DOGE has become the second most capitalized cryptocurrency after Bitcoin

Once created "just for fun," cryptocurrency now holds second place in the capitalization of all working on the mechanism of PoW. It is second only to the giant, and the first to capitalize, cryptocurrency, Bitcoin.

Bitcoin, of course, is still far ahead of Dogecoin, which has a market capitalization of $7.83 billion. Although the well-known meme coin still confidently overtakes the third place PoW-cryptocurrency Ethereum Classic. Its market capitalization is $4.69 billion, and what about Litecoin with $4.01 billion and Monero with $2.65 billion.

Ethereum's move to PoS may have increased the pressure on PoW-based cryptocurrency networks.

Meanwhile, the Dogecoin Foundation is considering moving Dogecoin to proof-of-stake after the first hint of the move in September 2021 by Ethereum co-founder Vitalik Buterin, who is also a Dogecoin Foundation advisor.

"Such a version would allow all Dogecoin users to host their DOGEs and receive additional tokens for supporting the network," the Dogecoin Foundation said.

As of this writing, the price of the DOGE cryptocurrency is $0.06.