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DOGE may have been particularly focused on environmental sustainability – one of the most topical issues of the blockchain industry.
Carbon footprint remains a key metric for mainstream adoption and over the years, several debates have risen over the high energy demands of some networks. That was one of the main reasons why billionaire Tesla CEO Elon Musk took a stance against accepting Bitcoin BTC payments for his Tesla products. Instead, he opted for Dogecoin and noted that the “silly joke” coin was a better alternative for transactions.
Now with the combined proactive efforts of Musk, developers, and the broader Dogecoin community, DOGE reportedly shed its annual carbon emissions by 25%. That is, it produced 1,063 tons of emissions in 2022 as opposed to the 1,423 tons released in the previous year.
Meanwhile, Ethereum was by far, the most successful in reducing its carbon emissions in 2022. The network transitioned to a proof-of-stake consensus mechanism in September, causing its energy consumption to reduce greatly.
Dogecoin DOGE Tipped as Viable Financial Instrument for 2023
Owing to the reduced carbon footprint and robust support from its very large community, Dogecoin has now positioned itself as one of the best choices of financial instruments in 2023.
Its performance for the year was also encouraging. As most top assets of the crypto markets bled out in 2022, DOGE held its own, outperforming them throughout the year-long bear market.
The memecoin was the third best-performing coin from the top 10 list. It came closely behind XRP and BNB who took the first and second spots respectively.
Perhaps the most interesting part of DOGE’s amazing year is that it also outperformed its biggest rival, Shiba Inu SHIB. SHIB on the other hand had its focus set on building a layer-2 network and taking its metaverse ambitions a notch higher.