It seems that a memecoin is unexpectedly more secure than most other cryptocurrencies for proof of work. Dogecoin ranks third in the cost of a one-hour 51% attack.
According to recent data, a 51% attack on Dogecoin costs more than Litecoin, Bitcoin Cash and other cryptocurrencies to prove work. Surprisingly, a meme cryptocurrency appears to offer better security than some of the leading cryptocurrencies.
Memes about reality
Analyst Kevin Rooke released his findings earlier this morning on how expensive it is to conduct a 51% attack for an hour. What he found was that such an attack would cost nearly $ 800,000 on Bitcoin and around $ 100,000 on Ethereum. Dogecoin is in third place, closely followed by Litecoin, Bitcoin Cash and ZCash.
Dogecoin is more resistant to an attack of 51% than any cryptocurrency other than Bitcoin or Ethereum.
Yes, Dogecoin, you read that right. pic.twitter.com/B4Lfj2vSyi
– Kevin Rooke (@kerooke) September 25, 2019
It seems that Dogecoin has made a name for itself in the cryptocurrency industry, and its meme status has made it no less of a staple in the market. In general, Dogecoin has led altcoin rallies across the board. It is for this reason that the asset is so widely used as an indicator of market trends in non-bitcoin cryptocurrencies.
The falling Dogecoin
However, the beloved Doge is not doing so well lately. It is currently seeing double digit losses, down -11% at the time of writing. The company currently has a market capitalization of around $ 263 million, down over 90% from its all-time high in January 2018.
Though Dogecoin appears to be ousting its competitors in terms of security, the meme cryptocurrency still has a long way to go before it becomes an everyday tip token. At the moment it’s just a novelty coin – but what does it say about the state of the cryptocurrency world where a memecoin is better at protecting against 51% attacks than most leading cryptocurrencies? It’s a fact that I think we should be concerned about.
Why did Dogecoin survive all these years even though it was just a novelty coin? What does it say about the industry? Let us know what you think in the comments below.
The images were kindly provided by Twitter, Shutterstock.
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