Dogecoin price: How many Dogecoin tokens are there? Will it rise?
Dogecoin: Expert discusses Elon Musk’s tweets
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Dogecoin (DOGE) debuted as a fringe currency in 2013, when developers used Doge, a popular meme, to satirise the cryptocurrency market. But it has only gained significant value recently, rising off the hype generated on social media. Like any cryptocurrency, it is subject to market machinations, where it is a volatile presence.
How many Dogecoin tokens are there?
Dogecoin’s overall value has surged over the last year from $0.011427 (£0.0082) in January to $0.307775 (£0.22) today.
Early backers will have gained tens of thousands of pounds from their investment and anticipate more to come.
The token’s future path will depend on several factors, among them circulating supply.
Circulating supply sums up the total available number of units currently circulating the market.
Supplies will ebb and flow over time, depending on mining and minting to increase and burning events to decrease.
Many coins will have billions or even trillions of circulating units, and Dogecoin is no exception.
Coinmarketcap estimates 129,375,926,748 units currently exist on the crypto market.
Other supply estimates exist for each cryptocurrency, including total and max.
Total supply estimates the number of coins created minus those burned.
Coinmarketcap estimates DOGE’s total supply matches that of its circulating supply.
But it did not provide estimates for its max supply, which specifies the number of coins that will exist within a given currency’s lifespan.
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Will DOGE get higher?
People mine cryptocurrency when it becomes more popular, a factor that also affects its overall value.
DOGE prices have risen and fallen over the last month, contingent on the amount of support behind it.
The token has climbed down recently, but it has started to recoup some of its value.
DOGE’s most recent spike came thanks to Elon Musk, the Tesla CEO who has near single-handedly driven up its price.
Yesterday, he logged on to Twitter and dubbed himself “The Dogefather”.
The move pushed DOGE’s price from $0.25 (£0.18) to $0.30 (£0.22) within 15 minutes.
His Twitter reach of 52 million followers helped direct the market and could easily do so again.
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