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Reality Check / Dogecoin
REALITY CHECK · PILOT · VERIFIED 7 OCT 2026

Dogecoin DOGE

Mixed evidence Evidence 100%

89
Evidence score: what we could verify, not a forecast
What can be checked

Key facts

TeamPartly public
Why

Created 2013 by Billy Markus and Jackson Palmer (Palmer left in 2015); Markus is listed as advisor to the Dogecoin Foundation. A 2022 Benzinga profile named Foundation board members (Gary Lachance, Jens Wiechers, Michi Lumin, Timothy Stebbing) and technical advisors (Max Keller, Ross Nicoll); the Foundation's own About page names no trustees or members, so current membership is unverified. dogecoin.com states it has 'an amazing team of developers and volunteers' without naming current maintainers; the GitHub README names none. The Foundation supports but does not control the protocol.

source source source
Legal entityIdentified
Why

Dogecoin Foundation, described on its About page as a not-for-profit organisation (est. 2014, revived 2021), operating through Much Wow Ltd and MadeUpNumbers Ltd (England & Wales, company nos. 13726736 and 13602061), Dogecoin Foundation and Much Wow Inc. (United States, Illinois registered agent) and Dogecoin Foundation Australia. Registry filings were not independently checked. The Foundation did not issue or sell DOGE; the coin launched without a company or sale.

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Independent auditPublished
Why

Least Authority (Least Authority TFA GmbH) audited Dogecoin Core changes between v1.14.3 and v1.14.5 and verified v1.14.6: code review Oct 3-Nov 11 2022, final report April 2023 (timeline lists 20 April delivery, cover 21 April). Scope was limited to those diffs, not the whole codebase. Halborn also reviewed the Dogecoin codebase in March 2022 and disclosed Rab13s-class vulnerabilities (CVE-2023-30769 referenced); Halborn's page does not present it as a full audit.

source source source
Control riskNo privileged key
Why

Proof-of-work chain (Scrypt, merge-mined) with open-source Core client under the MIT license; reward schedule is hard-coded in consensus code (constant 10,000 DOGE per block). No token contract, admin key, freeze or mint function exists in the protocol as read; rule changes require node/miner adoption of new software. The Foundation holds no protocol keys (it is a support/advocacy body), though a small group of volunteer maintainers merges code into the reference client.

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New supply, next 12 months3.36%
Why

No unlock schedule exists (no premine/vesting). DOGE has uncapped constant issuance: consensus code pays 10,000 DOGE per block after block 600,000, at a 60-second target = about 5.256 billion DOGE per year, which is about 3.36% of CoinGecko's 156.229B total supply (calculated, assuming the target block time holds; actual is derived from block times).

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Revenue evidenceCheckable on-chain
Why

Chain gas fees are visible on DefiLlama ($418,988 over trailing year). There is no issuer revenue; fees accrue to miners. DefiLlama revenue (burned coins) is $0.

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Market context

Price beside proof

Market cap$13.85Brank 12 · 7 Oct 2026
Fully diluted value$13.85B
Annual fees (DefiLlama)$419K
How measured

DefiLlama 'Doge' chain: trailing-1-year gas fees paid by users (total1y) = $418,988; DefiLlama defines Revenue as burned coins and reports $0 (Dogecoin has no fee burn). Fees go to miners, not to a company.

Market cap per $1 of fees33,046 x
Top 10 holders (not scored)44.4%
How counted

Top 10 addresses per BitInfoCharts on 2026-10-07 sum to about 44.4% of coins (17.38, 7.39, 7.00, 3.22, 2.32, 1.92, 1.65, 1.36, 1.19, 0.96). INCLUDES exchange/custody wallets labeled by BitInfoCharts (Robinhood cold wallet 17.38%, Upbit 7.39%, Binance x3, Bithumb cold wallet), a Cryptsy address (3.22%; labeled by BitInfoCharts, status not verified), a Dogeparty burn address (1.19%), and two unlabeled addresses (2.32%, 1.65%). Labels are third-party and not independently verified.

Listed on KrakenYesKraken audit

Context only: not scored and not a valuation. Aggregator data as of 7 Oct 2026.

Price and a what-if

Today's price, and what it would take

Price$0.0886snapshot 7 Oct 2026
Last 30 days

Snapshot from the aggregator on 7 Oct 2026. To see the live price, press the button: it loads from CoinGecko and CoinGecko will see your IP address (see the privacy notice).

What-if lens: which price does a multiple of fees imply?

Pick a multiple of the last 12 months of fees. The tool shows the token price that multiple would imply with today's supply. The multiple is your assumption, not our estimate. Fees are tiny compared with the market cap (33,046 x), so this lens says little here: the price rests on something else.

Implied price

Fees are what users pay, not what holders receive: how much reaches token holders depends on the design (burns, treasury, fee switches, validators). The result ignores issuance, risk, growth and time. A lens to ask questions, not a valuation or advice.

Score breakdown

Where the points come from

Accountability10 / 15
Team publicly identified: partly; Legal entity or foundation identified: yes
Code and audits15 / 20
Independent audit published: yes; Latest audit: 2023-04-20; Source code public: yes
Control risk10 / 10
No privileged key found that can change rules, mint or freeze outside open consensus
New supply10 / 10
New supply entering circulation in the next 12 months: up to 3.36% of supply
Verifiable revenue10 / 10
Fees can be checked on-chain
Security record15 / 15
Worst incident in the last five years scored: 15 of 15
Compliance record15 / 15
No regulator or court action found in our search
Track record

Incidents and legal actions

Incidents

  • 2024-12 A vulnerability in Dogecoin node software (reported as 'DogeReaper', found by Tobias Ruck) was publicly disclosed on 2024-12-04; on 2024-12-12 Andreas Kohl claimed to have crashed about 69% of reachable nodes (Blockchair count fell from 647 to 315). Per the article, Coinbase rated it low severity and paid a $200 bounty. Outcome: No loss of funds reported; nodes crashed (segmentation fault), network kept producing blocks as reported by the source. Fix version and date not verified. No user funds lost source

Regulator and court actions

  • None found in our search.
Limits

What we could not verify

Not verified: current Foundation board/trustee list (only a 2022 press profile found; About page names none); company registry entries for the Foundation entities; the exact fix release/date for the Dec 2024 node-crash bug; whether Least Authority's audit covered 1.14.9 or later (it did not per the report); the real identity behind two unlabeled top-10 addresses and the status of the Cryptsy-labeled address; actual (as opposed to target) annual issuance. CoinGecko page text showed inconsistencies (FDV text mentions ETH, description says 160B circulating); figures used are from the CoinGecko markets API.

Facts as of 7 Oct 2026. Searches are not exhaustive. Report an error with a source: corrections policy. Education only, not investment advice.

Sources

  1. [1] CoinGecko markets API (DOGE) read 2026-10-07 accessed 2026-10-07
  2. [2] CoinGecko Dogecoin page accessed 2026-10-07
  3. [3] Kraken Dogecoin price/listing page accessed 2026-10-07
  4. [4] DefiLlama API: Doge chain fees accessed 2026-10-07
  5. [5] DefiLlama API: Doge chain revenue accessed 2026-10-07
  6. [6] Dogecoin Foundation - About accessed 2026-10-07
  7. [7] Benzinga: 9 members of Dogecoin Foundation (May 2022) accessed 2026-10-07
  8. [8] dogecoin.com accessed 2026-10-07
  9. [9] Dogecoin Core GitHub (MIT license) accessed 2026-10-07
  10. [10] Dogecoin Core source: GetDogecoinBlockSubsidy (dogecoin.cpp) accessed 2026-10-07
  11. [11] Dogecoin Core chainparams.cpp (60 s block target) accessed 2026-10-07
  12. [12] BitInfoCharts: richest Dogecoin addresses (2026-10-07) accessed 2026-10-07
  13. [13] Least Authority: Dogecoin Node Upgrade final audit report (Apr 2023) accessed 2026-10-07
  14. [14] Least Authority blog: Audit of Dogecoin Node Upgrades (4 May 2023) accessed 2026-10-07
  15. [15] Cointelegraph: Dogecoin flaw crashes 69% of nodes (12 Dec 2024) accessed 2026-10-07
  16. [16] Halborn disclosure: Rab13s vulnerability (Dogecoin) accessed 2026-10-07
  17. [17] Dogecoin Core releases accessed 2026-10-07
Questions

Common questions about Dogecoin

Is Dogecoin a good investment?

This page does not say, and it is not investment advice. It shows what can be checked. In our pilot check, Dogecoin shows mixed evidence, score 89 out of 100, with 100% of the evidence verified. Price and market value are context, not a valuation. Use the key facts and sources above and decide for yourself.

Who controls Dogecoin?

Control risk: No privileged key. Details and sources are in the key facts above.

Has Dogecoin been independently audited?

Independent audit: Published. Details and sources are in the key facts above.

How much new DOGE supply is coming in the next 12 months?

New supply in the next 12 months: 3.36% of the current supply. Details and sources are in the key facts above.

Does Dogecoin have revenue we can check?

Revenue evidence: Checkable on-chain. Details and sources are in the key facts above.