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Not a fan of the unlimited supply design of Dogecoin? Perhaps you can consider this "capped supply Doggycoin" instead.

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Not a fan of the unlimited supply design of Dogecoin? Perhaps you can consider this "capped supply Doggycoin" instead.

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Capped Dogecoin NFTs

Billy Markus, the developer and co-founder of Dogecoin, revealed yesterday on Twitter that he has issued three different levels of Dogecoin NFT collectibles on the NFT minting and auction platform Rarible. Level 1 has a total of 420 editions, level 2 has 3 editions, and level 3 has 1 edition. Since Dogecoin itself does not have a hard cap on its total supply, Billy Markus named this series of Dogecoin NFT collectibles " Capped Dogecoin."

These NFTs are animated gifs of Dogecoin, with each of the three different levels having varying qualities. For example, level 3 has three stars and more embellishments. Currently, level 1 and level 2 NFTs have sold out, so Dogecoin supporters who wish to purchase them will need to buy from other collectors. The highest level, level 3, is still held by Billy Markus and has not been put up for sale yet.

$48 Billion Market Cap: Undervalued or Overvalued?

Dogecoin, initially started as a joke, is now the sixth-largest cryptocurrency by market capitalization, standing at $48 billion (larger than many companies in the S&P 500). While its price surge has been largely driven by memes and prominent figures like Tesla's Elon Musk, according to its development community, Dogecoin is no longer just a joke.

Ross Nicoll, a Dogecoin developer, stated in a recent interview that Musk had offered to fund Dogecoin's development, but the development team declined. Nicoll also claimed that they have been working with Musk since 2019 to make Dogecoin a cheaper and more environmentally friendly alternative to Bitcoin.

However, not everyone is optimistic about Dogecoin's future. According to reports, Billy Markus had previously debated on the value of Dogecoin with Barry Silbert, the founder of DCG Group (Grayscale's parent company). Silbert stated on Twitter that Dogecoin has a sizable and cohesive community, so it won't disappear in the future, but its current market cap does not reflect its fair value. Silbert predicted that Dogecoin will return to a market cap below $1 billion. If this were to come true, Dogecoin's price would plummet to below $0.01.