Dogecoin becomes second largest PoW cryptocurrency

[Z390]

You are right but this doesn't make doge coin a profitable coin to mine right now, Ethereum used to be the best PoW coin out there but now that it's gone I doubt there will ever be any profitable coin to mine until another bull market gets here, as a Eth miner I quit for now.

[hichamito37]

I'm a little confused about dogecoin. I know this coin uses POW system mining but judging by other POW coins such as Monero and Litecoin, why is Dogecoin actually above them even though Dogecoin seems to have absolutely no utility compared to the two coins. Is the community so much on dogecoin that it makes dogecoin the second POW.

Ranking is based on market cap, doge has no utility or usecase like litecoin or monero but it has a large community that makes doge cap bigger than other POW coins so there is nothing wrong with it being ranked on other coins. But look at doge's 24h trading volume which is much lower than other coins. The market cap ranking is not entirely accurate in this case.

[Iyeman]

I'm a little confused about dogecoin. I know this coin uses POW system mining but judging by other POW coins such as Monero and Litecoin, why is Dogecoin actually above them even though Dogecoin seems to have absolutely no utility compared to the two coins. Is the community so much on dogecoin that it makes dogecoin the second POW.

These days you must realize the fact that if utilities meant nothing. people much more care about the hype rather than utility. Yeah you're aware if doge coin has no utility compared with monero or litecoin but you must also understand if if doge coin has more hype compared with monero and litecoin. That's why it can go even higher compared with zero protocol coin like monero and litecoin as a lite version for bitcoin.

[Xal0lex]

doge to the moon?  
this proves keeping your doge will still pay off one day. so keep accumulating from now on. doge is for the mass, you  never be left behind if you buy or  mine doge today. its still cheaper. congratz. i saw some defi project related to doge,  the hype might float again and its coming to steal the stage light.

This proves nothing, because before doge was not a competitor to ethereum in the pursuit of miner capacity. Or do you think ETH's departure from PoW will now attract hash power to doge? I highly doubt it. Miners will move their capacity to products similar to ETH, like ETC, ETHW, ETF, etc. Dogecoin will not grow just because it has become second among pow coins. Just another speculation on this topic to somehow fuel interest in this memcoin.