No matter how long you have been in cryptocurrency it is likely that you have heard of Dogecoin (DOGE), Bitcoin’s fun cousin who forked from Litecoin and worked as a way to tip users on reddit with a crypto asset that had almost zero value but a cute logo.

What started out as a joke has recently become quite serious in terms of investment, crypto newbies and investment moguls alike seem to like something about Dogecoin. With an infinite supply, extremely big whales, and very little else, Dogecoin is an extremely risky crypto asset.

If you are thinking of picking some up for fun then that is okay, but hopefully this Dogecoin review will give you pause before investing into it too seriously.

Dogecoin Pros & Cons


  • Same network security as Bitcoin

  • Easy to mine

  • Supportive community


  • Unlimited supply

  • No development team or roadmap

  • High risk

Dogecoin Ratings


All-Time High: $0.4377 (April 16, 2021)

All-Time Low: $0.00008547 (May 7, 2015)

Market Cap

Current Market Cap: $35,472,042,487


Max Supply: No max supply

Circulating Supply: 129,348,760,640 DOGE

Network Speed

Rating: Medium-Low

Reason: Blocks process every minute meaning transactions can be processed every minute, which is 10x faster than Bitcoin but extremely slow compared to newer blockchain project network speeds.


Rating: Low

Reason: Dogecoin is one of the most heavily centralized cryptocurrencies in terms of distribution. There is one address that holds over a quarter of the total circulating supply (almost $9 billion at current price), and overall, 11 portfolios hold almost half of total supply of Dogecoin. This means price manipulation is easy, and that a whale could crash prices with a dump very easily.

Developer Engagement

Rating: Low

Reason: There is zero development on Dogecoin, the last minor release of Dogecoin was over 2 years ago, there has been some recent activity to correct some issues but overall, there is zero actual development of Dogecoin as a blockchain technology.


Rating: High

Reason: Being one of the oldest cryptocurrencies makes Dogecoin available on almost all major exchanges, and the recent price explosion has pushed it into the top 10 by market cap, with daily volumes in the billions.

History of Dogecoin

Dogecoin was started in 2013 by Jackson Palmer, an Adobe software engineer, and Billy Markus, an IBM software engineer. It was meant to be a joke, and only took about 3 hours to change the Bitcoin code to create Dogecoin according to Markus.

The Dogecoin network launched in December 2013 and the asset reached an all time high of a little over a cent during the 2017 crypto bubble. Markus and Palmer stepped away from Dogecoin in 2015. It is mostly run by community members now.

Advantages of Dogecoin

Dogecoin maintains all the security of a blockchain because it is a copy of Bitcoin’s code with just a few changes to things like mining output, block time and supply.

Other than that, the only advantage that Dogecoin has is that it has a strong community which has helped propel its price despite it having no clear use case apart from a currency. One such proponent of Dogecoin is Elon Musk who has repeatedly pumped the coin on Twitter. It remains to be seen how committed Musk is to Dogecoin or whether he’s just having a laugh.

Disadvantages of Dogecoin

The main disadvantages of Dogecoin are tied to its supply and its utility. There is an infinite supply of Dogecoin, it is mined at a rate of ten thousand new DOGE every minute, meaning over five billion DOGE will be produced each year.

This in theory should make it less valuable over time. The other issue surrounds utility in that Dogecoin has no real use other than a potential store of value with an endless supply, which again, in theory, should make it not worth too much as time goes on.

Dogecoin Frequently Asked Questions

Dogecoin may one day reach $1, but this review is not meant as investment advice, rationally there is no reason Dogecoin should ever reach a $1. That does not mean whales, reddit users and others will not cause it to reach $1. That being said, CryptoVantage does not provide financial advice.

Dogecoin is an extremely risky investment. While all investments, especially cryptocurrencies, involve risk, Dogecoin has a variety of factors that make it riskier than a lot of other digital assets that it has a similar market cap to. This is because of the large whales that hold Dogecoin, its lack of actual technological development, and its infinite supply.

There is an infinite number of Dogecoins left. The supply is not finite like it is for Bitcoin. Ten thousand Dogecoins enter the market every minute.

You can buy Dogecoin instantly at a variety of cryptocurrency brokers and exchanges including Binance Exchange, Exchange, Huobi Exchange, KuCoin Exchange, Kraken Exchange, Bittrex Global and Bitfinex.

Yes, you can still mine Dogecoin, and because Dogecoin has an infinite supply you can mine Dogecoin until the world ends. Mining Dogecoin uses Scrypt rather than Proof of Work like Bitcoin does.

It takes 1 minute to mine 1 block of Dogecoin, with a block reward of 10k DOGE per block, meaning every minute there is another 10k DOGE available, and about 5.2 billion new Dogecoins are created each year. In comparison, only 900 Bitcoin are mined in a day, versus 14.4 million Dogecoin being mined in a day.

No, Dogecoin cannot be like Bitcoin. The main reason for this is the infinite supply of Dogecoin, and the difference in the current supply of each. While there will only ever be 21 million BTC, there will one day be trillions of Dogecoin, and then more after that, meaning over time it should get less and less valuable because it is being created endlessly, meaning demand can never outweigh supply. Scarcity is one of the biggest reasons Bitcoin is so valuable.