- 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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.