- Dogecoin cuts down on carbon emissions by 25%, after Elon Musk’s collaboration with Doge developers to heighten sustainability.
- Dogecoin’s price is bound to react positively in the future, as crypto investors prioritize sustainable energy.
A recent report has revealed that the popular memecoin Dogecoin (Doge), has emerged as one of the few cryptocurrencies that cut down on its carbon emissions significantly.
According to data from forexsuggest, Dogecoin managed to reduce its carbon footprint by 25% in 2022. All credits goes to Elon Musk, the CEO of Tesla, who is also a well-known Dogecoin proponent over the years.
Musk, who on different occasions, had branded Dogecoin one of the market’s most promising assets, took things a step further, as he made his plans towards making Dogecoin a more “transaction efficient” asset known in 2021.
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Thanks to the newly implemented improvements, Dogecoin is now one of the most efficient blockchains on the market. The data also revealed that emissions released in 2021 totaled 1,423, but later declined to 1,063 as of 2022. In the years ahead, we might also continue to see Dogecoin Blockchain record a higher decline in carbon emissions.
Notably, Ethereum and Bitcoin Cash also saw carbon emissions drop by -100 percent and -90 percent respectively. While other chains including Bitcoin, Cardano, Ripple, and Litecoin saw a rise in CO2 emissions, totaling 187%.
Will Dogecoin’s reduced Carbon footprints stir up a price rally?
According to a survey from 2021, 49% of investors claimed to be affected by Bitcoin’s impact on the environment, due to its high carbon emission levels.
The survey surfaced not long after Elon Musk disclosed that Tesla was suspending Bitcoin as a payment option due to energy concerns.
Tesla & Bitcoin pic.twitter.com/YSswJmVZhP
— Elon Musk (@elonmusk) May 12, 2021
Musk would later endorse Dogecoin as a more sustainable option for carrying out transactions. “…The total transaction flow that you do with Dogecoin, like transactions per day, has much higher potential than Bitcoin.” Musk remarked back in 2021.
With Dogecoin’s carbon footprints decreasing by 25 percent, while also being primed for continuous decline in the years to come, Dogecoin presents itself as a more attractive option for investors prioritizing clean energy.
Given that adoption could increase for this reason, Dogecoin’s price might be impacted positively in the future.
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It also bears mentioning that Dogecoin might become one of the first cryptocurrency methods integrated into Twitter.
Although shortly after acquiring Twitter, Musk explained that he will be stepping down as the CEO of Twitter, he disclosed that cryptocurrencies might be accepted on the platform in the future. As Musk remains bullish on Dogecoin, the possibility that the memecoin debuts on Twitter is still high.
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