The Merge upgrade on the Ethereum network is perhaps the hottest topic in the cryptocurrency space. The first smart contract-enabled blockchain network will be the first blockchain to move from proof-of-work to a proof-of-stake consensus mechanism. This is a pretty big move considering the giant size of the Ethereum network, and yet it’s happening.
As the discussion around the Ethereum merger continues, leading meme coin Dogecoin is also part of it given its plans to move to PoS. The discussion around Dogecoin moving to proof-of-stake has also been going on for a long time. This attracted a lot of attention, and even so, Ethereum founder Vitalik Buterin also took an interest in it.
The subject of Dogecoin the move to PoS has remained a hot topic since December last year. This is the same time that the crypto market began to experience a loss of capital following the market decline. Still, the Dogecoin Trailmap mentions the transition proposal.
THE Dogecoin However, the community considers this proposal to be just that. While the co-founder of Ethereum was busy with the merger of Ethereum itself.
The most positive thing is that it may not happen this year, but Dogecoin is expected to move to a new consensus mechanism by next year. If this happens, many speculate that it could have a much more positive impact for the meme coin compared to Ethereum (ETH) after the merge upgrade.
This is due to the crazy popularity of DOGE and, by the time Vitalik will have gained experience of a network transitioning to proof of stake, who will be able to share his expertise. It is expected that if something like this happens, the meme coin could see double or even triple digit growth.
If something like this happens, Dogecoin will be in the news, but that is not the case at the moment. Currently, meme currency is in the news due to the lawsuit filed against its biggest supporter, Tesla CEO and multi-millionaire Elon Musk. Musk has been accused of deliberately increasing DOGE prices through heavy marketing and promotion.
With a background in journalism, Ritika Sharma has worked with many reputed media companies focusing on general news such as politics and crime. She joined The Coin Republic as a crypto reporter and discovered a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving into these concepts around the clock, and is a strong advocate for women in STEM.