How many Dogecoins are there?

The first-ever memecoin to rise to prominence in the public consciousness, Dogecoin was created in 2013 and kick-started a whole new category of cryptocurrency. It has helped push crypto further into the mainstream, despite starting as a joke.

Dogecoin’s creators, Billy Markus and Jackson Palmer, designed Dogecoin to have a very large initial supply of 100 billion DOGE tokens, as well as an infinite maximum supply and a constant linear rate of inflation. All this was done in an effort to keep its unit price low and encourage DOGE’s use as a currency.

As of August 2025, Dogecoin has over 150 billion coins in circulation, with 10,000 new DOGE being added into supply every single minute as mining rewards. Discover how Dogecoin’s supply dynamics impact its price and prospects for the future, particularly in comparison to Bitcoin.

How Many Dogecoins Are There Right Now?

Dogecoin has one of the highest circulating supplies in all of crypto: over 150 billion DOGE are in the market right now. For context, the Bitcoin circulating supply at the time of writing is about 19.9 million, ETH’s is 120 million and XRP’s is just under 60 billion.

Not only does Dogecoin have a huge circulating supply, but its supply is also constantly increasing and it will continue to increase indefinitely. Each time a block is mined on the Dogecoin network, which happens on average once a minute, 10,000 new DOGE are created — this adds up to 5.256 billion new DOGE coming into circulation every year. 

This rate of inflation is fixed and constant. It doesn’t increase or decrease over time as some other cryptocurrencies do. Barring a change to its source code, the inflation rate of DOGE will always average 10,000 DOGE per minute. 

While the number of DOGE added into circulation every minute is constant, as a percentage of the total supply this rate is always declining as the total supply increases.

• When there was only 100 billion DOGE the annual inflation rate was around 5.25%.
• Now that there are over 150 billion DOGE the inflation rate as a percentage of the total supply is closer to 3.5%.

To see the precise amount of DOGE currently in circulation you can use a blockchain explorer such as Blockchair or TokenView.

How Does Dogecoin’s Supply Affect Its Price and Use?

Dogecoin’s infinitely growing supply has several important effects on the cryptocurrency and the way it’s used. The huge supply keeps the DOGE price relatively low compared to other cryptocurrencies with smaller supplies such as BTC, or even Solana (SOL). 

To give some idea of how much DOGE’s huge supply impacts its price, consider this: if the supply of DOGE was the same as Bitcoin’s current supply of about 19.9 million, at its current market cap each DOGE would be worth around AU$2400. At the time of writing its actual price is around AU$0.33.

DOGE’s constant inflation also tends to put a brake on price appreciation, because it makes it harder for demand to outstrip supply. That leads to continuous downward pressure on price. This dynamic is very different to what we see with a hard-capped cryptocurrency, like Bitcoin — with Bitcoin the limited supply leads to significant upward pressure on price as demand grows.

Limited price growth makes DOGE much more attractive as a currency. Dogecoin was intentionally designed as a cash alternative, rather than a store of value. Some leading use cases for DOGE are things like tipping, payments (including micropayments) and fostering community engagement. The token’s utility as a method of payment is partly why it has been touted as a potential built-in currency on social media platforms such as X.

DOGE is often an attractive buy for crypto beginners or casual crypto investors. Psychologically, it’s easier to dip your toe into crypto by spending $100 for a few hundred DOGE, rather than spending the same amount to get something like 0.0006 BTC.

Dogecoin also has relatively low transaction fees and fast block times compared to other proof-of-work cryptocurrencies, such as Bitcoin and Litecoin, which further adds to its appeal as a digital currency.

Like many memecoins, when the price of DOGE does surge, the price action is often driven by hype that’s amplified by its passionate community. For instance, endorsements from high-profile supporters such as the owner of X and world’s richest man, Elon Musk.

How Are New Dogecoins Created?

In technical terms, Dogecoin is a fork of Litecoin, and Litecoin itself is based closely on the Bitcoin codebase. Because of its close ties to Litecoin, on a technical level Dogecoin works very much the same way.

Just like Litecoin and Bitcoin, Dogecoin is a proof-of-work cryptocurrency: new DOGE are created through a process of mining blocks. Every time a block is mined, the successful miner is given 10,000 newly created DOGE as a mining reward.

In order to successfully mine a new Dogecoin block, a miner must be the first to solve a specific type of mathematical problem, which is very similar to how Litecoin and Bitcoin work.

• Miners need to cryptographically hash the contents of the block to be mined (all the transaction data within the block) in addition to a random number known as the nonce.
• The successful miner is the one who first ensures the value of the hashed block data plus the random number are below a certain target value set by the Dogecoin protocol.
• This target value determines the mining difficulty: the lower the target the higher the difficulty. 

Miners repeatedly calculate hashes using new random numbers many times per second in a race to be the first to generate a hash below the target value.

Both Litecoin and Dogecoin use the Scrypt hashing algorithm during the mining process, unlike Bitcoin which uses SHA-256. Because Litecoin and Dogecoin use the same hashing algorithm they can both be mined at the same time, using a process known as merge mining. Merge mining improves mining efficiency and makes it more profitable — miners can receive rewards from both networks while only using the computation resources required to mine on a single network.

Dogecoin v Bitcoin: Key Stats 

A quick comparison of Dogecoin’s key statistics with Bitcoin’s illustrates how different the two cryptocurrencies are and clarifies how Dogecoin’s tokenomics affect its utility.

There’s about 7,500 times more DOGE than BTC. That keeps the price per DOGE very low, which has its benefits. Beginner investors are often more comfortable with low unit-price cryptocurrencies and people tend to be more inclined to spend, rather than hold, low unit-price crypto.

DOGE has much higher inflation than BTC — its block rewards are 10,000 DOGE / block indefinitely, while BTC’s are currently 3.125 BTC / block and this rate halves every four years. 

These large block rewards, coupled with the Dogecoin network mining ten times more blocks per day than Bitcoin currently results in 32,000 times more new DOGE being released into circulation each year than new Bitcoin. As Bitcoin’s mining rewards drop even further in future halving events, Dogecoin’s inflation relative to Bitcoin’s will be even higher.

Final Word on the Pros and Cons of Dogecoin’s Supply

While its tokenomics make it less ideal as a store-of-value, DOGE remains popular with crypto investors, as evidenced by its massive market cap of over US$33 billion. High profile supporters of Dogecoin, like well-known investor Mark Cuban, describe DOGE as more accessible.

“Any asset that has inflation by definition is ‘infinite’…it changes the utility from store of value to potentially a digital currency,” Cuban said.

“This is exactly why people will buy physical products with Dogecoin and not with BTC and rarely with ETH. It’s hard for someone with $100 to get excited about owning a fraction of BTC or ETH. It’s easy with DOGE.”

The factors that make Dogecoin more attractive as a digital currency also tend to weaken the chances it will ever jump significantly in value. In many ways the supply dynamics of Dogecoin are the opposite of Bitcoin — BTC has a small, capped supply with reducing inflation and a high unit price, while DOGE has a large, uncapped supply with constant linear inflation and a low unit price.
That isn’t to say Dogecoin’s price won’t increase — it may increase as a new wave of retail investors pour into crypto and look to start their journey with an iconic memecoin. But Dogecoin’s supply dynamics won’t be the driver of any price appreciation.