Even if you are new to cryptocurrency, you must know or at least have heard of Dogecoins. Software engineers Billy Markus and Jackson Palmer started Dogecoin as a satire for the popularity of cryptocurrency, but the power of memes made it go viral. Even Elon Musk tweets a lot about it. So, how many dogecoins are there? And how many Dogecoins does Elon Musk hold? We will find out about it here.
How does supply affect Dogecoins?
The market cap might be a better indicator of a cryptocurrency's overall power and value than price, but price is a headline indicator that draws attention. This can then promote adoption, which should, in theory, increase its usefulness. That is essentially every cryptocurrency's end purpose.
Once the maximum supply of Bitcoin, 21 billion, has been mined, there will be no more. There won't be any new Bitcoin entering circulation. Dogecoin, on the other hand, is a little different because there is no maximum supply for it. Deflationary cryptocurrencies are those with a set maximum supply. This implies that a coin can maintain or even increase in value, but it also raises the possibility of people holding onto their cryptocurrency in the anticipation of a sharp increase in price.
So… never-ending supply?
In 2013, Dogecoin was introduced as a cryptocurrency joke.There was some discussion among users about whether DOGE should be deflationary or inflationary at the time the coin was originally released. Dogecoin co-founder Jackson Palmer declared that there would be no DOGE supply limit in 2014.
He said: “We’ve decided to leave the Dogecoin code base as it was originally released, and not implement a change. The goal for the currency is to keep approximately 100 billion coins in circulation. Thus after 100 billion Dogecoins are created, rewards will continue at 10k each block. This will help maintain mining and stabilize the number of coins in circulation (considering lost wallets and various other ways coins may be destroyed) at 100 billion.”.
This implied that when the global supply of DOGE hit 100 billion, which occurred at some point in 2018, it did not end there. Instead, a growing number of Dogecoins entered the market, with 10,000 Dogecoins entering the equation each time a new block was mined.
Then, how many Dogecoins are there?
At the time of writing (Sep 2022), its total supply is 132,670,764,300. But it increases from time to time.
How many Dogecoins does Elon Musk hold?
The fact that Elon Musk favors Dogecoin is well known. Every DOGE wallet is publicly available thanks to the Dogecoin blockchain, however the owners of these wallets are still unknown. This implies that anyone searching the blockchain for Musk's name will encounter difficulties quite quickly.
However, investigators on Reddit think they may have discovered Musk's wallet. This came after a tweet he posted on February 10 stating that he had given some Dogecoin to GiveDirectly. These users believe that the wallet that gave 150,000 DOGE just before Musk's post belonged to the billionaire after looking at the transactions of the wallet GiveDirectly disclosed. The wallet in question contains over 2,500,000 DOGE as of June 2021. Even yet, there is no way to be positive that this is in fact Musk's wallet. Musk may indeed have several wallets.
Summary
So, Dogecoin has unlimited supply. As of 23rd September 2022, Dogecoin’s total supply is 32,670,764,300. People believe that the wallet that donated 150,000 DOGE just prior to Musk's tweet belonged to the billionaire, as GiveDirectly shared. The wallet in question contains over 2,500,000 DOGE as of June 2021. But it is just a guess. Elon Musk did not say anything about how many Dogecoins he holds exactly.
