KEY POINTS

  • Dogecoin has reached several milestones
  • The Binance Smart Chain currently has 492,055 Dogecoin holders
  • The team behind DOGE is working to switch 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 shift to a proof-of-stake mechanism.

A report from Messari, an online database for the crypto industry, revealed that DOGE has around 4.8 million Dogecoin addresses with almost 4.5 million of them having a balance of more than 0.01 DOGE. This is quite a feat on its own as, according to BiInfoCharts data, 80,000 of those addresses sent transactions in a single day.

But what makes the memecoin's performance a lot more interesting is that it has a lot of holders in the Binance Smart Chain. Based on the information from WhaleStats, the top 1,000 BNB wallets are holding 323,502,178 $DOGE ($46,481,982 USD).

Dogecoin
Dogecoin Unsplash

According to the current data, the Binance Smart Chain has 492,055 Dogecoin holders.

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

The world-renowned Russian programmer was referring to the proposal Doge revealed last December. The proposal includes detailed plans of launching Doge as POS to enable the participation of more people in operating the network.

The two major objectives of this PoS move include the introduction of a new currency called LibDogecoin and the launch of a new PoS wallet called Gigawallet. The team is working with Buterin "on crafting a uniquely Doge proposal for a ‘Community Staking’ version of PoS that will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes," revealed the Doge Foundation team in a blog.

RELATED STORIES