According to research, Dogecoin is the only memecoin to have lowered its carbon emissions in 2022, and the result was due to the proactive efforts of Elon Musk and the dogecoin ecosystem members.
Due to the efforts of creators and Tesla CEO Elon Musk, research reveals that Dogecoin was the only memecoin in 2022 to actively lower its carbon footprint – a crucial indicator for mainstream acceptance — by 25% in a single year.
High carbon emissions were one of the key reasons Elon Musk changed his mind about accepting Bitcoin payments for Tesla. He believed that Dogecoin — “even though it was created as a silly joke” — was better suited for transactions.
Due to Musk’s and the ecosystem’s members’ proactive efforts, Dogecoin’s yearly CO2 emissions were reduced by 25%. According to a study by Forex Suggest, Dogecoin emissions decreased from 1,423 tons in 2021 to 1,063 tons in 2022.
When Ethereum switched to a proof-of-stake consensus algorithm in 2022, its CO2 emissions decreased significantly, but Dogecoin’s yearly emissions were still 8.3 times higher.
In 2023, Dogecoin will be a viable financial tool because of its low carbon impact and strong community support.
In terms of price performance for a full year during the bear market of 2022, DOGE fared far better than the majority of the leading assets on the crypto market.
After XRP and Binance coin, the memecoin emerged as the third-best performance in the top ten list. As the SHIB community concentrates on creating a layer-2 network, a metaverse, and blockchain games, it is evident that DOGE also outpaced its main rival Shiba Inu.