Research shows that Dogecoin (DOGE) was the only memecoin in 2022 to proactively reduce its carbon footprint – a key metric for widespread adoption – by 25% in one year, thanks to the intervention of Tesla developers and CEO Elon Musk.
One of the main reasons Musk backtracked on Bitcoin acceptance (BTC) payments for Tesla were high carbon emissions. At the time, he believed that Dogecoin – “even though it was created as a silly joke” – better suited for transactions.
Work with Doge developers to improve the efficiency of system transactions. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Thanks to the proactive efforts of Musk and members of the Dogecoin ecosystem, Dogecoin has seen 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 looking for Forex Suggest.
While Ethereum saw the largest reduction in CO2 emissions in 2022 after transition to a proof-of-stake consensus mechanismits annual issuance eclipsed Dogecoin by 8.3 times.
A reduced carbon footprint and broad community support positions Dogecoin as a viable financial instrument in 2023.
When it comes to year-over-year price performance amid the 2022 bear market, DOGE has held up much better than most major crypto market assets.
The memecoin became the third best performer in the top 10 after XRP (XRP) and BNB (BNB). DOGE also outperformed its biggest competitor, Shiba Inu (SHIB), the SHIB community focusing on building a layer 2 network and developing metaverse and blockchain games.