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Dogecoin started as a joke in 2013. Software engineers Billy Markus and Jackson Palmer created it as a light-hearted alternative to Bitcoin, borrowing the Shiba Inu dog meme as its mascot. More than a decade later, it has grown into one of the most widely-held cryptocurrencies in the world, with a market capitalisation that consistently places it among the top fifteen digital assets and a community that has a wide history of funding projects, from NASCAR sponsorships to clean water initiatives.
Dogecoin runs on its own L1 blockchain using a Proof of Work consensus mechanism based on Litecoin's Scrypt algorithm. Unlike Bitcoin, it has no maximum supply cap. Approximately 5 billion new DOGE enter circulation each year through mining, making it an inflationary asset. The current DOGE/AUD exchange rate is displayed live on this page. In Australia, individuals can purchase Dogecoin using AUD through PayID transfers on AUSTRAC-registered platforms like Swyftx.
Dogecoin's inflationary supply model
This is the characteristic that separates Dogecoin from similar-era assets like Bitcoin or Litecoin. There is no supply cap. Miners produce approximately 5 billion new DOGE every year as block rewards, and this rate does not halve or reduce over time.
Proponents argue the inflationary model makes DOGE more suitable as a spending currency than a store of value, since there is less incentive to hold indefinitely when new supply enters the market continuously.
What drives Dogecoin's price?
Community and social media
Dogecoin's price has historically been more responsive to social media momentum and public endorsements than on-chain metrics or technological upgrades. Like most other memecoins, this introduces significant volatility, as the project can be suspect to sentiment-driven price movements.
Utility as a payment method
Dogecoin's fast block time (roughly one minute) and low transaction fees have led to its adoption by certain merchants and content creators as a tipping and payment currency. Expansion of merchant acceptance can influence demand, though payment volume remains modest relative to total trading volume.
Macro environment
As a globally traded asset, DOGE is sensitive to broader cryptocurrency market movements and macroeconomic conditions. It has historically shown strong correlation with Bitcoin during market-wide rallies and sell-offs.
How to store Dogecoin
After purchasing DOGE, assets can remain on a regulated custodial exchange or be withdrawn to a compatible wallet for direct ownership. For more information on self-custody options, refer to our crypto wallet guide.
