Is There a Cap on Dogecoin?

By Prashant Jha

If there is anything internet likes more than blockchain technology, Bitcoin or cryptocurrencies, it is memes. Dogecoin has a combination of all, so it’s obvious that people around the world has been buzzing about Dogecoin since its inception in 2013.

We will look into the various aspect of the meme coin and try to understand what is the supply cap of Dogecoin.

The meme culture has been so deeply embedded in our internet generation that, no headline or important news can avoid a popular meme trend these days. The same holds true for cryptocurrencies as well, and Dogecoin is the prime example of how a meme became a legit digital asset in a matter of few years.

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Dogecoin- Meme|Cryptocurrency

What started as a parody in 2013 has now become a legit crypto asset with a market cap of $274,625,017 USDBilly Markus and Jackson Palmer created Dogecoin in 2013 as a meme trend over the ever-increasing hype of Bitcoin and cryptocurrencies in general. As memes spread, Dogecoin became popular in no time through social media buzz and Reddit threads.

Dogecoin was made by creating a fork on the Litecoin network and was aimed at a parody of cryptocurrencies, and used for the content sector. People started tipping each other in Dogecoin for providing entertaining content on the internet. Tip Bots like Doger and Sodogetip were responsible for creating the initial buzz in no time.

The popularity touched new heights in 2014 when it surpassed the trading volume of Bitcoin. Plus, people actually started seeing as a mascot for cryptocurrencies which does not focus solely on the trading and money aspect, making it a favorite among people.

I mean think about it, you have a meme trend which can make money for you, that’s like a dream come true for the internet-hooked meme loving generation.

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Is there a Supply cap on Dogecoins?

No, there is no supply cap on the total number of Dogecoins, or we can say there is an unlimited supply of Dogecoins, DOGE.

It uses the same Proof of Work protocol as Litecoin and can be mined in the same way. Litecoin and Dogecoin even merged their mining in late 2014, by creating a Hard-Fork.

There are various exchanges which support the trading of Litecoin, which includes Yobit, fex, HitBTC, Poloniex, and Bittrex. The Dogecoin is valued against the BTC but can be paired against USD, ETH or even other fiat currencies depending upon the exchange.

You can make use of official wallet MultiDoge for keeping your ‘DOGE asset’ safe, or you can go for multi-currency wallets like Ledger, Jaxx, KeepKey, and Coinomi.

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The rise of Dogecoin from being parody crypto to a legit digital asset proves the power of memes in this generation. Now that the DOGE is among the top 30 cryptocurrencies, the developer community has started to focus on making the token better for the usability and scalability. So we can conclude a few things about the meme cum cryptocurrency,

  • Dogecoin uses the same Scrypt-based algorithm as Litecoin, which it is based on.
  • There’s no limit to the amount of Dogecoin that can be released into the wild. The sheer number of coins on the market keeps it high on the list of most valuable cryptocurrencies.
  • Dogecoin founders left the project, and its development is continued by the community on a volunteer basis.

The Dogecoin was never intended to be a financial asset or an investment asset, however, humor has the potential to cut through boundaries and bring people closer, and DOGE is on that exact path. It is one of the most easily accessible cryptocurrencies on the market today.

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Prashant Jha

As a content writer Prashant believes in presenting complex topics in simple laymen terms. He is a tech enthusiast and an avid reader.

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