Crypto · The Breakdown · DOGE
Five Billion More
Every Single Year.
The bull case for Dogecoin as the people who hold it actually make it, and the case against at the same weight, starting with the supply that never stops.
Dogecoin is a proof of work cryptocurrency launched on 6 December 2013 by Billy Markus and Jackson Palmer as a joke about the Doge meme. It has no maximum supply: about five billion new coins arrive every year, with 156 billion circulating on 19 September 2026. Three United States spot funds list it.
New Coins A Year
A fixed 10,000 DOGE per block, one block a minute. Source: Wikipedia.
Maximum Supply
About 156 billion circulating on 19 Sep 2026. Source: CoinGecko.
US Spot Funds
DOJE, GDOG and TDOG, listed Sep 2025 to Jan 2026.
Below The 2021 High
$0.7316 on 7 May 2021, $0.0883 on 19 Sep 2026. Source: CoinGecko.
The Bull Case, As Bulls Make It
Five arguments, stated at their strongest. This is the case the people who hold it make, not a forecast from this site.
The Original, And Still Standing
Launched on 6 December 2013, it is the first memecoin and one of the oldest cryptocurrencies still trading. The argument is that surviving every cycle since is itself the proof: attention that has lasted thirteen years is not the same as attention that lasted a week.
Inflation That Falls Every Year
The new supply is a fixed number, about five billion a year, not a percentage. As the base grows the rate shrinks, about 3.2 per cent against 156 billion today and lower every year after. Bulls read that as predictable rather than inflationary.
Regulated Funds Now Hold It
REX-Osprey’s DOJE listed on 18 September 2025, Grayscale’s GDOG on 24 November 2025 and 21Shares’ TDOG in January 2026. A coin that started as a joke can now be bought in a brokerage account.
Its Own Chain, Not A Token
Dogecoin runs its own proof of work network with a block every minute. It is not a token on somebody else’s chain, so it does not depend on another project’s fees, outages or decisions.
A Community With A Record
Holders raised $36,000 in Dogecoin for the Jamaican bobsled team on 19 January 2014. Bulls point at a culture that has spent its own coins on things, which is rarer than it sounds in this category. Source: Wikipedia.
The Case Against, At The Same Weight
The other half. If you skip it you are reading an advertisement.
It Never Becomes Scarce
There is no cap. Five billion new coins arrive every year, forever. The dilution slows as a percentage but it never stops, and every holder is paying for the miners who secure it in newly printed coins.
One Person Moves It
The all time high was set on 7 May 2021, the day before Elon Musk hosted Saturday Night Live, and the price fell 29.5 per cent during the broadcast. A market that reacts that hard to one person is pricing that person, not the network. Sources: CoinGecko; Wikipedia.
Nothing Underneath It
No company, no revenue, no fees paid to holders. The value is attention, and attention is the one input that does not compound on its own.
The Funds Have Not Pulled Much In
21Shares’ TDOG held about $3.5 million by mid April 2026, three months after launch. Access existing is not the same as demand arriving. Source: KuCoin, 24 April 2026.
Five Years Below The High
It was about 87.9 per cent below the May 2021 high on 19 September 2026. The oldest memecoin is also the clearest example of what a memecoin does after its peak.
What I Take From It
Not advice. How the argument reads to someone who builds businesses rather than trades tokens.
A Brand Is Worth Something, But Not Everything
Thirteen years of recognition is real and hard to copy. It is also the whole asset, and a brand with no product underneath it is only as strong as the next person who decides to talk about it.
Read The Supply Before The Story
Five billion new coins a year is the single most important fact on this page, and it is the one the bull case spends the least time on. Always start with what gets printed.
Access Is Not Demand
A fund listing makes buying easier. It does not make anyone want to. The number that matters is what flows in afterwards, and so far it has been small.
Prices, market caps, supplies, all time highs and all time lows from CoinGecko, read 3 September 2026. Solana issuance and burn figures from Solana Compass, SIMD-0550 from crypto.news, Alpenglow from Kiln, BSOL from CryptoBriefing. Sui architecture and history from Sygnum Bank, the Mysticeti v2 figures from the Sui blog, the unlock schedule from Tokenomist. Zcash halving schedule from CoinDataFlow, the shielded pool and the Ironwood upgrade from Phemex, the Orchard bug from KuCoin, the NU7 vote from CryptoSlate. Render tokenomics from the Render Network knowledge base, RNP-006 and RNP-018, and from RenderCon 2026 coverage. Jupiter protocol figures from DefiLlama, the net zero emissions vote from SolanaFloor, the Litterbox Trust and the 70% proposal from the Jupiter Research forum. Chain level TVL, stablecoin and fee figures from DefiLlama. A snapshot on one day, not a live feed, and not a price prediction.
The Positions I Actually Hold
This page is covered, not held. These are, and they get the same treatment: both cases at the same weight, every figure sourced and dated.
Solana · SOL
The bull case at its strongest.
Sui · SUI
The bull case at its strongest.
Zcash · ZEC
The bull case at its strongest.
Render · RENDER
The bull case at its strongest.
Jupiter · JUP
The bull case at its strongest.
Bitcoin · BTC
Twenty one million, the halving schedule to April 2028, and the five strongest arguments against it.
Common Questions
That it is the original memecoin, launched on 6 December 2013 and still trading; that its fixed five billion coins a year means inflation falls every year; that three United States spot funds now list it; and that it runs its own chain rather than being a token on someone else’s.
No. A fixed 10,000 DOGE is created with every block, about five billion a year, with no cap. About 156 billion were circulating on 19 September 2026. Sources: Wikipedia; CoinGecko.
Billy Markus and Jackson Palmer, who launched it on 6 December 2013 as a joke based on the Doge meme. Source: Wikipedia.
Yes. REX-Osprey’s DOJE listed on 18 September 2025, Grayscale’s GDOG on 24 November 2025 and 21Shares’ TDOG in January 2026. The memecoin ETF page on this site lists them with their fees.
No. Cody Wise is not a licensed advisor and does not hold Dogecoin. This page sets out both sides of the argument with every figure sourced.
A Thesis You Cannot
Argue Against Is Not One.
Every position on this site is published with the reasoning and the counter argument attached. That is the whole standard.
Not financial advice.