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DOGE Reserves Its Spot as the Second PoW Crypto

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Doge Reserves Its Spot As The Second Pow Crypto
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  • Dogecoin became the second-largest cryptocurrency that uses the PoW consensus.
  •  DOGE has overtaken DOT and reclaimed the tenth position in the ranking.
  •  Dogecoin traded at $0.057177 with a trading volume of $316,233,477.

In terms of market value, Dogecoin (DOGE) surpassed and overtaken Polkadot (DOT). According to data from CoinMarketCap, DOGE reclaimed the tenth spot in the ranking of cryptocurrencies. DOT and DOGE currently have market capitalizations of  $7,071,095,530 and $7,582,265,920, respectively DOGE having a $511 million difference.

When the Ethereum Merge went live on September 15, Dogecoin surpassed popular coins like Litecoin (LTC) and Ethereum Classic (ETC). Following that, Dogecoin becomes the second-largest cryptocurrency that uses the Proof-of-Work (PoW) consensus after Bitcoin. This position makes the DOGE near the top of the cryptocurrency market. 

Musk’s Endless Love on DOGE

The DOT price decline of more than 17% over the previous week was a remarkable drop even against the unfavorable sentiment on the crypto market, helping DOGE retake its position. In other words, it’s more likely that Dogecoin has fuelled its growth as Polkadot has lost market share.

At the time of writing, Dogecoin traded at $0.05648 with a trading volume of $316,233,477. DOGE is down 7.24% in the last 24 hours. On the other hand, Polkadot traded at $6.28 with a trading volume of $357,514,606. DOT is down 10.70% in the last 24 hours.

Dogecoin price chart (Source: Tradingview) 

Moreover, Elon Musk’s love for Dogecoin made DOGE gain space in the market. In May 2021, Elon Musk announced that he had been working with Dogecoin developers since 2019 to increase the transaction efficiency of their network. Additionally, Musk’s companies Tesla and SpaceX began taking DOGE as payment for their goods, which led to a quick but temporary price increase.

Furthermore, even in the market meltdown, Musk declared that he would not sell his crypto holdings, including DOGE and Bitcoin. After Musk’s statement, Tesla sold 75% of its Bitcoin holdings in the following months.

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China Accounts For 84% of All Blockchain Patent Applications

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  • President Xi Jinping has helped spread the word about blockchain technology.
  • A timeline for when these patent applications were submitted was not included in the data.

The most recent statistics released by a Chinese government official show that 84% of all blockchain patent applications are submitted by China.

However, China has avoided the cryptocurrency sector. The central government in Beijing, though, has shown support for blockchain technology. The high number of blockchain patents is not unexpected given the country’s history of supporting blockchain technology.

China Embraces Blockchain

Even President Xi Jinping has helped spread the word about blockchain technology. To prepare for the next industrial revolution, the president has urged people, tech enterprises, and ecosystem stakeholders to become involved and creative with emerging technology in 2019.

Within a year of President Xi Jinping’s promotion of the sector, Chinese enterprises have submitted 4,435 blockchain patents. Another analysis found that between 2015 and June of 2021, China submitted the most patents for blockchain technology, followed by the United States and South Korea.

Wang Jianwei, the Ministry of Industry and Information Technology’s Deputy Director, disclosed the number on Tuesday. However, a timeline for when these patent applications were submitted was not included in the data.

While the majority of blockchain patent applications have been submitted in China, just 19% of those have been approved, as reported by the South China Morning Post.

Also worth noting is that China is not a fan of decentralization, the underlying idea of blockchain technology. This was made clear by the fact that China’s central bank created its digital national currency, the digital yuan, using a curated form of a blockchain that it completely controlled, as opposed to the more common dispersed network method.

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Post-Merge Threatens Ethereum (ETH) Price?

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Ethereum (Eth) Price Down By 8% Despite Merge Developments
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  • After Merge, Ethereum reached the $1,200 price range.
  • ETH decreased by over 7% in the last 7 days and 25% in the previous month.

Ethereum (ETH), which was anticipated to regain $2,000 levels following its Merge upgrade, was drifting to the $1,327 level. Additionally, ETH reached the $1,200 price range on Wednesday. The Merge was done on September 15 of this month, switched from a proof-of-stake (PoS) mechanism to Proof-of-Work (PoW) consensus to make Ethereum more energy-efficient.  

Unexpectedly, there is a major twist for everyone, the merge effects were turned down. Over the last ten days, Ethereum’s price fell dramatically on the market. Additionally, the Ethereum market cap has dropped significantly to over $162 billion, with a stable trading volume of roughly $18 billion over the past day, as per coinmarketcap.

Hurting Over Ethereum

The price range of Ethereum has recently outperformed Bitcoin (BTC) in the market by a wide margin. It is due to the anticipation and excitement around Ethereum’s Merge upgrade. Also, the price of ETH was in a bullish trend, the price range of $1,600 started rising steadily to the $1800 mark.

Within 24 hours of the Merge implementation, Ethereum’s price decreased by below $1,500. This unfavorable effect of the price decline became a notable disappointment for both the whole market and the users.

However, after reaching the closing price of $1,252 on Wednesday, Ethereum slightly increased in back-to-back periods. Less than 24 hours after trading at a low of $1,252, ETH increased to a high of $1,346 on Thursday.

Moreover, Ethereum’s price was down by over 7% in the last 7 days and more than 25% in the previous month. At the time of writing, ETH traded at $1,327, as per CoinMarketCap.

Ethereum (ETH) price chart (Source: Tradingview)

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Robert Kiyosaki Declares the End of Fake Money

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Robert Kiyosaki Recommends Investors To Turn On Bitcoin
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