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How Many Dogecoins Are There in 2022?

Last updated 30th Nov 2022
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How many Dogecoins are there in the world today? As one of the most popular altcoins on the market, and one of the easiest to access for those on a budget, Dogecoins are gaining a lot of attention. However, it’s difficult to know exactly how many are in circulation and where the Doge cap limit falls.

If you’re thinking of getting involved with Dogecoins yourself, or you just want to learn more about this rapidly evolving cryptocurrency, read on.

How Many Dogecoins Are There Today?

There are currently 132.7 billion Dogecoins in circulation today. This makes the coin the eighth most popular cryptocurrency on Coinbase and the fifth largest in terms of volume. The average person holds onto their Dogecoins for at least 83 days before selling or trading.

(Coinbase)

Exploring the Number of Dogecoins in Circulation

Dogecoin was originally introduced to the cryptocurrency market as a novel alternative to the more common options like Bitcoin and Ethereum. Otherwise known as “DOGE,” the coin was based on a meme and helped to inspire a range of other coins, like “SHIBA.”

There is no Dogecoin supply limit.

While Dogecoin had a limited cap of 100 billion coins when it was first introduced in 2013, Jackson Palmer, the co-founder of the cryptocurrency, announced he was removing the cap on Github in 2014.

Dogecoin’s unlimited supply means that the cryptocurrency has an inflationary supply, with more coins constantly pouring into the market. Despite a possibly infinite supply of Dogecoin, the popularity of the cryptocurrency has caused the price to rise over the years.

(Github)

There are around 10,000 new Dogecoins mined every minute.

The amount of Dogecoin in circulation continues to rise at a rapid pace because it’s one of the easiest currencies to mine. Currently, a single block takes around a minute to mine on the blockchain, compared to around 10 minutes for a block of Bitcoin.

The reward per block for Dogecoin is 10,000 coins, whereas Bitcoin only offers around 6.25 coins per block. Dogecoin uses a hashtag algorithm known as Scrypt, which is less complex than the SHA-256 used by Bitcoin.

(Coindesk)

Dogecoin uses around 0.12 kWh of energy per transaction.

Aside from being easier to mine than most coins, Dogecoin is also one of the most eco-friendly options. Dogecoin uses around 0.12 kWh of energy per transaction, which means it’s more environmentally friendly, even with the vast number of Dogecoin minted per day.

Comparatively, Bitcoin uses around 707 KwH of energy to mine, while Ethereum consumes 62.56 kWh per transaction.

(TRG Datacenters)

1,089 nodes are helping the Dogecoin system to run.

As of June 2022, there are 1,089 nodes helping to support the Doge circulating supply and mining community. Notably, around 45% of these nodes exist in the United States, while 16% of the nodes are located in Germany.

The number of nodes associated with Dogecoin has reduced significantly from January 2022, when around 1,518 nodes were operating.

(Blockchair)

The current Dogecoin live market cap is $8,512,310,667.

The huge total number of Dogecoins in circulation means the market cap connected to the US dollar is also quite high. However, a single Dogecoin is currently only worth around 0.064 in USD. For most of its existence, Dogecoin has been worth less than 1 cent per coin.

The highest price ever achieved for Dogecoin was $0.7376, achieved on the 8th of May in 2022. Since then, the price has reduced consistently for most of 2022.

(CoinMarketCap)

The Dogecoin blockchain is 60.40 GB large.

The Dogecoin unlimited supply could lead to a huge blockchain over the years. Currently, the Dogecoin database blockchain size is 60.40 GB, as of June 2022. Each block is around 10.088 kilobytes, and on average, around 57 blocks are mined per hour.

(Bit Info Charts)

Conclusion

Dogecoin has quickly become one of the most popular cryptocurrencies in existence, supported by an avid group of fans across communities around the world. While there’s no cap on the Dogecoin supply, the blockchain and number of coins continue to grow at a rapid pace.

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Rebekah Carter

Rebekah Carter

Rebekah Carter is a dedicated online marketing professional and writer. With experience in the world of entrepreneurial development, business growth, communication and collaboration, and even health and fitness, Rebekah is constantly looking for ways to expand her expertise, and share her knowledge with the digital world.