For a second i forgot Dogecoin there, as the whole attention has been focused on Ethereum. This is like the prince of the Royal crypto family changing its line of rule, Ethereum change its mechanism from the proof of work to the proof of stake, which is a big deal in the crypto community. Because this makes it more energy efficient, unlike other cryptocurrencies like Bitcoin, but this means that it just stepped down as the second largest proof of work cryptocurrency.
source
Dogecoin, a proof of work cryptocurrency just like bitcoin has taken over Ethereum’s space as the second largest proof of work cryptocurrency. Funny how this was created as a meme, now it’s slowly beating records and topping the class. It’s just like the unserious kid in school, who jokingly participates in class, but fortunately finding theirselves at the forefront of events. That is what we are seeing happening to Doegecoin today, just like how people need to use complex computers to validate blocks on bitcoin and how it was done on Ethereum, it’s also done on Dogecoin. This means that people get rewards in Dogecoin, although it has unlimited supply, so I don’t really rate it like that, and I don’t think it has a burning mechanism.
But thinking about it, is mining Dogecoin right now expected to be really cheap and worth it? You know? Like due to its value being lower than $1. And a lot of Dogecoin gets mined off the blockchain, so you can imagine, this got me thinking? How much does it cost to mine Dogecoin and is it lucrative? Is it worth investing in? Well, I guess I just have to do more research on that. Who knows, just may be the cost to mine some doge will be surprisingly low, and I might just get into it as another means to earn.
I personally wouldn’t recommend doegecoin as a great coin because it doesn’t have unique utility aside being supported by the richest man in the world because of his love for meme. There is a lot of development needed to be done in that sector, we need to see some reason to why we need to buy the coin aside its community’s pump and dump activity. They can start by giving it some periodic burning to reduce the supply because the supply is just unnecessarily too much.
Posted Using LeoFinance Beta