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Research shows that Dogecoin (
$0.083 ) (DOGE) was the only memecoin in 2022 to proactively reduce its carbon footprint — a key metric for mainstream adoption — by 25% in one year, thanks to the intervention of developers and Tesla CEO Elon Musk.
One of the main reasons why Musk backtracked on accepting Bitcoin (
$61,494.00 ) (BTC) payments for Tesla was high carbon emissions. At the time, he believed that Dogecoin ( $0.083 ) — “even though 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
Owing to proactive efforts from Musk and the members of the Dogecoin ( $0.083 ) ecosystem, Dogecoin ( $0.083 ) saw a 25% decrease in its annual CO2 emissions. Compared to the 1,423 tons of emissions Dogecoin ( $0.083 ) released in 2021, it was reduced to 1,063 tons in 2022, shows Forex Suggest research.
While Ethereum (
$1,592.32 ) (ETH) witnessed the biggest reduction in CO2 emissions in 2022 after transitioning to a proof-of-stake consensus mechanism, its annual emission eclipsed Dogecoin ( $0.083 ) by 8.3 times.
Reduced carbon footprint and large community support positions Dogecoin ( $0.083 ) as a viable financial instrument in 2023.
Related: The real-life dog behind memecoin DOGE is seriously ill
When it comes to year-long price performance amid 2022 bear market, DOGE held up much better than most of the top assets on the crypto market.
The memecoin emerged as the third-best performer in the top ten list after XRP (
$1.12 ) ( XRP ( $1.12 ) ) and Binance coin ( BNB (
$578.54 ) ). Evidently, DOGE also outperformed its biggest competition Shiba Inu (SHIB), as the SHIB community focuses on building a layer-2 network, a metaverse and blockchain games.
