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Dogecoin carbon emissions down by 25% following Elon Musk collaboration

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Analysis exhibits that Dogecoin (DOGE) was the one memecoin in 2022 to proactively cut back its carbon footprint — a key metric for mainstream adoption —  by 25% in a single 12 months, due to the intervention of builders and Tesla CEO Elon Musk.

One of many primary the reason why Musk backtracked on accepting Bitcoin (BTC) funds for Tesla was high carbon emissions. On the time, he believed that Dogecoin — “though it was created as a foolish joke” — was better suited for transactions.

Owing to proactive efforts from Musk and the members of the Dogecoin ecosystem, Dogecoin noticed a 25% lower in its annual CO2 emissions. With 1,423 tons of emissions launched in 2021, Dogecoin produced 1,063 tons in 2022, according to analysis from Foreign exchange Recommend.

Annual CO2 emissions for prime cryptocurrencies. Supply: Foreign exchange Recommend

Whereas Ethereum skilled the largest discount in CO2 emissions in 2022 after transitioning to a proof-of-stake consensus mechanism, its annual emission eclipsed Dogecoin by 8.3 instances.

Lowered carbon footprint and huge neighborhood assist positions Dogecoin as a viable monetary instrument in 2023.

Associated: The real-life dog behind memecoin DOGE is seriously ill

In relation to year-long worth efficiency amid the 2022 bear market, DOGE held up a lot better than many of the prime belongings on the crypto market.

The memecoin emerged because the third-best performer within the prime 10 checklist after XRP (XRP) and BNB (BNB). DOGE additionally outperformed its greatest competitor, Shiba Inu (SHIB), with the SHIB neighborhood specializing in constructing a layer-2 network and creating metaverse and blockchain video games.