Dogecoin every minute

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What is Dogecoin and how do you buy it?

Dogecoin is a kind of cryptocurrency that began as a spoof on Bitcoin — yes, a joke! Now it’s one of the most highly valued cryptocurrencies, thanks in part to a plug from Tesla CEO Elon Musk that jolted the digital currency into popular consciousness and then the stratosphere.

Here’s what Dogecoin is, what it does, where it comes from and how to buy it.

What is Dogecoin?

Dogecoin is one of thousands of cryptocurrencies that have recently come into existence. But unlike many other digital currencies that were created to solve a problem, Dogecoin was created literally to poke fun at Bitcoin and the silliness of buying a digital asset that was not backed by any asset or cash flow. Now the tables have turned and Dogecoin is worth money.

Everything about the coin’s origins points to its joke-y nature:

  • Dogecoin was created by software engineers Jackson Palmer and Billy Markus in 2013 following the quick rise in Bitcoin prices.
  • The “altcoin” was designed in about two hours in 2013.
  • The creators based it on the Doge meme, a Shiba Inu dog who speaks in broken English.
  • There is no limit on how many coins can be issued.

Despite its origins as an attempt to poke fun at the crypto arena, Dogecoin has captured the fancy of the investing, or speculating, public. It’s hugely popular with traders on Robinhood, and the reported total value of all Dogecoins in existence is about $41 billion, as of August 2021.

As Doge himself might say, “Much wow.”

What does Dogecoin do?

Like other cryptocurrencies, such as Bitcoin, Dogecoin can act as a way to transfer money between people, either as a payment for goods or services, or simply to send cash. Users can also make transactions semi-anonymously, even if a record is available publicly on the blockchain. And they can do it without going through a traditional intermediary such as a bank.

Dogecoin operates on a decentralized network of computers that uses a distributed ledger called a blockchain. Think of the blockchain like a long running receipt of the transactions in the currency. The blockchain verifies transactions and ensures the integrity of the data.

Where do Dogecoins come from?

Like other cryptocurrencies, Dogecoin is “mined” by the decentralized network of computers that runs the currency. The networked computers perform complex mathematical calculations that effectively unlock coins or fractions of coins as a reward for processing transactions.

As of August 2021, about 131 billion Dogecoin were in existence, though new coins are created literally every minute. And unlike Bitcoin — which has a hard cap on its total issuance – Dogecoin has no cap on the number of coins that can be mined. However, annual issuance of new coins is limited to 5 billion and that issuance can proceed indefinitely.

How to buy Dogecoin

You can buy Dogecoin through many different sites, and your choice of which one to use may depend on what your purpose is:

  • If you’re looking to buy Dogecoin merely to speculate, then you can opt for an online brokerage such as Robinhood that allows cryptocurrency trading. Webull and eToro also allow you to trade the coin, but many other brokers do not support crypto trading at all. The broker will hold any stake you have in the coin.
  • If you’re looking to buy Dogecoin to speculate or to actually use it, then you can opt for an exchange such as Coinbase or Binance.

If you’re looking to use your crypto holdings, it’s useful to have a crypto wallet that can add an extra layer of protection beyond what is usually offered through an exchange. (Here are some of the top cryptocurrency wallets and what they can offer you.)

Bottom line

Speculators can trade Dogecoin directly on various sites or they can invest in the companies making it and other cryptocurrencies a reality, akin to investing in the “picks and shovels” companies that served as the infrastructure of the Gold Rush. In that way, traders could win regardless of which individual cryptocurrency wins, without having to pick a winner.

If you’re opting to purchase cryptocurrency or any other investment, it’s vital to know the risks and opportunities. And with many cryptos not backed by anything at all, traders run the risk of a total loss. So those in the crypto arena should proceed with caution and not add money to a position that they cannot afford to lose.

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3 important differences between bitcoin and dogecoin, according to experts

Dogecoin, a meme-inspired cryptocurrency, hit a record high on Wednesday after reaching about 69 cents.

With it's price up over 12,000% this year, and with big names, like Elon Musk talking and tweeting about it, dogecoin has become one of the buzziest cryptocurrencies, alongside bitcoin, which itself hit a fresh record of over $63,000 last month.

Searches like "Is dogecoin the next bitcoin?" are even trending on Google.

But the two cryptocurrencies have major differences. Here are three important distinctions between dogecoin and bitcoin, according to experts.

Bitcoin has 'built-in scarcity'

"There are many differences between dogecoin and bitcoin," says Meltem Demirors, CoinShares chief strategy officer.

One of the "most important" is the supply of each, she says.

Dogecoin is inflationary, says Demirors, meaning "more doge is printed every minute of every day, giving doge a potentially infinite supply."

For example, "every minute of every day, 10,000 more dogecoin are issued. That equates to nearly 15 million doge per day or over 5 billion doge per year," she says.

An unlimited cap on supply can negatively impact value over time.

Bitcoin, on the other hand, has a finite supply of 21 million, which creates a "built-in scarcity ... akin to the way that gold or diamonds are valuable because they are scarce," James Ledbetter, editor of fintech newsletter FIN and CNBC contributor, says.

This scarcity is central to why bitcoin bulls argue for holding the cryptocurrency long-term – because it is limited, as demand increases, the price of bitcoin should as well.

Because of this difference, "I see most people trading dogecoin on a short-term basis," with investors hoping to make a quick profit, "and choosing to hold bitcoin over a longer duration," Demirors says.

Dogecoin was 'created for sillies'

Another difference between dogecoin and bitcoin is the premise on which each was created.

Bitcoin launched in 2009 with an extremely detailed white paper written by Satoshi Nakamoto, the pseudonym used by bitcoin's creator or creators. Nakamoto's intention was for bitcoin to become a prominent decentralized digital currency. Bitcoin supporters see the cryptocurrency as digital gold and a hedge against inflation.

Trust in bitcoin has grown with institutional and retail investors during its 12-year run, which led to the cryptocurrency selling for record high prices this year.

In comparison, dogecoin was created as a joke in 2013 by software engineers Billy Markus and Jackson Palmer. Based on the "Doge" meme, which portrays a shiba inu dog, Markus and Palmer didn't intend for dogecoin to be taken seriously.

It was "created for sillies," Markus wrote in a recent Reddit post. "I threw it together, without any expectation or plan. It took about 3 hours to make."

As a result, dogecoin lacks technical development and isn't as secure as bitcoin.

Over the years, Markus was surprised to see how quickly the dogecoin community grew, as it bonded over a common love for the shiba inu dog meme, and recently, the cryptocurrency exploded after social media buzz from the likes of Musk and Mark Cuban.

"Dogecoin currently exists as a kind of inside joke," Ledbetter says.

But "for many people, investing is becoming a form of entertainment," Demirors says. "For dogecoin, the meme is the message. As the influence of FinTwit [financial industry twitter] grows, so will the memes and the way they move our markets."

Nonetheless, both dogecoin and bitcoin have both been called risky investments, as cryptocurrencies are highly volatile. In fact, experts warn that investorsproceed with caution before buying dogecoin, deeming its rally to be highly speculative. In turn, experts warn that people should only invest what they can afford to lose.

Bitcoin has a well-funded ecosystem

Though for many years dogecoin was developed by engineers who copied the exact code from bitcoin software, bitcoin has an extensive and well-funded ecosystem that does not exist with dogecoin.

Mike Novogratz, a crypto bull and CEO of Galaxy Digital, told CNBC's "Squawk Box" on April 20 that bitcoin is "a well-thought-out, well-distributed store of value that's lasted for 12 years and is growing in adoption, where dogecoin literally has two guys that own 30% of the entire supply."

"I worry that, once the enthusiasm rolls out, there's no developers on it, there's no institutions coming in. But it's got this moniker of the people's coin right now," Novogratz told CNBC on Wednesday.

"It's a little bit of a middle finger to the system. I think it's dangerous because once that enthusiasm dies, if it dies, you could have a long way down. But I don't want to discredit."

Check out: Meet the middle-aged millennial: Homeowner, debt-burdened and turning 40

Don't miss: ‘I just became a dogecoin millionaire’: This 33-year-old invested his savings in the meme cryptocurrency with inspiration from Elon Musk


Dogecoin’s incredible start to the year has attracted record numbers of miners to its network. But how easy is it to mine dogecoin and what do you need to get involved?

Dogecoin has come a long way since its modest beginnings as a joke cryptocurrency centered around a viral internet meme of a Shiba Inu “doge.” What was once a parody project purposefully created by software engineers Jackson Palmer and Billy Markus to be “as ridiculous as possible,” is now a top ten crypto asset boasting a $32 billion market capitalization and a global fanbase.

Dogecoin’s spectacular rise over the first half of 2021, driven largely by internet pop culture and relentless promotion from Tesla CEO Elon Musk, has unsurprisingly reignited significant interest in dogecoin mining as mining profitability spikes to a new six-year high.

Even with its recent success, mining dogecoin is still significantly less competitive than mining bitcoin (but still difficult). New blocks are also discovered much faster and coin rewards are substantially higher – 10,000 DOGE per block reward vs 6.25 BTC.

How does dogecoin mining work?

Dogecoin’s blockchain network employs the same system for adding new blocks to its decentralized ledger and reaching agreement among its network participants as bitcoin, litecoin and many other cryptocurrencies.

Known as a “Proof-of-Work” mechanism, this process involves “mining” where individuals or organizations compete for the right to add new blocks containing pending transactions to the blockchain ledger using specialized computer equipment.

More specifically, miners use their machines to try and create a fixed length code known as a “hash” with a value that is equal to or lower than the target value of the new block, known as the “target hash.” Whoever creates the winning code earns the exclusive right to add new transaction data to the next block in the chain and is rewarded with newly minted coins for doing so.

Each hash generated is completely random so it’s simply a process of trial and error until one miner wins.

Here is how dogecoin mining compares to bitcoin and litecoin mining (as of June 2021):

As a rule, PoW blockchains such as bitcoin and litecoin usually have a predetermined total supply of coins that have to be mined in order for them to be added to the circulating supply (21 million and 84 million, respectively). Think of it as being like actual mining and how precious gems or gold have to be physically mined before they can enter the market.

Unlike a vast majority of cryptocurrencies, however, dogecoin doesn’t have a maximum supply cap. Its circulating supply will continue to increase indefinitely over time as new coins are created through mining.

New blocks are discovered approximately once every minute on the Dogecoin network. For comparison, Bitcoin blocks are discovered approximately once every 10 minutes.

Despite using the same Proof-of-Work system, dogecoin mining operates slightly differently than bitcoin.

Bitcoin, which is the oldest and largest cryptocurrency by market cap, uses a hashing algorithm called SHA-256. This might sound complicated but a hashing algorithm is simply a function that generates a fixed-length code using a certain technique. Think of it as random code generators, where each hashing algorithm creates random codes in a unique way.

Dogecoin and litecoin use a hashing algorithm called Scrypt, which is less complex than SHA-256. This makes mining litecoin and dogecoin much faster and less energy intensive than bitcoin.

The use of a common algorithm enabled Dogecoin and Litecoin mining to be “merged mined”, meaning both coins can be mined simultaneously without impacting operational efficiency. The two share a common algorithm because dogecoin’s design is based on luckycoin, which in turn was derived from litecoin.

How to mine dogecoin

In its early years, mining dogecoin was much easier because very few people participated in the network. This meant anyone could mine the coin individually. However, as the popularity of DOGE increased, the mining process became more difficult, prompting miners to come together and form “mining pools.”

A mining pool is a group of individual miners who mine the cryptocurrency as a single entity, or node, by merging their computing power. The rewards are then distributed among pool participants proportionally by the amount of computer power committed by each miner.

Today, there are three main approaches to mining dogecoin:

  • Individual mining/solo mining

  • Mining pools

  • Cloud mining

Solo mining and joining a mining pool

For anyone looking to mine DOGE for fun or simply to understand the process, it can be done independently using a GPU through a software like EasyMiner, for example. The GPU (graphics processing unit) is a specialized processor that renders all images on a computer's screen, and many laptops and desktop computers use it to improve image processing.

However, mining alone can be a difficult process and is rarely profitable unless one is willing to shell out significant sums of money on top-spec equipment and electrical bills.

For crypto enthusiasts interested in trying to make a profit from doge mining, joining a mining pool is usually recommended and provides a much better chance of becoming a block validator due to the collective hashing power of the pool. But before jumping into a mining pool, be ready to pay 1%-3% in fees for the privilege to participate and always check in advance how each pool calculates payouts for its members.

Popular dogecoin mining pools in 2021 include:

Dogecoin cloud mining

Dogecoin can also be earned through cloud mining, which is not really mining per se. Cloud mining basically involves renting computing power from a data center and paying a monthly or annual fee based on an agreed-upon contract. The chosen coin is then mined at the center via a mining pool and then shared with you based on how much computing power you pay for.

The main drawback of cloud mining is that most contracts are time-locked, meaning you can lose money if DOGE prices drop below the operational and electrical costs associated with mining it.

Nevertheless, this can also be just as effective as joining a mining pool and does not require the user to own any specialist equipment. Anyone opting for the cloud mining route simply needs a dogecoin wallet.

Popular cloud mining pools that support DOGE include:

Dogecoin mining must-haves

For individuals interested in mining dogecoin solo or via a mining pool, there’s a range of equipment needed in order to get started.


There are three types of hardware equipment you can use for DOGE mining:

  • CPU – your PC’s central processing unit might be an option even today, but it is not really recommended because it can cause damage to your computer by overheating it.

  • GPU – a graphics processing unit is more powerful than a CPU and can be used to mine dogecoin.

  • ASIC – an application-specific integrated circuit is a computing machine built specifically to generate hashes. ASICs are far more powerful than GPUs and, unsurprisingly, more expensive. Anyone planning to buy an ASIC should look specifically for a Scrypt-based ASIC miner.


Once you’ve decided which type of hardware to use, you’ll also need to download software to accompany it. Here are some of the leading software options available at the moment:

  • CPU – CPU miner by Pooler.

  • GPU – EasyMiner is great for beginners, CudaMiner works best with Nvidia GPUs, while CGminer does well with all types of GPUs.

  • ASIC – CGminer and EasyMiner can be used with ASICs as well, but most ASIC miners use MultiMiner.


A dogecoin wallet is essential for mining and provides a secure place to receive any dogecoin rewards generated from mining. A crypto wallet consists of a public key address for sending and receiving DOGE and a private key to access it. The latter has to be kept secure and not shared with anyone. There are several types of wallets, such as:

  • Online: Anyone mining for fun can opt to use an online wallet such as Coinbase or Binance. These aren’t as secure as other wallet options but are much more convenient to use.

  • Software: Software wallets reside on your PC or mobile device rather than online, which makes them more secure. You can download the original dogecoin wallet or use third-party software wallets.

  • Hardware: Hardware wallets are regarded as the most secure solution for storing crypto assets. These are physical devices similar to a USB stick that store crypto offline. Leading hardware wallets include the Ledger Nano S and Trezor Model T.

It’s worth noting, good access to electricity and an internet connection are essential for mining any cryptocurrency. If you opt for ASIC mining, it’s recommended that rigs be kept in a cool and isolated place to prevent overheating and disturbing neighbors with the noise.

Is dogecoin mining profitable?

Well, dogecoin mining can still be profitable, especially thanks to the recent price surge. However, don’t expect to become a millionaire. Having powerful hardware and joining a pool will give you the best possible chance of making a profit from doge mining. If you’re interested in finding out how much you could make (approximately) per month, there’s a dogecoin mining calculator you can use.

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Every minute dogecoin

Dogecoin: what is it and does it have any value?

Dogecoin is one of a number of cryptocurrencies that have hit the headlines in recent months, gaining a lot of attention because of both its price rises and its uniqueness as a ‘meme cryptocurrency’ with a cult following. It has a market capitalisation of around $44 billion, making it the sixth largest cryptocurrency and the 475thlargest asset in the world (as of 10 June 2021).

The price of Dogecoin has appreciated dramatically since May 2020 (see Figure 1), but it remains a relatively cheap coin with a very large supply. But what exactly is it – and does it have any value?

Figure 1: Price of Dogecoin

Source: CoinMarketCap

What is Dogecoin?

Dogecoin is a cryptocurrency that began as a joke, taking its name and logo from a meme of a Shiba Inu dog that became popular online in 2013. It was founded by Jackson Palmer – a software engineer working for Adobe – although he has since walked away from the project.

Palmer had two tabs open side-by-side on his computer – one was CoinMarketCap (an aggregator of data on cryptocurrencies) and the other was a news article about the best meme of 2013, Doge. When switching between the tabs, Palmer had the idea to put the two elements together and quickly tweeted about a hot new cryptocurrency called Dogecoin and bought the website domain.

Shortly afterwards, IBM developer Billy Markus reached out to Palmer via Twitter asking him if he would be willing to create an actual Dogecoin cryptocurrency and it was officially launched on 6 December 2013. On 25 December 2013, multiple Dogecoin wallets were hacked but the Dogecoin community came together and refunded affected users. This marked the first of many large-scale initiatives by the Dogecoin community.

Dogecoin is primarily used for tipping users on Reddit and Twitter, but it is also accepted as a method of payment by a few dozen merchants. It can be used to buy food, household supplies and even website domains. But it was primarily created as an attempt to break the stigma surrounding cryptocurrencies, which carried negative connotations at the time. Palmer also introduced it as an alternative to the greed he saw in the cryptocurrency community and as such, Dogecoin is designed to be unattractive to investors by keeping a permanently low value due to its mining algorithm.

How does it work?

Dogecoin is a version of Luckycoin (now defunct), which itself is a ‘fork’ of Litecoin (which is also a fork of Bitcoin). A fork happens when a blockchain diverges into two potential paths and can lead to a complete change in protocol and eventually a completely new cryptocurrency. For example, in 2017, Bitcoin Cash was created after a hard fork in the Bitcoin blockchain.

The Dogecoin blockchain can process around 30 transactions per second, which is much higher than Bitcoin. It uses a proof of work consensus algorithm called Auxiliary Proof of Work, which allows those who mine other proof of work cryptocurrencies (primarily Litecoin) simultaneously to mine DOGE at no additional cost. This process is known as merged mining.

Dogecoin’s initial block rewards were designed to be random and vary between zero and one million DOGE and this continued until it reached a supply of 100 billion, which occurred in February 2018. Since then, each mined block yields a reward of 10,000 DOGE.

One block is mined every minute and Dogecoin has no supply cap. Palmer has stated that this was a mistake, and that the supply cap should have been set at 100 billion. It was left ‘unfixed’ on purpose as it keeps the cost of DOGE low.

Like Litecoin, Dogecoin uses Scrypt technology, which has lower hashrates (a measure of computational power per second) and uses less energy than Bitcoin’s SHA-256 mining algorithm. Overall, Dogecoin is quite different from Bitcoin, which has a supply cap of 21 million coins, of which over 18.5 million have already been mined.

Community and backers

The Dogecoin Foundation is a non-profit corporation registered in the US state of Colorado, and was created to facilitate the philanthropic initiatives of the community. Back in 2014, the foundation sponsored the Jamaican bobsled team so they could compete at the Sochi Winter Olympics and then sponsored NASCAR driver Josh Wise who sported the icon on his car and jacket at the 2014 Talladega All-Star race. They also sponsored Doge4Water, a project that successfully funded the creation of a clean water well in Kenya.

Source: Reddit

Reddit threads proclaim Dogecoin’s value as a new global currency and Tesla chief executive Elon Musk commented that ‘Dogecoin was made as a joke to make fun of cryptocurrencies, but fate loves irony. The most ironic outcome would be that Dogecoin becomes the currency of Earth in the future.’ Musk regularly tweets about cryptocurrencies and his recent tweet criticising the energy usage of Bitcoin corresponded to a 30% fall in its value.

But he remains more positive about Dogecoin, with his tweet stating that he is working with its developers to improve the network causing a surge in price – as did his tweet asking followers whether they want Tesla to accept Dogecoin.

Dogecoin thus has strong backing and the recent rise in the prices of meme currencies and shares such as GameStop shows that large groups of small investors can move markets.

Does Dogecoin have any value?

Like all cryptocurrencies, Doge has no fundamental value, and some argue it has no reason to have any. Jeffrey Halley, a senior market analyst at Oanda Asia Pacific Pte., a platform for trading traditional currencies, is quoted as saying: ‘Dogecoin has no apparent commercial or investment use other than as a conduit for speculative mania and the attempt to make a buck. I suspect much of its appeal lies in the fact that it is very, very cheap to buy and sell, as opposed to $60,000 for Bitcoin, making it much more approachable to a retail trader who fancies a flutter.’

The low nominal price may have a psychological effect on investors like ‘penny stocks’ do, but whether you put $1,000 in Dogecoin or Bitcoin, you are risking the same amount. Curtis Ting, managing director for Europe at crypto exchange Kraken, suggests that investors buy Dogecoin for the memes as much as for the money, stating: ‘investors buy Dogecoin to participate in a self-deprecating joke about their inability to invest wisely, which keeps going as the price of an individual Dogecoin continues to appreciate.’

The huge fluctuations in price look a lot like a ‘pump and dump’ scheme, where users jack up the price by focusing attention on a cheap asset, encouraging investors to buy and then dumping the coin and leaving behind the investors who are too slow or not savvy enough. Further, the ownerships of Dogecoin seems to be concentrated in relatively few anonymous hands, so it may not take much to get the price moving in either direction.

The future

What the future holds for Dogecoin, never mind other cryptocurrencies, is a guessing game. The big problem with the cryptocurrency space is the polarisation of opinion – commentators, bloggers and YouTubers are either crypto haters or ‘moonboys’ (believing that Bitcoin and other cryptocurrencies will go to the moon).

But the uptick in attention is part of a wider phenomenon of investors piling into speculative assets. Société Générale SA’s global head of quantitative strategy, Andrew Lapthorne, has cited Dogecoin as an example of ‘an increasingly large number of weird and wonderful signs of market excess.’ Indeed, over 50 meme cryptocurrencies are now listed on CoinMarketCap, documenting their rise to prominence.

Like all cryptocurrencies, the greatest inhibitor to its growth is the inability to use it for transactions. Yet the specific issue for meme cryptocurrencies, as opposed to other cryptocurrencies, is that their usage relies somewhat on users being attracted to the meme. If investors lose interest in the meme, then the price will collapse and Dogecoin will be worthless.

Only one thing is for certain: Dogecoin is one of the most speculative and volatile cryptocurrencies today.

Where can I find out more?

Who are experts on this question?

Author: Andrew Urquhart
Photo of a Dogecoin cryptocurrency medallion by from Flickr


  • Andrew Urquhart

    ICMA Centre, Henley Business School, University of Reading

    View Profile
Doge Faucet - Earn Up To 0.1 Dogecoin Every 0 Minutes

With so much social media hype, mainstream attention and celebrity support it's easy to think that dogecoin is a solid investment. But is the dog-themed cryptocurrency really as innocent as it looks?

Dogecoin has come a long way since its modest beginnings as a parody cryptocurrency based on a viral internet meme of a Shiba Inu "doge." Back when it was just a pup in December 2013 the price of doge was $0.00055878 per coin, worlds away from its all-time high in May of $0.69 (123,383.30%).

A big part of the Dogecoin project's success can be attributed to its die-hard community of followers who, in the early days, helped the project take on an entirely new life of its own. This included expanding dogecoin's utility to a tipping cryptocurrency via third-party applications and using doge to support a range of charitable causes – some of which attracted mainstream media attention.

More recently, however, the reason dogecoin's popularity has skyrocketed is not because of any new utility or function, but because memes and irony have resonance in internet tribes. That goes double for the world of cryptocurrency, which lends itself to insider language and jokes. This culture has grown significantly and become more influential over the last year (see wallstreetbets). which naturally benefits dogecoin. It has even managed to attract high-profile celebrities who have amplified the spread and effects of this social phenomenon, including Snoop Dogg, Gene Simmons and the person who has arguably has the strongest pull on dogecoin's leash, Tesla co-founder Elon Musk (aka the "dogefather").

But while all the meme-fueled hype and extravagant price activity are exciting, it's important to know that there are a number of underlying risks associated with owning dogecoin that every new investor should know before diving into this digital asset.

1. Dogecoin has an unlimited supply ...

In February 2014, Dogecoin co-founder Jackson Palmer decided to completely remove the cryptocurrency’s supply cap, which previously stood at 100 billion coins, in a bid to encourage the use of the coin for tipping and dissuade people from holding it.

This means dogecoin has an inflationary supply and new coins are continuously pouring into the market. By contrast, bitcoin (BTC), the original and most valuable cryptocurrency, has a hard cap of 21 million units.

Why is dogecoin’s infinite supply an issue? Supply and demand are the two fundamental drivers for determining the fair market value of goods, services and assets. It’s generally accepted that assets in high demand and scarce supply are likely to rise in price, whereas assets in poor demand and high supply are likely to fall in value.

Dogecoin, however, is a bit of an anomaly. The demand for the coin is currently higher than the number of coins entering the market so the price is rising. Even with an infinite supply, if buyers continue to purchase coins at an equal to or higher rate than they’re entering the market, the price will continue to rise or reach an equilibrium level.

Big If. In order to sustain price levels, dogecoin buyers will need to continually purchase all coins being created because there is no scarcity to support the price.

Think of it as shoveling snow off your driveway in a never-ending blizzard. Yes, you could argue, if everyone on the street helped out you could keep it clear but it’s likely the snow will eventually win.

2. ... and it gets bigger every day

At the current mining rate, 10,000 new dogecoins are released in block rewards every minute. That works out to roughly 14.4 million new dogecoins entering circulation every single day, or 5.2 billion per year.

These block rewards are fixed, meaning no more or no less than 10,000 dogecoins will be awarded to miners every minute. The only thing that will change over time is mining difficulty, which for dogecoin adjusts after every block. Difficulty rises and falls depending on how many miners are competing to discover new blocks at any given time. 

Right now, dogecoin mining difficulty is climbing toward a two-year high as a result of increasing prices, which, in turn, is pushing DOGE mining profitability to record highs and attracting more miners to the network. 

3. Dogecoin also lacks technical development

In 2015, Palmer walked away from Dogecoin, frustrated by the “toxic” crypto industry at the time, which he felt was becoming increasingly “like a bunch of white libertarian bros sitting around hoping to get rich and coming up with half-baked, buzzword-filled business ideas which often fail in an effort to try and do so.” 

The meme-based cryptocurrency was left in the hands of a few community developers to continue where Palmer left off. However, little has been done with the code over the last six years. Prior to the recent Dogecoin Core 1.14.3 release on Feb. 28, the last major development was posted on Nov. 8, 2019. There was also a notable gap between Nov. 10, 2015, and Feb. 4, 2018, where no updates were published at all. For perspective, the Bitcoin network’s code is updated almost every day. 

Dogecoin developers argue there’s little reason to post regular releases. “It has been running stable, and the rules of the network have not changed since in a way that would put it at risk,” said Maximilian Keller, one of the community developers. “The Dogecoin network does not necessarily have the same challenges as Bitcoin, so it’s less of a pressing issue for us" to update regularly.

Nevertheless, one might expect a project that now has a market cap exceeding $50 billion (bigger than Ford’s) and a community fund that currently holds 23,532,879 coins ($9.1 million at current prices) to begin issuing more frequent code updates, even if it is still a joke cryptocurrency.

4. 10 wallets hold 44% of all dogecoin

According to data, almost half of all dogecoins in circulation are held in a handful of crypto wallet addresses, with the largest wallet accounting for 28% of the supply. Why is this a problem? Well, it means that at any given time one of these whales could exit out the market and send doge prices tanking. Not to mention, they could easily use their huge positions to manipulate the market via stop-loss hunting, creating buy and sell walls or employing other trading strategies to artificially raise or lower the price. This leaves every other dogecoin investor at the mercy of their trading activities.

Despite these clear downsides, dogecoin may well continue to ride high for a time on social media hype, celebrity endorsement and rapidly breeding meme culture. (Bloomberg's Joe Weisenthal gleefully noted recently that, if you factor in the recent rally, doge has outperformed BTC over seven years.) What remains to be seen is how long those things alone can sustain price increases.


Now discussing:



Dogecoin Logo.png

Dogecoin Logo

Original author(s)Billy Markus, Jackson Palmer
Initial releaseDecember 6, 2013; 7 years ago (2013-12-06)
Development statusActive
Operating systemMicrosoft Windows,
Developer(s)Billy Markus ("Shibetoshi Nakamoto"), Michi Lumin, Ross Nicoll
Source modelFOSS
LicenseMIT License[1]
Timestamping schemeProof-of-work
Hash functionScrypt-based
Block reward10,000 Dogecoins
Block time1 minute
Block explorer
Circulating supply131.4 billion DOGE [a]as of September 23, 2021
Supply limitUnlimited Exactly five billion Dogecoins will enter circulation each year.
Exchange rateFloating (very volatile)
Market capUS$29 billion as of September 22, 2021

Dogecoin (DOHJ-koyn or DOHZH-koyn,[2] code: DOGE, symbol: Ð) is a cryptocurrency created by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system as a "joke", making fun of the wild speculation in cryptocurrencies at the time.[3] Despite its satirical nature, some consider it a legitimate investment prospect. Dogecoin features the face of the Shiba Inu dog from the "Doge" meme as its logo and namesake.[4][5][6] It was introduced on December 6, 2013, and quickly developed its own online community, reaching a market capitalization of over $85 billion[b] on May 5, 2021.[7] It is the current shirt sponsor (sleeve only) of Premier League club Watford.[8] promotes the currency as the "fun and friendly Internet currency", referencing its origins as a "joke."[9]

Elon Musk frequently mentions or talks about Dogecoin on his Twitter account, boosting its popularity significantly in recent years.


Originally formed as a "joke",[10] Dogecoin was created by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. They wanted to create a peer-to-peer digital currency that could reach a broader demographic than Bitcoin. In addition, they wanted to distance it from the controversial history of other coins.[11] Dogecoin was officially launched on December 6, 2013, and within the first 30 days, there were over a million visitors to[12]

Palmer is credited with making the idea a reality. At the time, he was a member of the Adobe Systems marketing department in Sydney.[13] Palmer had purchased the domain and added a splash screen, which featured the coin's logo and scattered Comic Sans text. Markus reached out to Palmer after seeing the site, and started efforts to develop the currency. Markus had designed Dogecoin's protocol based on existing cryptocurrencies Luckycoin and Litecoin,[14] which use scrypt technology in their proof-of-work algorithm.[15] The use of scrypt means that miners cannot use SHA-256 bitcoin mining equipment, and instead must use dedicated FPGA and ASIC devices for mining which are known to be more complex to produce.[16][17]

On December 19, 2013, Dogecoin jumped nearly 300% in value in 72 hours, rising from US$0.00026 to $0.00095,[18] with a volume of billions of Dogecoins per day. This growth occurred during a time when bitcoin and many other cryptocurrencies were reeling from China's decision to forbid Chinese banks from investing into the bitcoin economy.[14] Three days later, Dogecoin experienced its first major crash by dropping by 80% due to this event and to large mining pools exploiting the small amount of computing power required at the time to mine Dogecoin.[19]

On December 25, 2013, the first major theft of Dogecoin occurred when millions of coins were stolen during a hack on the online cryptocurrency wallet platform Dogewallet.[20] The hacker gained access to the platform's filesystem and modified its send/receive page to send any and all coins to a static address.[21][22] This hacking incident spiked tweets about Dogecoin, making it the most mentioned altcoin on Twitter at the time, although it was in reference to a negative event. To help those who lost funds on Dogewallet after its breach, the Dogecoin community started an initiative named "SaveDogemas" to help donate coins to those who had them stolen. Approximately one month later, enough money was donated to cover all of the coins that were stolen.[23]

In January 2014, the trading volume of Dogecoin briefly surpassed that of Bitcoin and all other crypto-currencies combined. However, its market capitalization remained substantially behind that of Bitcoin. Initially, Dogecoin featured a randomized reward that is received for each mining block. However, in March 2014, this behaviour was later updated to a static block reward.[citation needed]

A copper and silver token representing Dogecoin, minted in 2014 by ShibeMint. Some were sold with private keys.

Co-founder Jackson Palmer left the cryptocurrency community in 2015 and has no plans to return, having come to the belief that cryptocurrency, originally conceived as a libertarian alternative to money, is fundamentally exploitative and built to enrich its top proponents. His co-founder, Billy Markus, agreed that Palmer's position was generally valid.[24][25]

During 2017 to early 2018 cryptocurrency bubble, Dogecoin briefly reached a peak of $0.017/coin on January 7, 2018, putting its total market capitalization near USD 2 billion.

In July 2020, the price of Dogecoin spiked following a TikTok trend aiming to get the coin's price to $1.[26]

In January 2021, Dogecoin went up over 800% in 24 hours, attaining a price of $0.07, as a result of attention from Reddit users, partially encouraged by Elon Musk and the GameStop short squeeze.[27] In February 2021, Dogecoin hit a new high price of $0.08 following Twitter encouragement from Musk, Snoop Dogg and Gene Simmons.[28] In March 2021, Dallas Mavericks owner Mark Cuban announced his NBA team would allow purchasing tickets and products with Dogecoin; within two days, Cuban had declared his franchise had become the top Dogecoin merchant, having carried out 20,000 transactions.[29]

In April 2021, Dogecoin and other cryptocurrencies surged, stimulated in part by the direct listing for cryptocurrency exchange Coinbase on April 14, although that platform did not provide trading of Dogecoin.[30] Its price first reached $0.10 on April 14,[31] before hitting a new high of $0.45 on April 16 (up 400% that week[32]), with a volume of nearly $70 billion traded in the preceding 24 hours.[33] At the time[update], Dogecoin's market capitalization approached $50 billion, making it the fifth-highest-valued cryptocurrency;[34] its value had increased more than 7,000% year-to-date.[33] Interest in Dogecoin contributed to an outage in electronic trading platformRobinhood's cryptocurrency system on April 15, caused by "unprecedented demand", and prompted concerns from experts of a nearing speculative bubble in the cryptocurrency market.[32]

On May 4, 2021, the value of Dogecoin first surpassed the symbolic hurdle of $0.50,[35] a greater than 20,000% increase in one year.

On May 8, 2021, despite, or perhaps because of expectations of a surge in interest in Dogecoin resulting from Elon Musk's appearance on Saturday Night Live, Dogecoin dropped 34% from $0.711 at the opening of the show to below $0.470 45 minutes later. By the following morning Dogecoin hit a swing low of $0.401, a cumulative drop of 43.6% and lost value of $35 billion.[citation needed]

On May 9, 2021, SpaceX announced a rideshare mission to the Moon completely funded by Dogecoin, thus becoming the first space mission funded by a cryptocurrency. Elon Musk confirmed this news via Twitter.[36] DOGE-1 will be a minor 40 kg rideshare payload on Intuitive Machines' IM-1 mission in Q1 2022.[37][38][39][40][41]

On August 14, 2021, the Dogecoin Foundation announced the "re-establishment of the Dogecoin Foundation (est 2014), with a renewed focus on supporting the Dogecoin Ecosystem, Community and promoting the future of the Dogecoin Blockchain."[42] The Foundation was reinvigorated by the addition to its Board of notable advisors such as Vitalik Buterin (Etherium co-founder and inventor) and Jared Birchall (representing Elon Musk).[43][44][45]

Use and exchanges

Dogecoin is an altcoin with many users, and several online exchange

Dogecoin is an altcoin[c] with a large userbase, and is traded against both fiat currencies and other cryptocurrencies on several reputable cryptocurrency exchanges and retail investment platforms.

Trading physical, tangible items in exchange for DOGE takes place on online communities such as Reddit and Twitter, where users in such circles frequently share cryptocurrency-related information.[5][46][47]

Dogecoin has also been used in an attempted property sale,[48] and has been used in the pornography[49] and gambling[d] industries.

Online tipping

One major mainstream commercial application of the cryptocurrency has been Internet-based tipping systems, in which social media users tip other users for providing interesting or noteworthy content.[50]


Dogetipbot was a cryptocurrency transaction service used on popular sites like Reddit and Twitch. It allowed users to send Dogecoins to other users through commands via Reddit comments. In May 2017, Dogetipbot was discontinued and taken offline after its creator declared bankruptcy; this left many Dogetipbot users losing their coins stored in the Dogetipbot system.[51]

Technology and DeFi

DeFi (decentralized finance) is a form of finance that does not rely on middlemen such as brokerages, exchanges, or banks to offer financial instruments.[52] This is accomplished using "smart contracts" which are automated enforceable agreements that do not need intermediaries like a bank or lawyer, but use online blockchain technology instead. While Dogecoin cannot interact with smart contracts directly given that it operates on its own chain, the coins can be "wrapped" so that they can be locked into a state that is interoperable with a contract until it is later released. The Ren Project has enabled Dogecoin (renDOGE) to be used on the Ethereum blockchain and access the DeFi network. Most DeFi coins use the Ethereum blockchain network.[53] DeFi linked coins use decentralized applications ("dApps") to transact and trade on decentralized exchanges (DExs). An example of a Dexs is Uniswap; these are entirely peer-to-peer exchanges, without any company or other institution providing the platform.[52]

Currency supply

Dogecoin started with a supply limit of 100 billion coins, which would have been far more coins than the top digital currencies were then allowing. By mid-2015 the 100 billionth Dogecoin had been mined with an additional 5 billion coins put into circulation every year thereafter. Although there is no theoretical supply limit, at this rate, the number of Dogecoins put into circulation will only double in 20 years (the next doubling will occur in the year 2075). There is no implemented hard cap on the total supply of Dogecoins. Nonetheless, in February 2014, Dogecoin founder Jackson Palmer announced that the limit would be removed in an effort to create a consistent reduction of its inflation rate over time.[54] In other words, the inflation rate improves over time starting at 5% in 2015 to less than 4% by 2019, 3% by 2027, and 2% by 2035.

Mining parameters

Dogecoin's implementation differs from Litecoin (of which its code is forked) by several parameters. Dogecoin's block time is 1 minute as opposed to Litecoin's 2.5 minutes.[5]

Several cases of people using their employers' or universities' computers to mine Dogecoin have been discovered.[55][56]


2014 Winter Olympics

The Dogecoin community and foundation have encouraged fundraising for charities and other notable causes. On January 19, 2014, a fundraiser was established by the Dogecoin community to raise $50,000 for the Jamaican Bobsled Team, which had qualified for, but could not afford to go to, the Sochi Winter Olympics. By the second day, $36,000 worth of Dogecoin was donated and the Dogecoin to bitcoin exchange rate rose by 50%.[57] The Dogecoin community also raised funds for a second Sochi athlete, Shiva Keshavan.[58]


Inspired by the Winter Olympics fundraiser and smaller charity fundraising successes, the Dogecoin Foundation, led by Eric Nakagawa, began collecting donations to build a well in the Tana river basin in Kenya in cooperation with Charity: Water. They set out to raise a total of 40,000,000 ($30,000 at the time) Dogecoin before World Water Day (March 22). The campaign succeeded, collecting donations from more than 4,000 donors, including one anonymous benefactor who donated 14,000,000 Dogecoin (approx. $11,000 at the time, or $2.8m in 2021).[59]


Josh Wise's Dogecoin-sponsored Chevrolet in 2014

On March 25, 2014, the Dogecoin community successfully raised 67.8 million Dogecoins (around $55,000 at the time) in an effort to sponsor NASCARSprint Cup Series driver Josh Wise. Nicknamed the "Moonrocket",[60] the No. 98 car featured a Dogecoin/Reddit-sponsored paint scheme and was driven by Wise at the Aaron's 499 at Talladega Superspeedway.[61] Wise and the car were featured for nearly a minute, during which the race commentators discussed Dogecoin and the crowdfunding effort, while finishing twentieth and narrowly avoiding multiple wrecks.[62] On May 16, Wise won a spot at the Sprint All-Star Race through an online fan vote beating household name Danica Patrick, largely due to the efforts of the Dogecoin Reddit community. He finished the race in fifteenth, the last car running.[63][64] The following race in the Coca-Cola 600, Wise debuted a Dogecoin/ helmet. Wise later announced he would run the car again at the Toyota/Save Mart 350 and the GEICO 500 as a thank-you gift to the community.[citation needed] He finished twenty-eighth in the race due in part to a refueling issue; he was in twelfth place after a gas-and-go pit stop, but the gas can did not engage long enough, resulting in a second pit stop that took him towards the back of the pack. Eutechnyx, developer of the NASCAR '14 video game, added the Dogecoin car as a drivable car in a DLC pack.[64][65]

On March 2, 2021, NASCAR Xfinity Series team B. J. McLeod Motorsports announced that Dogecoin would be sponsoring the No. 99 car in the Alsco Uniforms 300 at Las Vegas alongside Springrates;[66]Stefan Parsons drove the car to a 36th-place finish as fuel line issues prevented him from completing the race. Coincidentally, his father Phil was the owner of the team that fielded the original Dogecoin-sponsored car in 2014.


Dogecoin's origin as a "joke" has made it difficult to be taken seriously by mainstream media and financial experts.[67][68] The cryptocurrency has had a long and problematic history of scams.[69][70][71] Similar to many other cryptocurrencies, Dogecoin has been described by some commentators as a form of Ponzi scheme. Critics allege that Dogecoin investors who purchased Dogecoins early on, have a large financial incentive to draw others in to purchasing more Dogecoins in order to drive the price up, therefore benefitting the early investors financially at the direct expense of later purchasers.[72] Dogecoin does not have a supply cap like other cryptocurrencies, such as Bitcoin with its capped supply of 21 million coins.[73] Dogecoin instead deliberately has a stable, "deterministic inflation" rate of 10,000 Dogecoin per block, with a block time of one minute.[74] Exactly five billion new Dogecoin will be created and enter circulation every year.[74]


While the price of Dogecoin is volatile, this volatility has its benefits. It allows cryptocurrency day-traders, those being traders who enter and exit a trade within one day, to trade off this volatility and benefit from the extreme swings in Dogecoin's value. Additionally, while the cryptocurrency may have begun as a "joke", it was in September 2021 the 10th-largest cryptocurrency in the world, with a market capitalisation of USD $26 billion.[75] Larger coins included Bitcoin, Ethereum, Cardano, Binance Coin, Tether, and XRP. Dogecoin uses relatively little energy for transactions compared with some other cryptocurrencies (0.12 kilowatt-hours per transaction (kWh).[76] In comparison, Bitcoin uses 707.6 kWh[77] and Ethereum uses 62.56 kWh.[78]Mark Cuban has stated of Dogecoin that, "Doge has 'deterministic inflation' meaning the amount of inflation is defined. There is no uncertainty as to the amount of created and it's inflation percentage. Which could allow it to grow as a valid payment mechanism. The unknown is whether enough people will use it this way."[79]

Elon Musk and Dogecoin

Elon Musk frequently uses his Twitter platform to express his views on Dogecoin, which has led some to claim that his actions amount to market manipulation[80] because the price of Dogecoin frequently experiences price movements shortly after Dogecoin-related tweets released by Elon Musk. Nevertheless, because cryptocurrencies are not regulated like stocks, these actions are not illegal.[81]

Musk's first Dogecoin-related tweet occurred on the 20th of December 2020. Musk tweeted 'One Word: Doge'. Shortly after, the value of Dogecoin rose by 20%.[82]

This was followed by a series of Dogecoin-related tweets by Musk in early February 2021 captioned 'Dogecoin is the people's crypto' and 'no highs, no lows, only Doge'. Following these tweets, the value of Dogecoin rose by roughly 40%.[82]

The price of Dogecoin rose by more than 100% on the 15 April 2021 after Musk tweeted an image of Joan Miró's 'Dog Barking at the Moon' painting captioned 'Doge Barking at the Moon'.[83]

The price of Dogecoin rose by 11% on the 20 May 2021 shortly after Musk tweeted a Doge-related meme. [84]

In May 2021, the price of Dogecoin was up 10% in the hours after Musk tweeted a Reddit link for users to submit proposals to improve the cryptocurrency.[85]


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  1. ^131,405,897,241.10451951 DOGE are in circulation
  2. ^US$85,314,347,523
  3. ^A slang term in the cryptocurrency and technology media and community for an alternate cryptocurrency, or, de facto, any cryptocurrency other than Bitcoin.
  4. ^Primarily poker.

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