Recent drop in dogecoin’s price has been the topic of much discussion in the cryptocurrency community. over the last week, the price of dogecoin has dropped by 13%, and 6% in the last 24 hours. michi lumin, a principal engineer at the dogecoin foundation, denied that any major move is imminent, but said there is a plan to provide a proposal to the community regarding a potential proof-of-stake transition.
Transition to proof-of-stake began in september of this year, when ethereum completed its highly-anticipated merge event. dogecoin remains the second largest proof-of-work cryptocurrency, with a nearly $9.3 billion market cap. the price of eth dropped sharply after the transition was completed, and dogecoin is down 61% over the past 12 months. bitcoin has dropped about 65% since the start of 2022, and solana has shed about 95% of its value since the start of the year.
Is a more energy efficient way of powering a decentralized blockchain platform, but some believe that it’s less secure than a proof-of-work model. it would be impossible to enforce this type of shift without first having the approval of the majority of dogecoin’s node validators. dogecoin has outperformed bitcoin this year in terms of retaining value, but it briefly fell out of the top 20 cryptocurrencies by market cap on thursday.