Crypto Asset Statement: DOGE
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Written by Customer Care Team
Updated over a week ago

Crypto Asset Statement: DOGE (Dogecoin)

Last updated: March 23, 2023

About this Statement

CatalX CTS (“Catalyx” or “we”) strives to provide our users with information to assist in understanding crypto assets that are offered for trading on the Catalyx platform (the “Platform”). One of the crypto assets we offer on the Platform is Dogecoin (DOGE). This summary sets out certain key information about DOGE as well as some of the risks involved in trading it. While we tried to describe the key features of DOGE here, this summary doesn’t provide all relevant information on DOGE. We encourage users to perform their own research in order to understand any crypto asset that they intend to trade on the Platform.

History & Characteristics of DOGE

DOGE is a cryptocurrency which takes its name from the popular internet meme “Doge”. It was founded in 2013 by Billy Markus, of the Unites States, and Jackson Palmer, of Australia, as a joke more than anything else. In January 2021, Dogecoin shifted from a fun, fringe cryptocurrency into mainstream awareness, when it increased in value by over 800% in 24 hours. This surge was due to Reddit users engaging in the type of activity involved in the GameStop short squeeze which occurred around the same time.

DOGE operates on a decentralized, public blockchain and its code is based off of the code for Litecoin, another cryptocurrency. It can be used as a currency and bought and sold as an investment. DOGE can be mined and is available in an infinite amount. DOGE uses scrypt technology in its proof-of-work consensus algorithm, which prevents miners from using typical high-powered Bitcoin mining equipment. From 2013 to 2016, over 100 billion DOGE coins were produced and 5.256 billion coins have been produced annually since then.

DOGE has also been described as a “leisurely cryptoasset,” in part due to its emphasis on “fun” and its use in community-building ventures. Early on, DOGE was mainly used as a “tipping system” for consumers to reward artists on Reddit and Twitter. It has also been associated with various charitable endeavors, such as raising money to build wells in developing countries and assisting the Jamaican Bobsled team to attend the 2014 Olympics. Currently, DOGE can be used as a currency for tipping artists in the DOGE Reddit community, for making purchases at select retailers, or for spending on SuchList, which is an online marketplace organized by DOGE.


This overview provides a summary of certain risks associated with DOGE. We emphasize that this Crypto Asset Statement is not exhaustive of all risks associated with trading DOGE, and in addition, does not take into account an individual’s particular situation or risk tolerance. Purchasers are encouraged to conduct their own research prior to trading any crypto asset on the Platform. Catalyx users should read the Risk Disclosure Statement for additional discussion of general risks associated with crypto assets made available through the Catalyx platform.

DOGE as a Memecoin. Memecoins are subject to fluctuation and are impacted by social media activity and adoptions or remarks by public figures such as celebrities. On numerous occasions, as Dogecoin's meme status soared, its market valuation increased rapidly and significantly. But, trends can be fads, and such sharp rises have occasionally levelled off very quickly when meme-followers lost interest.

Concentration Risk. Certain addresses on the Dogecoin network hold a significant amount of DOGE. As of the date of publication, there are a total of 4,581,460 addresses, with the top 10 holders holding 47.5% of DOGE. With this level of concentration of ownership, the actions of a very small number of holders can significantly and quickly affect the price of DOGE.

Please note that these risks and the associated summaries or overviews provided for in this Crypto Asset Statement and the Risk Disclosure Statement are not intended to be an exhaustive discussion pertaining to all such risks and, in addition, there may be other risks that come with exposure to DOGE. We encourage all Catalyx users to perform their own due diligence to assess the risks associated with DOGE and to determine whether this level of risk is acceptable to them.

How Catalyx determines which Crypto Assets to List

Catalyx has established robust policies and procedures to review each crypto asset offered for trading on the Platform. Among other information, we review available public information relating to the crypto asset on the following topics prior to making a determination on whether a crypto asset will be listed:

  • The history and characteristics of the crypto asset including whether the crypto asset was launched by ICO;

  • Analysis of the founders or inventors of the crypto asset/related network and a review of their ongoing involvement with crypto asset/network;

  • How the crypto asset functions including a review of its utility or purpose;

  • The market liquidity for the crypto asset;

  • The current and proposed governance of the ecosystem on which crypto asset operates with a focus on the level of decentralization of such ecosystem; and

  • The position taken by any regulator with respect to the crypto asset including any enforcement action taken against the crypto asset, the related network, or the founders.

In addition to the above we also conduct an analysis of factors weighing in favor or against the crypto asset being deemed to be a security based on Canadian securities laws.

Regulatory Information

No securities regulatory authority in Canada has expressed an opinion about DOGE or any of the other crypto contracts or crypto assets made available through the Platform, including an opinion that DOGE itself is not a security and/or derivative. Changes to applicable law may adversely affect the use, transfer, exchange, or value of any crypto contracts or crypto assets you hold on the Platform.

Certain statutory rights under securities legislation in Canada do not apply in respect of this Crypto Asset Statement.

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