24H Volume $32.49B -30.09%
MarketCap $1.14T -0.09%
Basically, like other meme coins, Dogecoin has no real-world utility. But with its wide popularity and large community members base, it has been used as a means of payment in the pornography and gambling industries. Also, Elon Musk implied many times on Twitter that his companies (Tesla, SpaceX, Boring) could accept Dogecoin for payment in the future.
Dogecoins are produced by mining blocks, which reward miners with a randomized quantity of coins. The randomization range halved every 100,000 blocks. Palmer originally capped the DOGE token supply at 100 billion DOGE. But in February 2014, the cap was abolished, and an unlimited amount of DOGE could be created, shifting the cryptocurrency from a deflationary to an inflationary supply model. The block reward is now fixed at 10,000 DOGE per block, with one block being mined every one minute.