Dogecoin (DOGE)
Meme coin with infinite inflation and zero protocol revenue. Pure sentiment vehicle; Elon tweet exposure is both catalyst and risk.
Ranked 196th of 251 rated tokens. Scoring pass 18 Sept 2026.
What the numbers say
DOGE scores 89 of 250 across the 25-variable framework, which places it 196th of 251 rated tokens and inside the bottom quartile of the set. The framework verdict is PASS.
DOGE is a top-10 name in the set on 4 variables. The score rests on Social Mindshare 9/10, 2nd of 251, Exchange Depth 8/10, 5th of 251, Circulating / FDV Ratio 9/10, 10th of 251 and Holder Concentration 5/10, 10th of 251.
Against the same universe, DOGE sits in the bottom third on Treasury Runway 2/10, 240th of 251, Developer Activity 2/10, 238th of 251, P/S Multiple 1/10, 234th of 251 and Revenue Trend 1/10, 231st of 251. These are the variables that would have to move for the verdict to change.
90.9% of eventual supply is already circulating, so vesting is not a live risk for DOGE. Price has to be justified by demand rather than absorbed against a cliff.
DOGE trades 87.9% below its all-time high of $0.7316. Recovering that level is a 8.3x move, not a 87.9% one, which is the arithmetic most drawdown charts hide.
DOGE is strong on Exchange Depth and Social Mindshare, and those are variables the market demonstrably pays for across the rated universe. Most of that quality is already in the price. It is weak on Institutional Adoption, which the market does price, so that damage is already done and visible in the valuation.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 1 | 231st of 251 | |
| P/S Multiple | 1 | 234th of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 9 | 10th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 3 | 149th of 251 | |
| Insider Selling | 5 | 42nd of 251 | |
| Holder Concentration | 5 | 10th of 251 |
Traction
| TVL Trend | 1 | 229th of 251 | |
| Active Users | 4 | 91st of 251 | |
| Developer Activity | 2 | 238th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 5 | 52nd of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 3 | 115th of 251 | |
| Exchange Depth | 8 | 5th of 251 | |
| Social Mindshare | 9 | 2nd of 251 |
Risk
| Regulatory Safety | 7 | 17th of 251 | |
| Catalyst Calendar | 4 | 90th of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 2 | 230th of 251 | |
| Treasury Runway | 2 | 240th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Catalyst on the scorecard
No live government tie, Musk left the DOGE department in May 2025; X payments integration rumors
The May 2025 item has already passed. This was written as forward-looking at the 18 Sept 2026 scoring pass, so read those parts as history. Anything else listed may still be ahead.
Principal risk
5 billion new DOGE minted annually with zero cap; zero fundamental value creation
Market and supply
| Price | $0.0885 |
| Market cap | $13.83Brank 12 |
| All-time high | $0.73167 May 2021 |
| Circulating supply | 156,221,976,384 |
| Eventual supply (total supply) | 171,938,593,127 |
| Dilution to full supply | 1.1x |
| Listed on | Binance, Coinbase, Kraken, Robinhood |
Price, market cap, supply and all-time high from CoinGecko, fetched 7 Oct 2026. The 25 scores come from the research pass dated 18 Sept 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to DOGE measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
DOGE compared head to head
Both sides of each comparison were scored by the same framework in the same pass, so the gap between them is a measurement rather than two readings taken with different rulers.
Sources
- [Dogecoin GitHub] Dogecoin has no maximum supply cap and inflates by ~5B tokens annually
- [Reuters] Elon Musk's DOGE Department of Government Efficiency named after the coin
- [DeFiLlama] Dogecoin has virtually no DeFi network or protocol revenuelink dead, claim unverified
One source link above no longer resolves, so we stripped the hyperlink rather than leave something that looks like evidence until you click it. The claims stay visible because they are part of the research record, but treat them as unverified. Every link was rechecked 5 Oct 2026.
Common questions
- What is the Early Thunder score for Dogecoin (DOGE)?
- DOGE scores 89 out of 250 on the 25-variable framework, ranking 196th of 251 rated tokens (bottom quartile). The framework verdict is PASS.
- What are DOGE's strongest fundamentals?
- DOGE ranks highest on Social Mindshare 9/10, 2nd of 251, Exchange Depth 8/10, 5th of 251, Circulating / FDV Ratio 9/10, 10th of 251 and Holder Concentration 5/10, 10th of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the DOGE thesis?
- DOGE scores in the bottom third of the universe on Treasury Runway 2/10, 240th of 251, Developer Activity 2/10, 238th of 251, P/S Multiple 1/10, 234th of 251 and Revenue Trend 1/10, 231st of 251. The single risk carried on the scorecard is: 5 billion new DOGE minted annually with zero cap; zero fundamental value creation
- How much DOGE supply is still to enter circulation?
- 90.9% of eventual DOGE supply is circulating today, leaving 1.1x the current float still to arrive. At a flat price per token that is 9.1% of fully diluted value ahead of current holders.
- How far is DOGE from its all-time high?
- DOGE trades 87.9% below its all-time high of $0.7316. Returning to that high requires a 8.3x move from the level used in this scoring pass.
- Which tokens have a similar profile to DOGE?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to DOGE are MEME (57), PEPE (92), SHIB (71) and BONK (93). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What catalyst was DOGE scored against?
- No live government tie, Musk left the DOGE department in May 2025; X payments integration rumors This was written as forward-looking when the scoring pass ran. The May 2025 item has since passed, so read that part as history. Anything else listed may still be ahead.
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.