Dogecoin is a virtual currency founded by computer programmers Billy Markus and Jackson Palmer as “fun” in response to the completely baseless nature of cryptocurrencies at that time. It is characterized as the first “meme crypto coin” and, more precisely, the first “dog coin.”
In spite of its amusing character, some people regard it as a viable and practical financial opportunity. The goal was to establish peer-to-peer digital money that might appeal to a larger audience than Bitcoin, which is the world’s most popular digital currency. The logo and name of the Dogecoin are taken from the name of the Shiba Inu dog (meme of “Doge”). On 6 December 2013, Dogecoin was released initially. It made its own online community swiftly and, in the end, had a market value of more than 85 billion US Dollars on 5th May 2021. If you’re new to Dogecoin, you might be curious about how many of the “meme currency” are now in circulation.
How many Doge Tokens are in circulation?
Many cryptocurrencies, such as bitcoin (BTC), have a limit on how many coins may be generated and mined. As a result, as the limit approaches, investors will find it extremely difficult to mine additional coins. According to Newsweek, there can only total of 21 million coins of Bitcoins produced (expected to be achieved by 2040). Dogecoin, on the other hand, is a unique crypto digital asset. According to CoinDesk, the cryptocurrency has no restriction on the number of DOGE coins that may be mined.
Dogecoin had a supply restriction of 100 billion when it was first released. At that time Dogecoin was introduced, this was far more than normal. Almost all of the 10 billion Dogecoins were mined and extracted in June 2015. Every year after all of this procedure of mining, almost 5 billion Dogecoins have been generated to be mined. It’s difficult to tell how many Dogecoins are in circulation because many have vanished due to difficulties such as lost wallets or users transferring coins to the wrong address.
So, there is no precise estimate for the number of Dogecoins in circulation. Because there is now no theoretical supply cap, and the total volume in circulation is predicted to double in the next 20 years, this is the scenario. In the year 2075, the next doubling will occur. However, according to statistics of CoinMarketCap, there were around 131.6 billion DOGE tokens in circulation at the time of publication. Because a new block is processed on the DOGE network every minute, and each block reward contains 10,000 new DOGE tokens, that amount is always increasing. Every minute, 10,000 new Dogecoins are created.