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According to research published by Forex Suggest, Dogecoin (DOGE) was the first meme token in 2022 to proactively reduce its carbon impact by 25% in a single year.

Annual CO2 emissions produced by the Dogecoin ecosystem have dropped by 25% as a direct result of aggressive actions taken by both Musk and other members of the ecosystem.

Based on the research, Dogecoin was responsible for 1,063 tons of pollutants in 2022. This compares to the total amount of emissions created in 2021, which was 1,423 tons.

Dogecoin is well positioned to become a viable financial instrument in 2023 due to its lower carbon impact and strong community support.

Cryptocurrencies and Carbon Emissions

In light of global warming becoming an increasingly discussed topic around the world, attention is being drawn to the amount of energy required to mine cryptocurrency which causes carbon emissions.

Some cryptocurrencies are making concerted efforts to reduce the amount of energy required for transactions on their respective blockchains. For example, Ethereum moved from its previous transaction verification proof-of-work (PoW) mechanism to a proof-of-stake (PoS) consensus mechanism in September 2022. Due to this change, the average amount of energy needed to process a transaction in the cryptocurrency decreased from 62.56 kWh to 0.03 kWh.

Exchanges do the same. Just yesterday, announced that it had entered into an eight-year carbon renewal agreement. Under the terms of this new agreement, will take steps to offset its direct carbon footprint.

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