Dogecoin Makes Historic Milestone; Ethereum’s Buterin confirms DOGE’s move to Proof-of-Stake

IMPORTANT POINTS

• Dogecoin has reached several milestones
• The Binance Smart Chain currently has 492,055 Dogecoin holders
• The team behind DOGE is working on moving to PoS in terms of community staking

Dogecoin, the world’s first memecoin, has reached another milestone. Ethereum co-founder Vitalik Buterin recently confirmed the news that DOGE will change its staking system and switch to a proof-of-stake mechanism.

A report by Messari, an online crypto industry database, revealed that DOGE has around 4.8 million Dogecoin addresses, of which nearly 4.5 million have balances greater than 0.01 DOGE. This is quite an achievement in itself, as according to BiInfoCharts data, 80,000 of these addresses sent transactions in a single day.

But what makes the memecoin’s performance much more interesting is that it has many holders on the Binance Smart Chain. Based on WhaleStats information, the top 1,000 BNB wallets hold 323,502,178 $DOGE ($46,481,982).

Dogecoins Photo: Unsplash

As of the current data, the Binance Smart Chain has 492,055 Dogecoin holders.

That’s not all. According to the crypto data firm, the tokenized Dogecoin smart contract is among the top four most used contracts on the blockchain. In another Dogecoin news story, Ethereum co-founder Vitalik Buterin confirmed in an interview with UpOnly that the first memecoin is finally mobilizing its plan to move to proof-of-stake for community staking.

The world-famous Russian programmer was referring to the proposal that Doge unveiled last December. The proposal includes detailed plans to launch Doge as a POS to allow more people to participate in the network’s operations.

The two main goals of this PoS move are the launch of a new currency called LibDogecoin and the launch of a new PoS wallet called Gigawallet. The team is working with Buterin, “to craft a unique Doge proposal for a ‘community staking’ version of PoS that allows everyone, not just the big gamers, to participate in a way that they value for their contribution to the game Operating the network rewards at the same time it gives back to the wider community through charitable causes,” the Doge Foundation team revealed in a blog.