DOGE is the famous joke coin that aims to transition to a proof of stake system. This coin is also getting significant aid from certain big names within the field. Its digital asset reportedly reached its all-time value of $0.8 and then a holder pool of 4 million.
Since then, the token has been steadily declining, with developers increasing the token’s utility in order to keep it alive.
Buterin as Dogecoin’s POS System Supporter
In a recent episode of UpOnly’s podcast, Vitalik Buterin addressed his thoughts on the meme coin. He also added how he is attempting to help and push things forward. It is the first time he has discussed participating in the program. He also confirmed that Dogecoin is transitioning to a proof-of-work system.
The creator had linked to the meme coin’s stated plan that had initially mentioned the shift to proof of stake. Buterin discussed them during the podcast and little has been spoken about such a piece of the roadmap since.
Almost all efforts will eventually reach this position, according to the inventor of software that is nearing completion of the proof of stake phase. Allowing everyone to join in a crypto project, he added, it gives the owners more power over what happens with it.
Dogecoin Foundation, which was founded the year before, Buterin contributes to Dogecoin by acting as a consultant to the DOGE Foundation. He previously stated that he believes the meme coin will eventually transition to a proof-of-stake consensus system.
In terms of value for money, DOGE is currently on a downward path. The meme coin was unable to match the spike that propelled it to a recent all-time high. While it is hardly nearly to where it was at this point last year, the price has dropped dramatically out of its high in May 2021.
Shareholders who hadn’t even bought in quickly on the digital asset needed to go somewhere seeking an asset that might deliver similar profits after the price had approached $1. As a result, investors started to abandon DOGE in favor of cheaper options such as Shiba Inu. Dogecoin is currently trading at $0.14, a new 8-month low.
“The views and opinions on this Crypto News Website are solely those of the authors and contributors. These views and opinions do not necessarily represent those of iBaseTrading or its partners.”