It seems that a memecoin is, unexpectedly, more secure than most other proof-of-work cryptocurrencies. Dogecoin ranks third in cost of conducting a one hour 51% attack.
It costs more to perform a 51% attack on Dogecoin than Litecoin, Bitcoin Cash, and other proof-of-work cryptocurrencies, according to recent data. Surprisingly, it seems that a meme cryptocurrency boasts better security than some of the leading cryptocurrencies.
Memes Over Reality
Analyst Kevin Rooke posted his findings earlier today on how expensive it is to conduct a 51% attack for one hour. What he found was that such an attack would cost almost $800,000 on Bitcoin and around $100,000 on Ethereum. Dogecoin comes a distant third, closely trailed by Litecoin, Bitcoin Cash, and ZCash.
Dogecoin is more resistant to a 51% attack than all cryptocurrencies not named Bitcoin or Ethereum.
Yes, Dogecoin, you read that right. pic.twitter.com/B4Lfj2vSyi
— Kevin Rooke (@kerooke) September 25, 2019
It seems that Dogecoin has carved a definite name for itself in the cryptocurrency industry and its meme-status has not made it any less of a fixture in the market. Generally speaking, Dogecoin has led altcoin rallies across the board. This is why the asset is so often used as an indicator for non-Bitcoin cryptocurrency market trends.
The Dropping Dogecoin
However, the beloved Doge is not doing so well as of late. It is currently posting double-digit losses, dropping some -11% at the time of writing. It presently has a market capitalization of around $263M, down over 90% from its all-time high in January 2018.
So, although Dogecoin seems to be edging out its proof-of-work competitors in security, the meme cryptocurrency has a long way to go before it becomes a commonplace tipping token. For now, it’s just a novelty coin—but what does it say about the state of the cryptocurrency world where a memecoin bodes better against 51% attacks than most leading cryptocurrencies? It’s a fact which should arguably worry us.
Why has Dogecoin managed to survive all these years despite only being a novelty coin? What does it say about the industry? Let us know your thoughts below in the comments.
Images are courtesy of Twitter, Shutterstock.
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