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Elon Musk's collaboration with Dogecoin has resulted in a 25 percent reduction in carbon emissions

The market has been enjoying a trend with more sustainable functioning of cryptocurrencies for some time now. For example, Ethereum, one of the most well-known cryptocurrencies in this category, has switched to a proof-of-stake mechanism, which has significantly reduced the production of emissions released. Among others that managed to reduce their carbon footprint in the past year was Elon Musk's "darling", Dogecoin. Thanks to the positive influence of Tesla's CEO and developers, it was possible to reduce its carbon emissions by up to 25 percent.

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.

elon

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

Este texto es una comunicación de marketing. No se trata de ningún tipo de asesoramiento o prospección de inversión ni de una oferta de transacción de ningún instrumento financiero. El contenido del texto no tiene en cuenta las circunstancias individuales, la experiencia o la situación financiera del lector. Eficacias pasadas no son garantía ni predicción de resultados futuros.

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