Here's what the new Dogecoin fork means for DOGE hodlers
- EthereumFair, the world’s first Ethereum fork, discussed a Dogecoin fork with the DOGE community, proposing a new mining algorithm.
- Dogecoin consensus mechanism will remain unchanged, proof-of-work and the mining algorithm will be changed to use Ethereum graphics card mining.
- Dogecoin now ranks among the top 10 tokens by trade volume for the 100 largest whales on the Binance Smart Chain.
EthereumFair, the project that brands itself as the world’s first Ethereum fork, is in talks with the Dogecoin community for a fork. The team proposes retaining DOGE’s consensus algorithm and changing the mining algorithm to make it compatible with Ethereum graphics card mining.
DOGE ranks among the top traded tokens by Binance Smart Chain whales. These developments could act as bullish catalysts for Dogecoin.
Also read: Ethereum devs finalize fork on the Zheijang testnet; here’s what this means for ETH
Ethereum’s first fork discusses Dogecoin fork, proposes new mining algorithm
EthereumFair is a fork chain led by a group of technologists that insists on maintaining ETH’s Proof-of-Work consensus mechanism. This group established a new hub for ETH miners and ecological projects while providing them with security and 100% decentralization.
Today, we have discussed the dogecoin fork with the #dogecoin community. The #ETHF technical community will help #Dogecoin fork.
— EthereumFair($ETHF) #PeoplePOW (@EthereumFair) February 4, 2023
The EthereumFair team discussed the fork and offered technical help to the Dogecoin community. A Decentralized Autonomous Organization (DAO) will be established where technologists, communities, project parties, exchanges, and miners are welcome to participate actively.
This is a worldwide linkage and a major reshuffle of liquidity. Dogecoin retains its Proof-of-Work consensus mechanism, and the mining algorithm will be separated from Wright to use the Ethereum graphics card mining machine.
A larger consensus group will be generated; Dogecoin will be compatible with the Ethereum Virtual Machine (EVM), a trend, and the DAO will ensure the decentralization of the project.
The team announced that the Dogecoin fork will still retain the 1:1 ledger, but there will be some detailed adjustments from the Bitcoin series algorithm to the Ethereum series algorithm.
Dogecoin popularity takes off: Top traded token by Binance Smart Chain whales
Dogecoin ranks in the top 10 tokens by trade volume for the hundred largest wallet investors on the Binance Smart Chain. The meme coin ranks among favorites for BSC whales and enjoys high trade volume from whale activity.
JUST IN: $DOGE @dogecoin is back in top 10 by trading volume among 100 biggest #BSC whales in the last 24hrs
— WhaleStats - the top 1000 BSC rich list (@WhaleStatsBSC) February 4, 2023
Check the top 100 whales here: https://t.co/0SYnjw0xQs
(and hodl $BBW to see data for the top 4000!)#DOGE #whalestats #babywhale #BBW pic.twitter.com/xkYwMnUh1n
The news of the fork that retains DOGE’s consensus mechanism and its popularity among whales could act as bullish catalysts for the meme coin. While competitor Shiba Inu bucks the large crypto market downtrend and yields double-digit gains, Dogecoin is gearing up to make a comeback with interest from whales and the Ethereum fork’s community.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
