In this article we are going to get the answer of Is Dogecoin Merging With Ethereum? The answer is No, there are rumors on the internet that Dogecoin will undergo energy-efficient proof-of-stake model like Ethereum(proof-of-stake) which happened in September. One of the core developers of Dogecoin denied all these rumors, which means dogecoin will remain on an energy-intensive proof-of-work mining model, which currently powers the Cryptocurrency.

Michi Lumin (principal engineer) of the dogecoin Foundation tweeted that there is a plan to provide a proposal regarding proof-of-stake transition but as we all know proof-of-stake is not secure as proof-of-work, although the developers of dogecoin Foundation suggested that suggested approach would be different from current proof-of-stake in many ways.

We all know that proof-of-stake is energy-efficient and it is powering decentralized blockchain platforms. Many believe that having proof-of-stake makes the platform less secure than a proof-of-work model. As we all see when Ethereum moves into proof-of-stake the price of Ethereum falls massively.

Now Dogecoin is the second largest proof-of-work after Bitcoin with a market capitalization of $9.3 billion. Before Dogecoin, Ethereum was the second largest proof-of-work cryptocurrency. I hope you got the answer of Is Dogecoin Merging With Ethereum.

Read till the end, you’ll get to know more about Dogecoin, Ethereum merger and Is Dogecoin Merging With Ethereum.

What is Ethereum Merge?

Simply we can say that the Ethereum merger means the upgradation of crypto transactions on the blockchain known as Ethereum Merger. 

Previously Ethereum ran on a proof-of-work model which is not energy-efficient and not environment friendly. Just two overcome this Ethereum Merger. This upgradation involves power innovation in the Crypto ecosystem like non-fungible token NFT.

In a Merger Ethereum network proof-of-work transitions into proof-of-stake just to make it more energy efficient and environmentally friendly. 

What are the benefits of the Ethereum Merge?

As this merger happens the number of participants increases on the Ethereum network just to earn rewards by stacking their Ether on the blockchain.

With this Merger, the transaction speed increased and the transaction fees became lower which is beneficial for the investor.

Previously Ethereum worked on a proof-of-work that is not energy efficient and not environment friendly just to overcome this Ethereum switch on the proof-of-stake model. The energy consumption for the proof-of-work model is very high because it needs many computer systems to solve complex mathematical problems. As it moves to the proof-of-stake model the energy consumption will be reduced by approximately 99%.

It is now environment friendly, its upgradation involves power innovation in the Crypto ecosystem like an NFT. And Is Dogecoin Merging With Ethereum, these are rumors confirmed by Dogecoin developers.

What are the risks of merging?

As this merging happens the first risk is the risk of centralization and governance, previously the miner are the validators of transactions but now as it moves to proof-of-stake the staker of Ethereum are the validator.

The miners who used to mine Ethereum, have purchased expensive equipment just to validate blockchain transactions for past years, as it moves to prove that their equipment will not work for them and generate income. 

There is a chance of scams because approximately 60% of Ethereum stakes are there in big parties. With this merger “rich get richer” because they are the majority of stakeholders.

As we know staking requires an Ethereum holding to earn the reward, the person who cannot afford to stake is already out of the market, staking requires a large amount of money to participate in the staking pool. As we are finding the answer Is Dogecoin Merging With Ethereum, we all know the drawback of merging, currently dogecoin work of proof-of-work model which is more secure than the proof-of-stake model.

Is DOGE built on Ethereum?

No, Dogecoin is not built on Ethereum. Dogecoin was created by two software engineers in late 2013, it was created with the help of open-source code from Litecoin. This means it uses Litecoin software and makes changes in the numbers. Dogecoin Creates its own blockchain not built on either Ethereum or any other blockchain platform.

Initially, Dogecoin was a meme coin but now most people around the world use it for many purposes either they used for tipping online or they used for charity donations, etc. Dogecoin also sponsored Mini events around the world just to make its publicity a part of its origin as a joke now it has become one of the best legit coins under $1 with a market capitalization in billions of dollars.

Is Dogecoin (DOGE) a good investment in 2023?

It is not possible for anyone to predict or forecast the value of any cryptocurrency, but here the thing is after Ethereum went to proof-of-stake, now Dogecoin became the second largest market capitalization after Bitcoin if we talk about the proof-of-work model. 

Dogecoin is the second-best coin after Binance coin out of ten cryptocurrencies by market capitalization, it just drop 54% this year. The majority of crypto is down by more than 80%. Dogecoin pumped more than 150% after Elon Musk become the owner of Twitter. He also accepts Dogecoin for the payment of Tesla merchandise even, though he is allowing Tesla owners to pay Dogecoin at supercharging stations.

 There is a good chance for Dogecoin that Twitter allows the user, to they can pay dogecoin to buy a bluetick subscription. Elon musk also announces that Dogecoin will be the “1st Crypto in space” and “1st meme coin in space”.

If we talk about whether Dogecoin is a good investment in 2023 or not, the answer is yes it is a good investment but we all know over all crypto market is down by more than 80% so we can invest a few portions of our investment capital so that if any mistake happens which cannot affect our life. Because investing in the cryptocurrency market is very risky. You have invested the same money in cryptocurrency, which does not make any difference to you in case of loss.

History of Dogecoin

It was originally created as a copy of Bitcoin. Initially, Dogecoin was created as a joke currency but people around the world use it for many purposes either be used including charity donations or the use for goods and services or use for online tipping, etc.

Dogecoin also sponsored many events around the world just to make it publicity and now it has become one of the best cryptocurrencies under $1 with a market capitalization of more than billions of dollars.

Conclusion:

As we are finding the answer Is Dogecoin Merging With Ethereum or not, the simple answer is no Dogecoin is not going to merge, it works on a proof of work model and previously Ethereum was the second largest proof of work in terms of market capitalization but now as Ethereum moves on proof of stake. Dogecoin becomes the second largest proof of work after Bitcoin with 9.3 billion dollars.

One of the principle engineers of the Dogecoin Foundation Tweeted that there is a plan regarding proof of stake transition but as we all know proof of stake is not secure as proof of work, although developers of those coin Foundations suggest their approach in proof of stake will be different from the current proof of stay in many ways. I hope the answer for Is Dogecoin Merging With Ethereum this question is clear to you all.

Frequently Asked Questions

Is Dogecoin linked to Ethereum?

No, it is created with the help of open-source code from litecoin. Dogecoin creates its own blockchain not built on either the Ethereum blockchain or any other blockchain.

Can Dogecoin overtake Bitcoin?

The answer is no, no other cryptocurrency can overtake Bitcoin because it is the first digital currency, other than Bitcoin is known as altcoin, and currently Bitcoin work on the proof of work model, whereas Dogecoin is the second largest proof of work model after Bitcoin. Dogecoin is created with the help of open-source code from litecoin and also Dogecoin is a copy of Bitcoin. It started as a meme coin but if we look at the market capitalization of Bitcoin and dogecoin with clearly see, whether can Dogecoin overtakes Bitcoin or not.

Should I buy Dogecoin 2023?

It’s all up to you, see Dogecoin is the second-best coin after Binance coin out of ten cryptocurrencies by market capitalization, it just drop 54% this year. The majority of crypto is down by more than 80%. Dogecoin pumped more than 150% after Elon Musk become the owner of Twitter. He also accepts Dogecoin for the payment of Tesla merchandise even, though he is allowing Tesla owners to pay Dogecoin at supercharging stations.

 There is a good chance for Dogecoin that Twitter allows the user, to they can pay dogecoin to buy a bluetick subscription. Elon musk also announces that Dogecoin will be the “1st Crypto in space” and “1st meme coin in space”.

Will Dogecoin explode again 2023?

In the cryptocurrency market, no one can predict or forecast which currency is going to explode but there is a good chance after Elon Musk became the owner of Twitter, He also accepts Dogecoin for the payment of Tesla merchandise even, though he is allowing Tesla owners to pay Dogecoin at supercharging stations.

 There is a good chance for Dogecoin that Twitter allows the user, to they can pay dogecoin to buy a bluetick subscription. Elon musk also announces that Dogecoin will be the “1st Crypto in space” and “1st meme coin in space”.

The answer for this Is Dogecoin Merging With Ethereum, is no confirmed by Developers of dogecoin foundation.