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Research shows that Dogecoin (DOGE $0.09)was the only memecoin in 2022 to proactively reduce its carbon footprint — a key metric for mainstream adoption —  by 25% in one year, thanks to the intervention of developers and Tesla CEO Elon Musk.

One of the main reasons why Musk backtracked on accepting Bitcoin (BTC $21,189) payments for Tesla was high carbon emissions. At the time, he believed that Dogecoin — “even though it was created as a silly joke” — was better suited for transactions.

Owing to proactive efforts from Musk and the members of the Dogecoin ecosystem, Dogecoin saw a 25% decrease in its annual CO2 emissions. With 1,423 tons of emissions released in 2021, Dogecoin produced 1,063 tons in 2022, according to research from Forex Suggest.

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Annual CO2 emissions for top cryptocurrencies. Source: Forex Suggest

While Ethereum experienced the biggest reduction in CO2 emissions in 2022 after transitioning to a proof-of-stake consensus mechanism, its annual emission eclipsed Dogecoin by 8.3 times.

Reduced carbon footprint and large community support positions Dogecoin as a viable financial instrument in 2023.

When it comes to year-long price performance amid the 2022 bear market, DOGE held up much better than most of the top assets on the crypto market.

The memecoin emerged as the third-best performer in the top 10 list after XRP (XRP $0.39) and BNB (BNB $300). DOGE also outperformed its biggest competitor, Shiba Inu (SHIB $0.000012), with the SHIB community focusing on building a layer-2 network and developing metaverse and blockchain games.

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