The second largest Proof of Work (PoW) blockchain, Dogecoin (DOGE), has made giant strides towards reducing carbon emissions from mining and transacting the leading memecurrency. According to recent research by Forex Suggest, Dogecoin had over 10,000,000 transactions in 2022. It used more than 40 times less electricity than Bitcoin (BTC), the leading digital asset and the father of all coins. To compare, DOGE has barked up 7,117 trees to offset emissions, while Bitcoin’s (BTC) tree consumption levels stand at over a quarter of a million.
#Dogecoin carbon emissions down by 25% following Elon Musk collaboration #DOGENEWS pic.twitter.com/L1DNt3J4S4
— Crypto Daily Trade Signals (@cryptodailyTS) January 18, 2023
Musk Claims DOGE is More Suitable Than BTC
The discussion surrounding Dogecoin’s carbon emission started in 2021 when Elon Musk publicly criticized Bitcoin for having too much of an impact on electricity. Moreover, Elon ‘The Dogefather’ Musk expressed his fondness for the popular canine coin by saying that DOGE is “more suitable” for Tesla-related transactions.
During the massive bull run of 2021, Elon Musk teamed up with DOGE developers to work on system transaction efficiency. Other prominent players of the crypto game were giving suggestions on making Dogecoin less carbon-consuming, with Ethereum’s (ETH) founder Vitalik Buterin suggesting to go Proof Of Stake (PoS).
Working with Doge devs to improve system transaction efficiency. Potentially promising.
— Elon Musk (@elonmusk) May 13, 2021
Two Green Weeks in a Row for DOGE
The canine cryptocurrency is yet to restore the key level of $0.10, which helped a lot during Musk’s Twitter Takeover bull run when DOGE shot up to the $0.14 price range. However, things are looking brighter for the leading memecoin with impressive 22.4% gains in the last two weeks.
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At press time, #9 ranked Japanese guard-dog-themed crypto is changing hands at $0.086377, according to CoinGecko. Gaining 2.7% in the last 24 hours, Dogecoin managed a double-digit spike for the second week, claiming a perfect head start to the New Year.
☕️gm - stretch your legs and sniff some grass today 🔥💨#DOGE pic.twitter.com/DNpkqOUtpN
— ĐJ Đoge (@djdoge69) January 17, 2023
On the Flipside
- Created as a joke in 2013 by the comedian Billy Markus, DOGE hadn’t received many technical upgrades in the early years.
- Dogecoin is the only Proof Of Work (PoW) blockchain among popular memecurrencies.
Why You Should Care
The success of Dogecoin is closely intertwined with the quickening retail adoption of crypto.
Learn more about top memecurrencies:
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