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Will Elon Musk’s master plan for sustainable energy kick off a rally in green cryptocurrencies?

  • Elon Musk, CEO of Twitter announced a master plan for sustainable energy in a recent tweet.
  • Musk’s team at Tesla is working on a detailed whitepaper with calculations and assumptions to release shortly. 
  • The sustainability narrative could fuel a rally in green cryptocurrencies like Cardano (ADA), Nano (NANO), Stellar Lumens (XLM) and Algorand (ALGO). 
Will Elon Musk’s master plan for sustainable energy kick off a rally in green cryptocurrencies?
Ekta MouryaEkta MouryaFXStreet

Elon Musk, the CEO of Twitter recently announced a plan for sustainable energy for everyone on the planet, in a tweet. This could fuel a narrative of sustainability among crypto market participants and fuel a rally in green cryptocurrencies Cardano (ADA), Nano (NANO), Stellar Lumens (XLM) and Algorand (ALGO). 

Also read: How will Chainlink price react to dev platform that links Amazon Web Services, Meta to web3 apps

Elon Musk teases master plan for sustainable energy, is this a cue for crypto rally?

Elon Musk, the CEO of Tesla and Twitter teased a master plan for sustainable energy in a recent tweet. Musk affirmed that a whitepaper with calculations and assumptions will soon be shared by the team at Tesla. 

Musk’s commitment to green energy and sustainability could fuel a new narrative of “sustainable” tokens in the crypto ecosystem. Tokens like Cardano (ADA), Nano (NANO), Stellar Lumens (XLM) and Algorand (ALGO) have a lower carbon footprint compared to others, according to a recent report. 

Green cryptocurrencies are those whose mining activities are powered by renewable energy sources like solar, hydroelectric, and wind. A Crypto Carbon Ratings Institute (CCRI) report concluded that Polkadot is the lowest carbon footprint crypto asset, with even lower carbon emissions than Cardano, Solana, Tezos, Avalanche and Algorand. 

If the “sustainability” narrative gathers steam, it could shine the spotlight on less popular and environment-friendly cryptocurrencies. Market participants could expect a spike in demand in DOT, ADA, SOL, among others.

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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