the price of dogecoin It’s down 13% over the past week and has fallen 6% to just under $0.07 in the last 24 hours alone. According to CoinGecko data.
Famous Volatile Meme Coin Dropped This Week Amid Speculation About Potential Change To Energy Intensive Proof of Work Mining Model We are currently moving cryptocurrencies.
Rumors that Dogecoin will move to something more energy efficient Proof of stake model is similar to Ethereum’s long-awaited merger Again circling social media in September, one of Dogecoin’s core developers denied that a major move was imminent.
Michi Lumin, principal engineer at the Dogecoin Foundation, said: tweeted on wednesday Social media influencers tweeting about the coin and possible upcoming changes “don’t really have the inside scoop on what’s going on with #dogecoin.”
However, the developer said the proposed approach was “traditional [proof-of-stake] In many ways. “
Rumin also said that it would be impossible to force this kind of shift without first obtaining the approval of a majority of Dogecoin’s node validators, and that the Dogecoin Foundation could not unilaterally force such a move. said.
Ethereum, as mentioned earlier, is the most high-profile example of a cryptocurrency that has moved to a proof-of-stake consensus mechanism. long-awaited event September of this year.
Proof of stake is an energy-efficient way to power decentralized blockchain platforms, but some consider it less secure than the proof of work model.Despite Ethereum merger and energy savings hype, ETH price fell sharply After migration is complete.
Dogecoin remains the second largest proof-of-work cryptocurrency with a market capitalization of nearly $9.3 billion, well behind Dogecoin’s $316 billion market cap. Bitcoin.
DOGE has lost 61% in the last 12 months, but continues to outperform other notable cryptocurrencies through 2022. SolanaFor example, has lost about 95% of its value since the beginning of the year. To FTX Contagion. That Temporarily Dropped From Top 20 Cryptocurrencies By market cap on Thursday.
Dogecoin has outperformed Bitcoin in terms of holding value this year as the top cryptocurrency overall has fallen about 65% since its inception in 2022.
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