Back in May, 2021, Tesla “discontinued vehicle purchases using Bitcoin (BTC),” out of concern over the “rapidly increasing use of fossil fuels for Bitcoin mining,” as per Elon Musk, CEO, Tesla, on Twitter.
Instead, Musk believed that Dogecoin (DOGE) — “even though it was created as a silly joke” — followed the necessities around transactions, Cointelegraph informed. Moreover, research has shown that DOGE was the only ‘meme coin’ in 2022 that enabled the reduction in carbon footprint — a metric for mainstream adoption — by 25% in one year, owing to the efforts of developers and Musk.
As per Cointelegraph, DOGE produced 1,063 tons of emissions in 2022 as opposed to 1,423 tons in 2021, according to research from Forex Suggest. The research further highlighted that while Ethereum (ETH) experienced the biggest reduction in CO2 emissions in 2022, after transitioning to a proof-of-stake (PoS) consensus mechanism, its annual emission eclipsed Dogecoin by 8.3 times.
On the basis of information by Cointelegraph, DOGE emerged as the third-best performer in the top 10 list after Ripple (XRP) and Binance Coin (BNB). Interestingly, DOGE also outperformed its biggest competitor, Shiba Inu (SHIB), as the SHIB community focused on building a layer-2 network and developing metaverse and blockchain games.
(With insights from Cointelegraph)