The meme coin that started as a joke ten years ago has really come a long way.
This week, Ethereum – the world’s second-largest cryptocurrency by market capitalization, finished its anticipated upgrade by moving away from mining solutions in order to embrace a staking consensus mechanism.
By doing that, Ethereum left the ranking as the second largest PoW cryptocurrency. This spot is now taken by the one and only dog-inspired cryptocurrency.
Like Bitcoin, Dogecoin is mined through proof of work, which requires miners to utilize computers and a significant amount of energy to solve elaborate mathematical problems in exchange for tokens.
Despite not being as talked about, Dogecoin’s mining community is actually a relevant part of cryptocurrency mining.
Every minute, a new DOGE block is mined. That means that about 14.4 million DOGE is created every single day – nearly US$1 million dollars worth of Dogecoin.
By June of 2022, there were around 132.67 billion Dogecoins in the world. Over time, that number is to grow exponentially as millions of new tokens are mined every day.
There were around 132.67 billion Dogecoins as of June 22, 2022, and that number will increase significantly over time. Since the total number of Dogecoins is increasing essentially minute-by-minute, the precise answer to the question of how many Dogecoins are in existence varies constantly.
Post Merge Doge Bump
After the merge was complete, Ethereum’s nearly 260,000 miners found themselves without a token to mine.
However, another possibility is that miners can jump ship to other well-established PoW cryptocurrencies, like the 10th biggest cryptocurrency by market cap in the world, Dogecoin.
Dogecoin, alongside nearly all relevant cryptocurrencies, started a heavy downward trend after the Federal Reserve announced higher-than-expected inflation rates in August.
However, today Doge saw a near 4% increase. The cryptocurrency jumped from US$0.058 to US$0.060 all within a couple of hours of today, September 16th.
The modest rise could indicate that a portion of Ethereum’s mining community could be moving to Dogecoin.
Tesla’s New Cyberwhisthle Can Only Be Purchased in Dogecoin
Recently, the multi-billionaire and Tesla CEO Elon Musk announced a new device called “Cyberwhistle”, inspired by one of Tesla’s most anticipated projects, the Cybertruck.
The Cyberwhistle is a limited edition collectible product.
Elon Musks’ continuous support of Dogecoin also became apparent when the world’s richest man announced earlier this week that the new Tesla product could only be purchased with dogecoin.
In a matter of hours, the Tesla Cyberwhistle was sold out.