With Ethereum ETH/USD 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 DOGE/USD is officially the second largest PoW blockchain after Bitcoin BTC/USD.
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 ETC/USD, Litecoin LTC/USD and Monero XMR/USD are ranked third, fourth and fifth in terms of largest PoW blockchains.
In terms of node count, however, Dogecoin ranks sixth behind Bitcoin, Zcash ZEC/USD, Filecoin FIL/USD, 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.
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.
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