25 May 2021 11:04 AM +00:00

Dogecoin: How many coins are in circulation?

Despite starting out as a meme, Dogecoin (DOGE) has become one of the most-discussed cryptocurrencies of 2021.

With endorsements from the likes of Snoop Dogg and Elon Musk (the self-described 'Dogefather'), Dogecoin rose to a high of $0.72 in early May. It sat at a price of $0.39 as of May 21 at 12:00 BST.

If you've recently started following Dogecoin, you may wonder how many of the 'meme cryptocurrency' there are currently in circulation.

How many Dogecoin are in circulation?

As of May 21, there are currently over 129 billion Dogecoin in circulation according to CoinMetrics. The Total Market Cap is currently at just over $50 billion.

When compared to other coins and tokens, no other cryptocurrency has more in circulation than Dogecoin. Stellar (XLM) is currently the closest, with a supply of 105 billion.

In comparison, there is currently just over 18.5 million Bitcoin (BTC) in circulation.

Does Dogecoin have a limit?

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Dogecoin does not have a limit to how many can be mined, or created. In contrast, Bitcoin has a hard cap of 21 million, with the cryptocurrency predicted to hit this by 2140.

This was a specific decision made by Dogecoin's creator, Jackson Palmer. He decided not to implement a cap on Dogecoin once it hit 100 billion coins, stating in 2014:

"Based on everyone’s feedback, we’ve decided to leave the Dogecoin code base as it was originally released, and not implement a change."

However, Palmer also said:

"The goal for the currency is to keep approximately 100 billion coins in circulation - thus after 100 billion Dogecoins are created, rewards will continue at 10k each block. This will help maintain mining and stabilize the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion."

While there is no cap on the total number of Dogecoin that can be made, the cap of 10,000 Dogecoin per block means that as Dogecoin's block time is 1 minute, approximately up to 5 billion new Dogecoin will enter circulation every year.

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[Featured image by Executium on Unsplash]