Dogecoin Trading Near $0.0948 No Native Staking in Protocol
Dogecoin (DOGE) was trading at approximately €0.084357 ($0.094847) on Tuesday morning, marking a slight decline of 1.63% in euro terms and 1.38% in dollar terms compared to the previous day. Over the week, the price remained nearly unchanged at -0.15%, but it showed a modest gain of 4.42% over the past month.
The Dogecoin network does not support native staking, which means any yield offers marketed as 'staking' are actually lending transactions. These offers involve depositing DOGE with a third party, which then lends the coins to traders or other market participants. This changes the legal position of the holder, as they no longer own the DOGE directly but instead hold a claim against the provider.
Over the past 24 hours, 1,362 blocks were added to the Dogecoin blockchain, each carrying a reward of 10,000 DOGE, along with some transaction fees. This results in the creation of approximately 13.62 million new DOGE daily, translating to an annual supply expansion of between 3.18% and 3.36%. The total circulating supply stands at 156,210,086,384 DOGE.
The Dogecoin network operates on a proof-of-work mechanism using the Scrypt algorithm, and it has been merged-mined with Litecoin since 2014. This means that a significant portion of Dogecoin's security comes from the computing power dedicated to Litecoin. The average computing power securing Dogecoin over the past 24 hours was around 2.69 petahash per second.