- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ethereum supply shrinks by 70,000 ETH. Will Ethereum price hit $2,000?
Ethereum transition from Proof-of-Work to Proof-of-Stake (PoS) was the last major upgrade to the altcoin’s blockchain and the Shanghai hard fork is the next one. The shift to PoS purged 70,000 ETH tokens from the altcoin’s circulating supply.
Decentraland Price Forecast: What to expect from MANA as Metaverse Fashion Week kicks off
Decentraland price (MANA) has identified critical support on day one of the Metaverse Fashion Week. The token is trading horizontally on the four-hour timeframe as bulls push to break above a descending trendline.
Ethereum devs confirm withdrawals to begin on April 12; Here's what to expect from ETH price
Ethereum is on the verge of bringing about one of the biggest upgrades to the blockchain since the Merge. The arrival of withdrawals has been anticipated for a long time now, however, it may not be as lucrative for Ethereum price as one might expect.
Ripple holders' profit taking hits a 19-month high as XRP price shoots up by 42%
XRP price has performed beyond expectations and has marked a multi-month high, restoring confidence in its investors. These holders have also made the most of the situation and turned to sell, which could backfire on the price action soon.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?
Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.