Dogecoin (DOGE) carbon emissions are reduced by 25%, according to research by Forex Suggest. Bitcoin (BTC), Polygon (MATIC), Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), and Ethereum (ETH) came before Dogecoin in the list of most-polluting cryptocurrencies.
Over the past year, cryptocurrencies became quite popular. But the process of mining cryptocurrencies needs large amounts of energy. Due to its high emissions, people became more aware of the global impact of crypto trading. Thus many countries completely banned cryptocurrencies such as China, Egypt and Morocco, with partial bans also in place in countries such as the Maldives, Vietnam, and Libya.
The popular business tycoon and Twitter CEO, Elon Musk also made an announcement in May 2021 that his company Tesla would no longer accept Bitcoin as Payment.
Musk prefers his favorite meme coin, Dogecoin in his tweet and noted about the transaction efficiency.
According to the research, it showed that last year Dogecoin was the only meme coin that reduced its carbon footprint by 25% in one year. The proactive efforts from Musk and the members of the Dogecoin ecosystem, the meme coin saw a 25% decrease in its annual carbon emissions. In 2021 the annual emission of Dogecoin was 1,423 tons CO2, while last year it was 1,063 tons CO2.
Additionally, Ethereum experienced 100% reduction in CO2 emissions in the previous year as its transition was done from proof-of-work (PoW) to proof-of-stake (PoS) consensus mechanism.
Due to Dogecoin’s reduced carbon footprint and massive community support, it is a viable financial instrument this year. Even after the bear market phase of 2022, Dogecoin performed much better than the top crypto assets in the crypto market.
Dogecoin holds its position at the 9th place in the top-10 list of most traded cryptocurrencies. And also outperforming its rival meme coin, Shiba Inu (SHIB). While the SHIB community is focusing on building a layer-2 network and developing metaverse and blockchain games.
At press time, Dogecoin is trading at a price of $0.080889 with a 24-hour trading volume of $791.34 Million. Dogecoin is down 6.20% in the last 24 hours, with a live market cap of $10.73 Billion, according to data sourced from CoinMarketCap. Its 7-days high was at $0.09187 and while it noted the low at $0.07699.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/19/dogecoin-carbon-emissions-reduced-by-25/