the meme market went nuts and doge was the face of it since its existence, people actually think it's going to come back or elon is going to continue to push it. Where is elon now? Lol it was a joke for him too. It's over but you can't tell bagholders that. They just won't listen.

proTECH77

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Quote

doge to the moon? Grin

this proves keeping your doge will still pay off one day. so keep accumulating from now on. doge is for the mass, you never be left behind if you buy or mine doge today. its still cheaper. congratz. i saw some defi project related to doge, the hype might float again and its coming to steal the stage light.

Yes, there will be a lot of income to achieve in Dogcoin investment in the future because the teams are seriously working to ensure doge pump massively in the market. If Dogcoin can became second largest POW cryptocurrency show that any moment from now it will have more population like Bitcoin, because Bitcoin team are still working harder to make bitcoin remain the king among other cryptocurrencies.

thecodebear

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Quote from: el kaka22 on September 16, 2022, 12:44:24 PM

I am pretty sure that we are going to see doge go down eventually, people are overvaluing doge right now because there was a point where Elon pumped it and even after he stopped people still kept on holding it and trading it and there is this huge doge community that got established, so much so that we have other coins and tokens that are meme focused and they are still doing fine too, so it is big enough hype to keep it going.

But, ever since the start of this hype I keep saying that it will die down eventually, and it hasn't so far but it will happen. PoW or not, it is a bad coin to invest into and it shouldn't really be in the top ten to start off with.

Yeah Dogecoin will never get close to its 2021 high of 77 cents or whatever it was. Dogecoin got popular because Musk was stupidly promoting it a ton and happened to be doing that during a bull market when a ton of people come into the market not having a clue what they are doing. Now Dogecoin is a known thing and Musk has much less ability to pump it and people are far less likely to blindly buy into it since the big Musk pump already happened in the past. Now that 2021 Musk pump is over Doge will continue to fall toward zero against Bitcoin, just like essentially every other crypto does.

thecodebear

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Quote from: Bananington on September 16, 2022, 09:30:16 AM

You didn't say something of your own about the article you copied and pasted with the link, we expect a piece of what you think as well considering you started the topic. Dogecoin may soon become the first on PoW or second on PoS, depending on if bitcoins transition first or they do. If asked some months ago, I would have picked litecoins as the next to succeed ETH as second largest PoW, but here we are. The announcement however did not seem to have any major effect on the price of Dogecoin.

ummm what?? Bitcoin will always be PoW. What are you even talking about transitioning?
Dogecoin I suppose could move to PoS but its a silly memecoin so it doesn't matter whether its PoW or PoS, it'll continue being a silly memecoin no matter what consensus protocol it uses. And Bitcoin is the only PoW crypto that matters so it doesn't really matter what is 2nd in hash power.

el kaka22

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I am pretty sure that we are going to see doge go down eventually, people are overvaluing doge right now because there was a point where Elon pumped it and even after he stopped people still kept on holding it and trading it and there is this huge doge community that got established, so much so that we have other coins and tokens that are meme focused and they are still doing fine too, so it is big enough hype to keep it going.

But, ever since the start of this hype I keep saying that it will die down eventually, and it hasn't so far but it will happen. PoW or not, it is a bad coin to invest into and it shouldn't really be in the top ten to start off with.

Tytanowy Janusz

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Great. top 2. But do we need more than 1 super decentralized undestructable network? Do we need more POW coins then bitcoin?

Quote from: Jackl87 on September 16, 2022, 10:00:11 AM

In general i think that the time of Proof-of-Work coin is coming to an end slowly but surely. Bitcoin will of course be an exception from that because i highly doubt, that they will also move to proof of stake in the future because bitcoin mining is just way to big of a business i think with mining farms in China having invested millions and millions of dollars into mining gear.

It was the same with eth. It was also a "way to big of a business". Next GPU minable coin after ETH is now ETC with only 2% of marketcap. Means that 95% of gpu computing power will not find alternative and will have to dump hardware on gamers witch will most likely not absorb it.

Jackl87

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Quote from: FMCPAY_GLOBAL on September 16, 2022, 02:10:13 AM

Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network's proof-of-stake upgrade on Sept. 15.

In general i think that the time of Proof-of-Work coin is coming to an end slowly but surely. Bitcoin will of course be an exception from that because i highly doubt, that they will also move to proof of stake in the future because bitcoin mining is just way to big of a business i think with mining farms in China having invested millions and millions of dollars into mining gear.
New projects though will probably not choose proof of work anymore as their consensus mechanism as it is just not fitting in todays mentality where the protection of the environment and the climate change are such big topics in the media.

Eternad

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Quote from: Bananington on September 16, 2022, 09:30:16 AM

You didn't say something of your own about the article you copied and pasted with the link, we expect a piece of what you think as well considering you started the topic. Dogecoin may soon become the first on PoW or second on PoS, depending on if bitcoins transition first or they do. If asked some months ago, I would have picked litecoins as the next to succeed ETH as second largest PoW, but here we are. The announcement however did not seem to have any major effect on the price of Dogecoin.

There’s a link to the source attached to his thread coming from cointelegraph if you didn’t notice at the bottom part.

The content explains well the title of the OP. I doubt that further speculation is required on making this kind of info type thread. Doge will never beat Bitcoin on top because Ethereum didn’t manage that task for many years of being number 2. I think the main question here is if Doge will pursue PoS too.

wheelz1200

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Quote from: electronicash on September 16, 2022, 09:40:48 AM

doge to the moon? Grin

this proves keeping your doge will still pay off one day. so keep accumulating from now on. doge is for the mass, you never be left behind if you buy or mine doge today. its still cheaper. congratz. i saw some defi project related to doge, the hype might float again and its coming to steal the stage light.

Memecoins had their run, it was a fad. Fads don't return, next bullrun will be a different set of coins. People are just bagholding now. Doge serves no real purpose. And you can't just mine it. It employs auxpow so you need to mine a scrypt coin like litecoin and merge mine doge. The thing keeping the doge chain secure is litecoin pools.

electronicash

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doge to the moon? Grin

this proves keeping your doge will still pay off one day. so keep accumulating from now on. doge is for the mass, you never be left behind if you buy or mine doge today. its still cheaper. congratz. i saw some defi project related to doge, the hype might float again and its coming to steal the stage light.

Bananington

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You didn't say something of your own about the article you copied and pasted with the link, we expect a piece of what you think as well considering you started the topic. Dogecoin may soon become the first on PoW or second on PoS, depending on if bitcoins transition first or they do. If asked some months ago, I would have picked litecoins as the next to succeed ETH as second largest PoW, but here we are. The announcement however did not seem to have any major effect on the price of Dogecoin.

FMCPAY_GLOBAL

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US BASED CRYPTOCURRENCY EXCHANGE

Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network's proof-of-stake upgrade on Sept. 15.

Bitcoin (BTC) of course remains miles ahead of Dogecoin’s market cap of $7.83 billion, though the well-followed memecoin is still comfortably ahead of the third place PoW cryptocurrency Ethereum Classic (ETC) (with a market cap of $4.69 billion), Litecoin (LTC) ($4.01 billion) and Monero (XMR) ($2.65 billion).

One Dogecoin fan appeared to be in disbelief of Dogecoin’s rise to become the second largest PoW cryptocurrency, stating “who would have thought that this would happen. Congrats #Dogefam.”

(Source: Cointelegraph)

Topic: Dogecoin becomes second largest PoW cryptocurrency (Read 248 times)