[La1n]

With a market cap that is 20 times lower, higher market cap means higher prices, means more miners and thus more energy requirement

[tromp]

Not quite. Energy requirements correspond to daily dollar emission (column PoW produced 24h in [1]).

Early in their emission, coins can have high daily emission and low marketcap. And dogecoin is at less than 1/3 of its 500B soft total supply [2].

[1] https://www.f2pool.com/coins

[2] https://john-tromp.medium.com/a-case-for-using-soft-total-su...