Dogecoin (DOGE) founder Billy Markus said in a statement that DOGE accidentally created it with an infinite supply while creating it, protecting DOGE from being sued by the SEC.
The SEC recently described the DASH altcoin as a security and stated that the reason for this is the limited supply of this coin and the block rewards are gradually reduced over a period of time. This is why the SEC claims that those who bought this coin were buying in anticipation of a rise in price.
Dogecoin Founder Accidentally Added Feature to DOGE Recovers Coin
However, Dogecoin does not have this feature. In fact, the supply of Dogecoin is infinite, so there is no limit to how many DOGE coins can be created. Block rewards for Dogecoin miners are fixed at 10,000 DOGE per block.
Markus said this was not intentional, but rather a "terrible mistake" he made when he jokingly produced Dogecoin in 2013. He said he didn't know how to change the code for Litecoin (LTC), which he used as the basis for Dogecoin, and simply copied and pasted it without changing the source parameters.
However, he also said that this mistake may have saved Dogecoin from the SEC's lawsuit, as it made it less likely that DOGE investors would have a reasonable expectation of profit. He said DOGE was never intended to be a serious investment, but rather a fun and friendly way to tip and donate online.
nice, my shitty accident from 10 years ago saves doge 🤣
— Shibetoshi Nakamoto (@BillyM2k) April 17, 2023
"Good, my terrible mistake 10 years ago saved DOGE," Markus tweeted in response to the SEC's assessment of Dash as a security.
*Not investment advice.