Dogecoin’s carbon emissions have been reduced by 25%, as per a report published by Forex Suggest. With 1,423 tons of emissions released in 2021, Dogecoin produced 1,063 tons in 2022.
The survey credited Musk for being instrumental in refusing to accept Bitcoin as payment, due to its high emissions.
Even though Dogecoin “was founded as a foolish joke,” Musk thought at the time that it was more suited for transactions.
Owing to proactive efforts from the billionaire entrepreneur and the members of the Dogecoin ecosystem, Dogecoin saw a 25% decrease in its annual CO2 emissions.
On the other hand, the world’s dominant crypto Bitcoin utilizes 1183.58 kWh per transaction, which equates to 1775 lbs of CO2. the report highlighted.
As climate change is gaining more prominence and widely acknowledged issue, the energy usage of cryptocurrencies’ has drawn much attention.
“Some cryptocurrencies are making a conscious effort to reduce the amount of energy required for transactions to take place on their blockchain”, the report claimed.
The research cited the example of Ethereum [ETH] which has recently transitioned from its PoW method of validating transactions to a PoS model.
This, according to the survey, has made it viable to reduce its energy consumption per transaction from 62.56 kWh to 0.03 kWh.
When Ethereum switched to a proof-of-stake consensus algorithm in 2022, its CO2 emissions dropped significantly, but Dogecoin’s annual emissions were still 8.3 times higher.
Nevertheless, Doge is positioned to be a useful financial tool in 2023 thanks to its large community support and ability to reduce its carbon footprint to zero.
Dogecoin Jumps By 36% In Less Than A Month
Moreover, with regard to its price, DOGE kickstarted the new year with a surge of over 35% to date. At the time of writing this post, the 9th largest asset by market cap is trading at $0.08.
As reported by TronWeekly, Following Twitter CEO and DOGE supporter Elon Musk sent Christmas wishes with a photo of his Shiba Inu and other pet canines, the token swiftly became a favorite among whales.
Data from WhaleStats showed that DOGE was the most traded token among the top 100 Binance Coin [BNB] holders by flipping the new investors’ favorite, Filecoin’s token, FIL.
Musk’s mention of DOGE had little impact on the token’s price, but trading activity on the holiday day was higher than it had been the weekdays before.