In the first year of its existence, the reward for mining new blocks was set at 500,000 DOGE per block. Unlike Bitcoin, which has a finite supply of 21 million, Dogecoin’s supply will never run out, but its circulating supply is currently approximately 138.3 billion. The maximum supply of Dogecoin is infinite. However, Dogecoin’s mining algorithm is different from Bitcoin’s, as it uses a Scrypt algorithm, which is designed to be more resistant to ASIC mining and is more accessible to casual miners. This means that the cryptocurrency is mined by computers that perform complex mathematical calculations to validate transactions and add new blocks to the blockchain. In fact, Dogecoin was created in just a few hours as a fork of Luckycoin, which is itself a fork of Litecoin.ĭogecoin’s tokenomics are based on a Proof-of-Work (PoW) consensus algorithm. The cryptocurrency was designed to be a joke or a parody of Bitcoin, and as such, its creators did not take the project very seriously. 7 Bottomline Understanding Dogecoin: Tokenomicsĭogecoin’s tokenomics are relatively simple.
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