Dogecoin, a popular meme coin is attempting to transition to a proof-of-stake method. It’s getting some aid from industry heavyweights.
The digital asset had reached an all-time high of $0.8 with a 4 million-strong holder base. Since then, the token has been on a steady decline. This is with the developers increasing the token’s utility to keep it alive.
Buterin and Dogecoin
Ethereum founder Vitalik Buterin discussed the meme coin. On top of that, he discussed what he was doing to assist push it in this new path. This happened on a recent podcast episode of UpOnly. It will not be Buterin’s first time voicing support for the meme coin. He also confirmed that Dogecoin is transitioning to a proof-of-work system.
The founder had linked to the meme coin’s official plan, which had initially mentioned the shift to proof of stake. Since then, this section of the roadmap was unknown. Not until Buterin mentioned it on the podcast.
Is it Finish?
The entrepreneur stated that most initiatives would eventually arrive at this point. His own project is nearing completion of the proof-of-stake phase. It’s a method that allows everyone to participate in a crypto project. On top of that, it gives the holders more control over what happens to it, he explained.
Buterin is a member of the Dogecoin Foundation a year ago. He previously mentioned that he hoped the meme coin would eventually migrate to a proof-of-stake consensus process. Consequently, it appears that this will be the case.
The Records
Dogecoin is still trading at a low price. The meme coin gained traction last year. However, it was unable to match the spike that propelled it to a new all-time high. It is still not close to where it was at this time last year. Furthermore, it has dropped dramatically from its peak in May 2021.
The weakening demand for the currency is to blame for the vast majority of the drop in value. There was no choice but to go elsewhere for investors who had missed out on the digital asset. The have to look for an asset that could deliver similar returns. This happened after the price had approached $1. As a result, investors began to abandon Dogecoin in favor of cheaper alternatives such as Shiba Inu.
