DOGE

Dogecoin

Meme

The original meme coin: a 2013 proof-of-work chain with fixed issuance, a famous brand and little paid usage.

Speculative meme, fading v1.2 · as of 2026-10-20 · framework v1.13 Coinsight · all analyses
Bottom line

Dogecoin is a brand and a liquid trading asset more than a project with a product roadmap. It mints ~5.26B new DOGE a year (~$558M at the 12-month average price) and burns nothing, while transaction fees are a rounding error next to that. US spot ETFs arrived but drew only ~$12M of net inflows by June, flows were flat in October and Bitwise closed its fund on 14 Oct. Price is −59% over a year and −89% from the 2021 ATH, so any rebound depends on sentiment, not on usage.

Scorecard (1–5)
Project
Token performance
Tokenomics
Price
$0.0817
+2.6% 24h · −6% 30d · CoinGecko 20 Oct
Market cap
$12.8B
rank #12 · FDV $12.8B, no max supply
24h volume
$461.7M
3.6% of market cap
From ATH
−89%
ATH $0.7316, May 2021
2026 YTD
−30%
$0.1175 → $0.0817
ETF net inflows
~$15.6M
cumulative, US spot, to 12 Oct 2026

The last 12 months

$0.05$0.1$0.15$0.2$0.25Oct 25NovDecJan 26FebMarAprMayJunJulAugSepOctNovDec2025-10-27: $0.2057$0.21 peak2026-01-06: $0.1518$0.152026-08-07: $0.069$0.069 low2026-10-20: $0.0817$0.082112-month high at $0.2062Spot DOGE ETFs arrive321Shares TDOG launches4Breaks below $0.105ETF inflows reach ~$12M6Year low at $0.0697DogeOS public testnet8Bitwise DOGE ETF closes9Bitwise ETF cash payout10DogeOS mainnet (no date)
MarketAdoptionTechUpcoming

Daily closes from CoinGecko, 21 Oct 2025 to 20 Oct 2026.

Key events
  1. 1
    27 Oct 25 12-month high at $0.206. The last close above $0.20; the slide that followed has not reversed.
  2. 2
    24 Nov 25 Spot DOGE ETFs arrive. Grayscale's GDOG lists on 24 Nov with ~$1.8M on day one; Bitwise's BWOW follows on 26 Nov.
  3. 3
    22 Jan 26 21Shares TDOG launches. Physically backed fund at 0.50% a year; it becomes the largest at ~$14M by May.
  4. 4
    06 Feb 26 Breaks below $0.10. Close at $0.089 after $0.104 the day before; DOGE spends most of 2026 below $0.10.
  5. 5
    08 Jun 26 ETF inflows reach ~$12M. Cumulative net inflows since launch, up from $9.6M on 1 May, per SoSoValue.
  6. 6
    07 Aug 26 Year low at $0.069. Bottom of a two-month base near $0.07, then +34% to $0.093 by 24 Aug.
  7. 7
    30 Sep 26 DogeOS public testnet. Third-party execution layer opens a testnet run by selected operators and a security council.
  8. 8
    14 Oct 26 Bitwise DOGE ETF closes. Last trading day of BWOW, which held only ~8.2M DOGE (~$0.7M); holders are paid out in cash.
  9. 9
    22 Oct 26 Bitwise ETF cash payout. Shows how much ETF-held DOGE leaves the fund wrapper.
  10. 10
    Soon DogeOS mainnet (no date). Announced next step after the testnet; no launch date confirmed.

How a Dogecoin payment works

Sender
Wallet or broker sends DOGE

Often from an exchange or Robinhood account rather than a self-held wallet.

Network
Transaction broadcast

Pays a small fee in DOGE (a fraction of a cent to a few cents).

Miners
Scrypt mining, merged with LTC

Litecoin miners secure Dogecoin at the same time via AuxPoW.

Block
Included in ~1 minute

Block reward of 10,000 new DOGE plus fees goes to the miner.

Receiver
Receives DOGE

Merchant, friend or exchange; a few confirmations for larger amounts.

Market
Miners sell new coins

Most of the ~14.4M DOGE minted a day is sold to cover mining costs.

Where DOGE comes in: it is the fee and the payment itself, and 10,000 new DOGE is minted with every block. Nothing is burned, staked or locked, so the only offset to issuance is buyers absorbing what miners sell.

Usage and adoption

USD per year, last 12 months (estimates)
Transaction fees (est.)
<$2M
US spot ETF net inflows
~$12M
New DOGE issued
~$558M

Issuance = 5.256B DOGE (10,000 per block, one block a minute) × the 12-month average daily close of $0.106 from CoinGecko. ETF figure is cumulative net inflows since launch to 8 Jun 2026 (SoSoValue via KuCoin), shown as a benchmark. Fees are an upper-bound estimate: no verified 12-month fee series was available for this analysis, but fees are a fraction of a cent to a few cents per transaction, so they cover well under 1% of issuance on any reading.

  • weak signal
    Fees paid
    <$2M / yr (est.)

    Estimate, not a measured series. Fees are not burned; they go to miners.

  • weak signal
    Spot ETF inflows
    ~$15.6M

    Cumulative net deposits into US spot DOGE ETFs since launch; net assets ~$14.9M and zero net flow on every October trading day to 12 Oct. Direct demand, but very small.

  • weak signal
    Largest ETF
    ~$13.9M

    Grayscale GDOG net assets in Sep 2026, about 81% of all DOGE ETF assets; 21Shares TDOG has ~$1M of net inflows.

  • medium signal
    Merged-mining security
    Shared with LTC

    Hashrate comes mostly from Litecoin miners; secure, but it says nothing about usage.

  • weak signal
    Payments adoption
    Unmeasured

    Merchant and tipping claims exist but no reliable volume data; most on-chain transfers are exchange movements.

This is where a meme coin shows up in the framework: paid usage is close to zero next to issuance, and the only measurable new demand (ETFs) is a few percent of one year's new supply. Dogecoin's value is attention and liquidity, which the framework's usage questions cannot capture.

Project

What it is
A proof-of-work payments coin launched in Dec 2013 as a joke on Bitcoin, forked from Litecoin's codebase. It has no smart contracts, DeFi or stablecoin activity of note on its own chain.
Team
Created by Billy Markus and Jackson Palmer, who are no longer involved. A small volunteer group maintains Dogecoin Core; the Dogecoin Foundation and its corporate arm, House of Doge, handle promotion and business deals.
Technology
Scrypt mining with 1-minute blocks, merged-mined with Litecoin since 2014 (AuxPoW), so most hashrate comes from Litecoin miners. Security is real, but there is little to differentiate it technically.
Traction
Thin on paid usage: fees are tiny and there is no reliable 12-month fee series. Real demand is trading on exchanges and brokers; payment claims (Tesla merchandise, tipping) are small and hard to measure.
Competitors
Other meme coins (SHIB, PEPE, Solana memes), Litecoin and Bitcoin Cash for cheap payments, and stablecoins for actual payments.
Key risks
Value rests on attention and Elon Musk's posts; uncapped supply with no burn; holdings concentrated in exchange and broker custody wallets; ETF demand has not materialised.
Roadmap
No protocol roadmap of note. The main announced item is DogeOS, a third-party execution layer whose public testnet opened on 30 Sep 2026 with selected operators and a security council; no mainnet date confirmed.

Token performance

1-year return (21 Oct 2025 → 20 Oct 2026, CoinGecko)
DOGE
-59%
BTC
-25%
ETH
-39%

DOGE fell more than twice as far as BTC over 12 months. Over 3 years it is up only about +36% (from ~$0.06 in Oct 2023), well behind BTC (+179%) and ETH (+53%); 3-year figures are researched by hand because the free CoinGecko API covers 365 days, and the Oct 2023 DOGE price is approximate.

Range 2026
$0.069 low (7 Aug) to $0.152 high (6 Jan), daily closes; now $0.082
12-month drawdown
−66%, from $0.206 (27 Oct 2025) to $0.069 (7 Aug 2026)
Liquidity
$462M traded in 24h, 3.6% of market cap; rank #12
Flows
−59% in a year vs BTC −25% and ETH −39%; US spot ETF flows were zero on every October trading day through 12 Oct, and Bitwise's fund closed on 14 Oct
ATH check ATH check passed. The $0.73 high (May 2021) came seven years after launch, so it is a real cycle peak and is used as the reference; DOGE is −89% from it.

Tokenomics

Supply
~156.4B DOGE circulating, no maximum supply. Nothing is held by a company or a team allocation.
Inflation
Fixed 10,000 DOGE per block, about 14.4M a day or ~5.26B a year: ~3.4% of supply now, falling slowly in percentage terms but never to zero.
Unlocks
None. No vesting, escrow or treasury unlocks; all new supply goes to miners, who mostly sell to cover costs.
Utility
Pays transaction fees and is used for tipping and some merchant payments. No staking, governance or yield at protocol level.
Concentration
The largest addresses are mostly exchange and broker custody wallets (Robinhood, Binance and others), so on-chain whale data mixes customer funds with real whales. Exact shares not verified in this round.
Sinks
No burn or buybacks. Demand sinks are US spot ETFs (~$12M net inflows by June) and a few DOGE treasury companies; both are tiny next to ~$558M of new supply a year.

Bull case

A broad crypto rebound or a Musk-driven attention spike lifts DOGE back above the $0.10 close of late September and toward the $0.152 January high; DogeOS launches and gives the chain some real activity; ETF flows turn positive.

Bear case

Miners keep selling ~14M new DOGE a day into a market with no structural buyer; ETF products shrink further after Bitwise's exit; price loses the ~$0.081 cost-basis cluster and retests the $0.069 August low.

Watch before the next re-run

  • Total US spot DOGE ETF assets after Bitwise's 22 Oct cash payout
  • DogeOS testnet progress and any mainnet date
  • Musk posts and any DOGE role in X Money (unconfirmed)
  • $0.081 cost-basis cluster and the $0.069 August low

Where to trade

Krakenlisted

DOGE against EUR · USD · USDT · USDC · AUD · BTC · CAD · GBP

24h $4.00M · ±2% depth $3.97M

OKXlisted

DOGE against EUR · USDT · USDC · TRY

24h $22.9M · ±2% depth $3.92M

Largest exchanges

Exchange24h vol±2% depth
BinanceDOGE/USDT$37.4M$3.56M
OKXDOGE/USDT$22.3M$3.92M
GateDOGE/USDT$19.0M$2.82M
BitgetDOGE/USDT$7.59M$5.16M
CoinbaseDOGE/USD$5.70M$1.44M

Deepest DEX pools

Pool24h vol±2% depth
PancakeSwap (v2)DOGE/WBNB · BNB Chain$18.7k$110.3k

Pool size (TVL), fee tier and fee APR are not in yet: they need DefiLlama, which this setup cannot reach so far. CL = concentrated liquidity (higher fees, more impermanent-loss risk).

On-chain share of all DOGE volume: 0.0%.

As of 21 Oct 2026 · CoinGecko tickers (24h volume, ±2% depth). ±2% depth is the money it takes to move the price 2% either way: the real size of a market. Exchanges ranked by volume among well-known venues; pools by depth. Not investment advice.

Where to follow

Official
People on X
Code and governance
Data
Media