Research shows that Dogecoin (DOGE) was the only memecoin in 2022 that proactively reduced its carbon footprint—a key metric for mass adoption—by 25% in one year, thanks to intervention from developers and Tesla CEO. , Elon Musk.
One of the main reasons Musk backed off from Tesla accepting Bitcoin (BTC) payments was high carbon emissions. At the time, he believed that Dogecoin – “even if it was created as a silly joke” – was better suited for transactions.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Due to the proactive efforts of Musk and members of the Dogecoin ecosystem, DOGE saw a 25% decrease in its annual CO2 emissions. With 1,423 tons of emissions released in 2021, Dogecoin produced 1,063 tons in 2022, according to Forex Suggest research.
Although Ethereum experienced the largest reduction in CO2 emissions in 2022 following the transition to a proof-of-stake consensus mechanism, its annual emission eclipsed Dogecoin by 8.3 times.
The reduced carbon footprint and strong community support position Dogecoin as a viable financial instrument in 2023.
When it comes to price performance throughout the year in the midst of the 2022 bear market, DOGE held up much better than most major cryptocurrency market assets.
The memecoin became the third best performing coin in the top 10 list, behind XRP (XRP) and BNB (BNB). DOGE also outperformed its biggest competitor, Shiba Inu (SHIB), with the SHIB community focused on developing a Layer 2 network and developing metaverses and blockchain games.
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