Dogecoin (DOGE)
System: Dogecoin — Money and Payments
Dogecoin is a peer-to-peer payment and settlement network designed for transferring DOGE between users and merchants who use it to send and receive payments. Founded in 2013, it runs on a Scrypt proof-of-work blockchain implemented through Dogecoin Core with merged mining support, and its system boundary includes the Dogecoin mainnet, the DOGE token, miners and nodes, ongoing Dogecoin Core development processes, and the Dogecoin Foundation’s stewardship of intellectual property, while excluding custodial service providers and third-party payment processors or merchants.
Market Data
| Price | $0.108562 |
| Market Cap | $16.73B |
| Fully Diluted Valuation | $16.73B |
| 30d Change | 20.37% |
| 365d Change | -39.90% |
Token Functionalities
Payments
- Native Resource Fee (Strong)
Right to access Dogecoin blockspace/transaction inclusion by paying compulsory DOGE-denominated network fees.
System Attributes
Operating Model
Dogecoin operates as a permissionless blockchain protocol where anyone can run a validating/relaying node (Dogecoin Core) and miners add blocks via proof-of-work. Users submit to a public mempool; independent full nodes and PoW miners (Scrypt-based, merge-mined with Litecoin and other Scrypt-based PoW blockchains) validate, order, and commit state. Operating rules change only via Dogecoin Core releases that nodes and miners choose to adopt.
Value Creation
The Dogecoin system exclusively creates on-chain value by providing censorship-resistant settlement and a native bearer asset (DOGE) transferable via transactions recorded on the Dogecoin blockchain.
Value Capture
Value created on-chain is capture at the protocol-level by validators (PoW miners) via block rewards and DOGE-denominated transaction fees, which are routed through block production.
Governance
Off-chain, participant-based governance in which independent hardware operators (full nodes and miners) exercise decision-making authority by selecting and running Dogecoin Core client software and rules; authority does not flow from transferable tokens. Changes are proposed/reviewed in the open-source repo and shipped as Dogecoin Core releases; they only take effect if software updates are adopted.