DOGE retains its preference over Bitcoin

Billionaire Elon Musk has backed away from the option of paying with Bitcoin when purchasing Tesla electric cars, precisely because of the high carbon footprint. On Twitter, a social network Musk has owned since October 27, 2022, he said: "We are working with the developers of DOGE to improve the efficiency of system transactions. It's potentially promising." He believes Dogecoin is better suited for transactions as the cryptocurrency has managed to limit its emissions' production from 1,423 tonnes in 2021 to 1,063 in the past year. This research was created by the Forex Suggest platform, noting the favourable development of cryptocurrencies and the right direction towards a more sustainable market.

 

Better stability

Furthermore, DOGE has held up much better in the bear market than other cryptocurrencies. Thus, it tends to stand out in 2023 as a viable financial instrument that is sustainable and enjoys broad support from the crypto-investor community.

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Dogecoin's performance over the past 5 years. (Source: Investing) *

 

DOGE at the forefront among memecoins

Dogecoin originated as a "stupid joke" according to Musk and has therefore been referred to as memecoin since its formation. It ranked third in the top 10 cryptocurrencies of this category, right behind XRP and BNB. In addition to significantly reducing its carbon footprint, it has managed to surpass its biggest rival SHIBA INU in performance. The SHIBA INU cryptocurrency, along with its entire community, has focused on building a layer-2 network and developing a metaverse within blockchain games over the past year, which have also experienced significant boom over the aforementioned period.

 

Olivia Lacenova, analyst at Wonderinterest Trading Ltd.

 

*Past performance is no guarantee of future results