© Reuters
Investing.com – With a 9.3% drop in one week at the time of writing on Friday morning, the is by far the worst performing cryptocurrency in the top 10.
Recall that the DOGE fell to a low of $0.06945 on Wednesday night, the lowest since October 26th. Since peaking on November 1 at $0.1582 in the face of Elon Musk’s takeover of Twitter (NYSE:) (which generated speculation of an integration of Dogecoin into the social network), the cryptocurrency has now fallen by more than 56%.
As for the latest Dogecoin-specific news, note that developers DOGE have denied rumors that the network is planning an imminent switch to proof-of-stake (PoS), saying that they simply plan to post a proposal on the subject.
This rebuttal came from the Twitter account of Dogecoin Foundation lead engineer Michi Lumin.
Lumin said the Dogecoin Foundation does not have the authority to upgrade the network without validators’ consent, explaining:
“It is not possible, and it is not intended, for any individual, organization or body to ‘move’ or ‘change’ #dogecoin to PoS. All that can be done is: it can be described , possibly coded, and given to the community (and validators) to decide whether or not to adopt […] the repeated sensationalist refrain (to get views/followings) of people saying that #dogecoin is ‘going to PoS’ is ridiculous, and absolutely not the way it works or can work. This will not and cannot be done by decree, or by force…”
Recall that the Rabid Mining YouTube channel published a video on December 28 entitled “And if Dogecoin went to PoS?”.
The video mentioned that “it appears that the Dogecoin Foundation actually has Vitalik on the board as an advisor, and they have stated that they will be moving to proof of stake.”
Rabid Mining argued that not only would DOGE move to proof-of-stake, but it would also do so “fairly quickly,” as an October news article mentioned that a proposal was in the works and that the site Dogecoin Foundation official also mentions the proposal.