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Dogecoin is Now the Second Largest PoW Cryptocurrency

Daily Market Wrap

  • Crypto market cap: 963 Billion, down 2.70%

  • BTC price stands at USD 19,785, down 1.29%

  • ETH price stands at USD 1,472, down 7.42%

  • Top gainer: Cosmos (ATOM), up 10.77%

  • Top loser: Celsius (CEL), down 21.00%

News of the Day

Why it matters:

  • Following the success Ethereum Merge, Dogecoin holds the second largest Proof-of-Work (PoW) crypto market capitalisation, at $7.83 Billion, with the first still being BitCoin at $378 Billion

  • Ethereum’s Merge might have added pressure to the other PoW-powered cryptocurrency networks to transition to a more sustainable consensus mechanism

  • Dogecoin Foundation has previously hinted the possibility of transitioning to Proof-of-Stake and has also released the “Dogecoin Trailmap” which proposed community staking

Crypto Daily Spotlight

Brief Introduction: EOS is a cryptocurrency with the blockchain protocol EOS.IO. The platform was built with the intention of allowing dApps to run at higher speeds and less electricity as compared to running on Ethereum. The ICO of this project was one of the largest, with 1 billion tokens sold, valuing up to $4 billion. Blankos Block Party is housed on Mystical Platform, which is built on the EOS.IO platform, and leverages EOSIO to create NFTs to represent skins, accessories and other cosmetics.

Why it matters:

  • Fortnite creators Epic Game Store has been welcoming towards Web3 gaming, in comparison to its competitors, and has launched an early access version of the NFT-powered Web3 game Blankos Block Party

  • Blankos Block Party is a game which allows players to control avatars inspired by vinyl toys, where NFTs are used to represent items such as character skins and accessories, which can be bought and sold through the in-game marketplace

  • While Epic Game Store does not have plans to use Web3 technology of NFT in their games, they welcome the launch of blockchain-based games on their platform

Daily Sector Tracker

Daily News Roundup

  1. Ethereum Already Showing Signs of Increased Centralization

  2. FTX Is in the Lead to Buy Crypto Lender Voyager Digital’s Assets Out of Bankruptcy

  3. CFTC Preparing to Oversee Crypto, Behnam Tells Senators

  4. SEC Sues Crypto Broker Owner, Salesmen for Alleged Fraud

  5. Exchanges Resume ETH Transfers After Successful Merge

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