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The world’s second-largest cryptocurrency Ethereum (ETH) has entered a major rally leading the bull run in the altcoin space. Just at this time, Ethereum co-founder Vitalik Buterin triggered a discussion on Twitter replying to questions from the 268 people whom he follows.
In one of the responses to a possible Ethereum/Dogecoin cooperation, Buterin said that the meme cryptocurrency blockchain should shift to the Proof-of-Stake (PoS) consensus model. Zhu Su, the founder of Singapore-based crypto fund manager Three Arrows Capital, asked Buterin about the promising ideas for ETH/DOGE cooperation.
“What was it about Doge that got you interested in the project?” he further asked. Responding to it Buterin wrote:
“Personally, I hope that doge can switch to PoS soon, perhaps using ethereum code. I also hope they don’t cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin’s non-greedy wholesome ethos”.
The non-profit Dogecoin Foundation announced a relaunch last month. The advisory board also welcomed some of the top industry players like billionaire Elon Musk and Ethereum co-founder Vitalik Buterin.
The Ethereum Market Rally
The world’s second-largest cryptocurrency Ethereum (ETH) is making solid moves in the current market bull run. In the last 24-hours, the ETH is up 8% moving closer to $3,800 levels. Over the last week, ETH has registered a solid 20% gain.
On-chain data provider Santiment reports that it is for the first time since Mid-May that the ETH price has moved past $3500 levels. Besides, the ETH accumulation among non-exchange whales has spiked up recently.
🐳 #Ethereum has surpassed $3,500 for the first time since mid-May. One year ago, the asset's price sat at $442. We've discovered that the ratio of $ETH's top 10 non-exchange whales is now 3.12 times as much $ETH as top 10 exchange whales. A great sign. https://t.co/k67bu0zz54 pic.twitter.com/I8j2t3GXXP
— Santiment (@santimentfeed) September 1, 2021
The data provider also notes that the latest price rally comes amid strong ETH circulation. It added:
The amount of unique coins being circulated on the $ETH network translates well to future price movement. This is the third day with over 1.0m $ETH moved after 1.6m was hit twice last week.
While Ethereum has been on the road to transition towards Ethereum 2.0, other market players have started gaining prominence as well! Solana is one among those players looking to eat into Ethereum’s market share.
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