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Dogecoin Is the Third-Most Resistant to 51% Attacks, After Bitcoin and Ethereum

2 mins
Updated by Max Moeller
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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. Dogecoin Bitcoin Ethereum

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. 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. Dogecoin Bitcoin Ethereum

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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Anton Lucian
Raised in the U.S, Lucian graduated with a BA in economic history. An accomplished freelance journalist, he specializes in writing about the cryptocurrency space and the digital '4th industrial revolution' we find ourselves in.
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