As Elon Musk refrained from accepting payments for Tesla, he instead preferred Dogecoin thinking the DOGE memecoin is a fitting transactional token.
Notably, as per research, in 2022, Dogecoin emerged as the sole memecoin managing to decrease its carbon footprint reportedly by 25% in under a year. The collaboration of developers and Tesla CEO Elon Musk is credited for the said outcome.
Carbon footprint is a primary metric impacting the mainstream adoption of Cryptocurrency. A primary reason behind Musk reportedly refusing to approve Bitcoin payments for Tesla is its high carbon emissions. Elon Musk tweeted:
Elon Musk and the Dogecoin ecosystem members witnessed a 25% drop in its annual CO2 emissions. Dogecoin produced 1,423 tons of emissions in 2021, whereas in 2022, 1,063 tons of emissions were produced by Dogecoin, per Forex Suggest.
While Ethereum experienced the biggest reduction in CO2 emissions in 2022 after transitioning to a proof-of-stake consensus mechanism, its annual emission eclipsed Dogecoin by 8.3 times. Reduced carbon footprint and large community support positions Dogecoin as a viable financial instrument in 2023.
In terms of performance across years, in the 2022 bear market, DOGE performed much better than most of the top assets on the crypto market. DOGE stood out to be the third-best performer from among the top 10 list following XRP and BNB.
Leaving behind Shiba Inu, DOGE stole the spotlight. The SHIB community is bracing for the layer-2 network, developing the Shibarium metaverse and blockchain games, but couldn’t eclipse DOGE.
DOGE is trading at $0.08833, up 5.35%, per CoinMarketCap (CMC), at press time. The 24-hour high and low price points for DOGE are $0.08946 and $0.08294, respectively. On a monthly level, DOGE soared as high as $0.09187, whilst touching a low of $0.06695, CMC data reveals.
