Plotting bitcoin and doge supply
Updated
Trading view calculates the market cap for bitcoin and doge. I don't know how the market cap is precisely calculated by them. However, for the sake of exploration, I'm going to assume it is simply taking the available supply and multiplying it by the price of one coin. From there, we can use arithmetic to plot the total supply.
market cap = supply * price
supply = market cap / price
That is the line plotted in the indicators underneath each chart. It tracks coins supply denominated in millions, 18.7M bitcoin and 129,427.06M doge.
What we see for the bitcoin chart makes a lot of sense. Supply is growing steadily and linearly. Every day about 900 bitcoins are mined (6.25 every 10 minutes approx.). The graph shows that consistent growth at an almost precise 45-degree angle.
What we see for the doge chart is puzzling. Every day about 14,400,000 doge coins are mined (10,000 every minute approx.). The daily minting rate is fixed just as with bitcoin. So, I would have expected a similar plot with linear growth. Instead, for the most part, the graph is relatively flat. And for the past 25 days, it is entirely flat. To my surprise, the last value does match with what coinmarketcap reports as the supply: 129.53B
What am I missing here?
market cap = supply * price
supply = market cap / price
That is the line plotted in the indicators underneath each chart. It tracks coins supply denominated in millions, 18.7M bitcoin and 129,427.06M doge.
What we see for the bitcoin chart makes a lot of sense. Supply is growing steadily and linearly. Every day about 900 bitcoins are mined (6.25 every 10 minutes approx.). The graph shows that consistent growth at an almost precise 45-degree angle.
What we see for the doge chart is puzzling. Every day about 14,400,000 doge coins are mined (10,000 every minute approx.). The daily minting rate is fixed just as with bitcoin. So, I would have expected a similar plot with linear growth. Instead, for the most part, the graph is relatively flat. And for the past 25 days, it is entirely flat. To my surprise, the last value does match with what coinmarketcap reports as the supply: 129.53B
What am I missing here?
Note
From TradingView support:The logic used in the idea to check the correctness of the CRYPTOCCAP:DOGE calculation did not show the result that you expected (that is, it had a certain bump) because we had a gap on the chart from February 9 to April 14, 2021. Now the data has been corrected and the problem solved.
Trade closed manually
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