$DOGE: Dogecoin Core Developer May Exit Over Controversial Shift to Proof-of-Stake

A prominent Dogecoin core developer has recently voiced concerns over the potential transition of Dogecoin from its current Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS). In fact, he has gone so far as to suggest that such a move might lead to their departure from the project.

Timeline of Dogecoin

Dogecoin (DOGE) has been one of the most popular cryptocurrencies in recent years, thanks in part to its meme status and Elon Musk's support. However, the coin has also been volatile, and its price has fluctuated wildly.

The crypto ecosystem is still struggling to get off its feet after a tumultuous trailing seven-day period that saw over $1 billion removed from the industry through liquidations. At the time of writing, the combined crypto market cap is still stagnating at $1.05 trillion, with hopes for revival now hinging on top altcoins like Dogecoin (DOGE), with known volatility and price swings.

In the daily time frame chart, Dogecoin shows an evident shift of a downward trend to sideways. Such price behavior reflects exhausted bearish momentum which leads to bottoming of a downtrend.

A connection between meme coins and popular social media platforms has altered how we perceive meme cryptos. Dogecoin (DOGE)'s playful attitude may find a new home and utility on X, formerly known as Twitter.

Bart Stephens, a pioneering force in the crypto industry and managing partner of Blockchain Capital, is suing an anonymous bad actor. Stephens claims he was the victim of a $6.3 million crypto hack resulting from a SIM-swap attack.

Deep-pocketed cryptocurrency investors are swiftly relocating massive amounts of Dogecoin (DOGE) as the premier memecoin makes a comeback from its lowest point this month. The blockchain-tracking platform Whale Alert was the first to detect these substantial Dogecoin transactions, amounting to a staggering 776,351,068 DOGE with a value of $48.47 million.

Amidst a whirlwind of rumors and speculations surrounding the future direction of DOGE's development, a prominent figure in the Dogecoin realm, Mishaboar, the core developer, has made a resolute stand against any potential transition to a Proof-of-Stake (PoS) consensus mechanism.

Dogecoin Lead Developer, Mishaboar has expressed his doubts about a possible move to a Proof of Stake (PoS) blockchain consensus. The developer has stated that the transition to a POS mechanism is not a “sensible approach” and has highlighted several issues that could develop from the change.

Billy Markus, co-creator of Dogecoin and popularly known as Shibetoshi Nakamoto, offered insights into his views on cryptocurrency investments and his favorite coins. Markus recently said, "My [number one] rule of crypto is never put more money into it than you're willing to burn in a fire.

The price of Elon Musk's favorite cryptocurrency, Dogecoin, has dipped almost 16% in the past week to $0.063. This means the asset is trading nearly 92% below the all-time high of $0.73 reached in May 2021.