You probably know that some stories or jokes get too big and get out of hand. It happened to a group of friends, family, as a simple thing, but it took shape and started to snowball. Yes, we are talking about Dogecoin (DOGE).
The biggest cryptocurrency meme is the darling of billionaire and Tesla CEO Elon Musk, and its market value has surpassed Petrobras (PETR3 and PETR4) to become the sixth largest digital currency in the world.
All this and this project is nothing more than a hobbyist's joke. But that is about to change.
Network changes
Ethereum co-founder Vitalik Buterin announced in an interview with UpOnly that he is working with the Dogecoin Foundation to change DOGE's network verification system.
The Proof of Stake (PoS) mechanism is the most modern form of transaction verification that exists. In addition to being less energy-intensive than Bitcoin mining's proof of work (PoW), it also increases the network's involvement in a specific cryptocurrency.
This migration also occurred on the Ethereum (ETH) network, the world's second-largest cryptocurrency. It is part of the cryptocurrency roadmap starting with the London fork.
In this way, Buterin continues the foundation’s strategy of implementing a “community staking” PoS proposal, which would allow more individuals to participate in the governance of the Dogecoin network.
Dogecoin: Leaving the Crypto Pet Shop
Since last August, the Dogecoin Foundation has announced the launch of a series of projects to make the meme cryptocurrency a meaningful digital asset.
As of now, analysts do not recommend investing in meme coins as they have no intrinsic value and do not solve any real problems.
Typically, these cryptocurrencies are issued in unlimited quantities, which prevents them from being a store of value. Even with updated animations, the best “seeing is believing” DOGE will be as a reliable digital asset.
However, the announcement had little impact on the price of DOGE, which was trading at US$$ 0.1369, down 2.13% in the last 24 hours.
