Dogecoin (DOGE) co-founder Billy Markus in an open letter on Reddit this week addressed the heightened interest in the cryptocurrency he created as a .
By Jason Potts & Chris Berg of
One of the most difficult problems in finance right now is figuring out the fundamental economic value of cryptocurrencies. And the past week has complicated this further.
There are now 100 billion Dogecoin in existence.
Photo: AFP
For many cryptocurrency investors, the value of Bitcoin is based on the fact it is artificially scarce. A hard cap on minting new coins means there will only ever be 21 million Bitcoin in existence. And unlike national currencies, the rate of release for new Bitcoin is slowing down over time.
Dogecoin, a cryptocurrency that takes its name and logo from a Shiba Inu meme that was popular several years ago, doesn t have a cap. Launched in 2013, there are now 100 billion Dogecoin in existence, with as many as five billion new coins minted each year.