Dogecoin, the meme-based cryptocurrency that was developed as a joke in 2013, today stands as the second largest proof-of-work cryptocurrency after Bitcoin. Those changes come a day after Ethereum''s predecessor cryptocurrency, the Ether, has removed its position among the PoW coins. Dogecoin, however, is currently trading at $0.059 (roughly Rs. 5) and its market cap is $7.83 billion (roughly Rs. 62 crore).
In 2013, software engineers Billy Markus and Jackson Palmer created Dogecoin.
Markus had admitted in an interview that he made Dogecoin in two hours'', and that he didn''t even remember the impacts on the environment in 2021.
The meme cryptocurrency is an open-source cryptocurrency, based on a fork of the Litecoin code. The symbol for the DOGE is based on a meme-famous dog from the Shiba Inu breed.
DOGE has a circulating supply of 132,670,764,300 DOGE coins, but the maximum supply is not available.
Elon Musk, the world''s richest man, is an avid DOGE supporter. After some Doge investors filed a complaint that Musk''s endorsement of the cryptocurrency has been beyond its usersability, which has resulted in financial declines.
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In the settlement, the plaintiffs paid $258 billion (about Rs. 20,57,911 crore) on Musk.
On the third, fourth, and fifth levels, PoW cryptocurrencies Ethereum Classic (ETC), Litecoin (LTC) and Monero (XMR).
Doge:smile:https://t.co/HpMHGqMXIV pic.twitter.com/rGROPm0hYp:100:Dogecoin NO 2 PoW Blockchain:gift::bar_chart::chart_with_upwards_trend:well done Doge:smile:https://t.co/HpMHGqMXIV pic.twitter.com/rGROPm0hYp
Insiders from the crypto community have often said that if more PoW currencies switch to PoS modes, it might result in a widespread adoption of the technology around the world.