High carbon emissions were a major factor in Musk's decision to change tack on accepting Bitcoin payments for Tesla.
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When Musk changed his mind about accepting Bitcoin payments for Tesla, he thought Dogecoin was a better option for transactions, "even though it was created as a silly joke."
According to research, Dogecoin was the first memecoin in 2022 to actively decrease its carbon footprint, a major statistic for mainstream adoption, by 25% in one year because of the developer and Tesla CEO Elon Musk's assistance.
High carbon emissions were a major factor in Musk's decision to change tack on accepting Bitcoin payments for Tesla. Even though Dogecoin "was created as a silly joke," he thought at the time that it was more suitable for transactions.
The annual CO2 emissions of Dogecoin were reduced by 25% as a result of Musk's and the ecosystem's members' proactive actions. According to data from Forex Suggest, Dogecoin generated 1,063 tons of emissions in 2022, compared to 1,423 tons in 2021.
While Ethereum switched to a proof-of-stake consensus mechanism in 2022, its CO2 emissions dropped significantly, but Dogecoin's annual emissions were still 8.3 times higher.
Dogecoin is positioned as a viable financial tool in 2023 because of its low carbon footprint and strong community support.
DOGE performed considerably better than the majority of the leading assets on the crypto market in terms of price performance over a year during the 2022 bear market.
The third-best performer in the top 10 list, after XRP and BNB, is the memecoin. Moreover, DOGE surpassed Shiba Inu, its main opponent, as the SHIB community focused on developing a layer-2 network and creating blockchain and metaverse games.
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