The latest price of Dogecoin at 02:00 on December 09, 2024

(24-hour Dogecoin price trend)

Dogecoin Tokenomics: Unveiling the Supply, Demand, and Price Dynamics

On December 9, 2024, at 02:00 AM UTC, Dogecoin (DOGE) stands at $0.46663205144183, reflecting a 24-hour trading volume of $9293065976.1289. The value of DOGE has experienced a 2.33939452% uptick within the past 24 hours.

Supply Dynamics of Dogecoin

The circulating supply of Dogecoin stands at 147117496383.71 DOGE, while the total supply remains unknown. This signifies that Dogecoin has an infinite supply, meaning that new coins can be continually mined and added to the circulating supply.

Influences on Dogecoin Price

The price of Dogecoin is influenced by a multitude of factors, including:

• Demand: The level of demand for DOGE in the market, driven by factors such as its use as a medium of exchange, speculation, and community support.
• Supply: The potential increase in the circulating supply of DOGE through mining can affect the price by diluting its scarcity.
• Public Sentiment: Positive news, social media buzz, and celebrity endorsements can boost demand and positively impact the price.
• Market Conditions: Overall trends in the cryptocurrency market, including fluctuations in the value of Bitcoin and Ethereum, can influence the price of DOGE.

Market Capitalization of Dogecoin

The market capitalization of Dogecoin, calculated by multiplying the price of DOGE by the circulating supply, stands at $68649739140.515. This represents the total value of all DOGE coins in circulation.

Conclusion

The tokenomics of Dogecoin, characterized by its infinite supply, unique distribution model, and community-driven nature, play a significant role in determining its price. By understanding the dynamics of supply, demand, and market influences, investors can make informed decisions regarding Dogecoin's investment potential.