How Many Dogecoins Are There?

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How Many Dogecoins Are There?

Dogecoin is a digital currency that started as a form of satire of the cryptocurrency market. It was created by Billy Markus, an IBM software engineer, and Jackson Palmer, an Adobe software engineer. The aim was to create a digital currency with peer-to-peer features that could reach a wider demographic than Bitcoin, which is the leading digital currency in the world. Dogecoin was launched in December 2013 and a domain was created for Dogecoin.com. Today, you can trade Dogecoin on most crypto exchange platforms. We’ll be answering the question on everyone’s minds at the moment: how many Dogecoins are there?

Dogecoin’s Popularity

Two weeks after its launch, Dogecoin increased at almost 300% in value within 72 hours. It jumped from $0.00026 to $0.00095 with billions of Dogecoin mined each day. The rise in value crashed just after three days. This was Dogecoin’s first major crash in the crypto space. It has since endured several market dips. In January 2014, Dogecoin’s trading volume briefly surpassed that of Bitcoin and all other cryptocurrencies combined. Clearly, Dogecoin has a rich history that has enabled it to stay relevant over the years and serve as a form of investment, means of exchange, and payment for online casinos.

Dogecoin Community and its rise

The Dogecoin community refers to the large following of Dogecoin which has proved to be a sturdy support for the coin and those interested in it. For instance, in December 2013, millions of Dogecoin cryptocurrency was stolen by hackers from its online wallet known as Dogewallet. While this was a negative occurrence that affected the integrity of the digital currency, it also gave it a bit of popularity during this period. It became the most discussed topic on Twitter. This was when the Doge community gained its reputation. The Dogecoin community rallied around investors affected by the hack and started an initiative called ‘SaveDogemas’. This was to help donate Dogecoins to those who lost theirs in the hack. At the end of one month, the Dogecoin community was able to raise enough Dogecoins to cover the losses of victims of the hack.

elon musk's dogecoin

In 2014, the Dogecoin community successfully raised a total of 67.8 million Dogecoins which was valued at $55,000 at the time in an effort to sponsor NASCAR Sprint Cup Series driver, Josh Wise. This gave Dogecoin a minute airtime discussion time during the race as the crowdfunding effort by the Doge community was acknowledged.

So, how many Dogecoins are actually out there?

You may be wondering, how many Dogecoins are there? When it was launched, Dogecoin started with a supply limit of 100 billion. This was far more than the norm at the time Dogecoin was launched. By June 2015, the last of the 10 billion Dogecoins was mined. Ever since then, there has been a total of 5 billion Dogecoin put into circulation every year to be mined. There is no particular figure as to how many Dogecoins are there. This is because there is no theoretical supply limit at the moment and the total supply in circulation is expected to double in the next 20 years.

One of the founders, Jackson Palmer, explained that the reason for the absence of a cap on the total supply of Dogecoin is to create a consistent reduction in the inflation rate of Dogecoin value. As a result, the inflation rate of Dogecoin was put at 5% in 2015 and it then dropped to less than 4% in 2019. It is estimated to drop to below 3% in 2027 and less than 2% in 2035. As of September 23, 2021, the circulating supply of Dogecoin is estimated at 131 billion with a market capitalization of $29 billion.

The Elon Musk Effect and How It Has Helped Dogecoin To Gain More Popularity

Elon Musk is currently one of the top 2 richest men on the planet and his support of the coin is no secret. He frequently tweets about Dogecoin on his handle so much so he has been accused of market manipulation. Because of his status, Elon’s tweet always results in Dogecoin price movements that make the coin attractive to investors. The lack of regulation in the crypto market has made Elon’s tweets a normal expression of thoughts on Dogecoin and the crypto market at large without any legal consequence.

Elon made his first Doge-related tweet on 20th December 2020. This made Dogecoin’s value increased up to 20%. All he tweeted was simply ‘One word: Doge’. Another couple of tweets in February 2021 saw Dogecoin investors smiling at the bank with a 40% increase in value. His tweets, ‘Dogecoin is the people’s crypto’ and ‘No highs, no lows, only Doge’.  

Elon musk tweeting about Dogecoin 2
Image Source: EVEDONUSFILM (https://evedonusfilm.com/2021/02/09/elon-musks-tweets-dogecoin-to-the-moon/)

When Elon tweeted ‘Dog barking at the moon’ in April 2021, Dogecoin’s value increased by over 100%. Elon Musk in recent times has certainly played a part in Dogecoin’s popularity and acceptance.

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FAQs

Does Dogecoin Have a Limit?

Dogecoin has an unlimited supply in the market. 5 billion new Doge are put into circulation every year.

Will Dogecoin Go To The Moon?

Space X will launch DOGE-1 Mission to the moon in the first quarter of 2022 and will be accepting Dogecoin as pavement for the lunar payload. So maybe Dogecoin is not literally going to the moon, but it will certainly fund a Mission to the moon project.

Will Dogecoin crash?

The crypto market is a volatile market that sees price fluctuations from time to time. However, with the recent projects that Dogecoin is backing such as Space X’s mission to the moon, this may certainly boost the value of Dogecoin. All other things being equal, Dogecoin is not expected to crash.

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