When Elon Musk backed out on Bitcoin payments for Tesla, he believed that Dogecoin was more suitable for transactions, even though it was ‘created as a joke’.
Passed everyone thanks to Elon Musk
Research shows that Dogecoin is the only meme coin to proactively reduce its carbon footprint by 25% in one year, thanks to the intervention of developers and Tesla CEO Elon Musk, in 2022.
High carbon emissions were one of the main reasons Musk took a step back from accepting Bitcoin payments for Tesla. At the time, he believed that Dogecoin “despite being created as a joke” was more suitable for transactions.
Dogecoin is positioned as a financial instrument in the new year
Thanks to the proactive efforts of Musk and members of the Dogecoin ecosystem, Dogecoin has seen a 25% reduction in annual CO2 emissions. According to research by Forex Suggest, Dogecoin produced 1,063 tons in 2022, with 1,423 tons of emissions released in 2021.
Ethereum experienced the biggest drop in CO2 emissions in 2022 after switching to a proof-of-stake consensus mechanism, while its annual emissions outpaced Dogecoin by 8.3x. The reduced carbon footprint and broad community support position Dogecoin as a viable financial instrument in 2023.
When it comes to annual price performance in the midst of the 2022 bear market, DOGE was far better off than most of the top assets in the crypto market.
Memecoin was ranked the third best performing in the top 10 list after XRP and BNB. DOGE also outperformed its biggest rival, the Shiba Inu, with the SHIB community focused on building a Layer-2 network and developing metaverse and blockchain games.
DOGE recently announced its new fund
cryptocoin.com As we mentioned earlier, the Dogecoin Foundation has allocated 5 million DOGE for the development of the ecosystem. On December 31, the foundation announced that it has allocated 5 million Dogecoins to the new fund to support the development of the Dogecoin platform.
According to the Dogecoin foundation, the fund will be held in a new multi-signature wallet managed by its members and needs three of the five signatures of Dogecoin Core developers chromatic, Marshall Hayner, Michi Lumin, Patrick Lodder and Ross Nicoll. These custodians will not have any rights over the funds other than to administer the release.
For each release of Dogecoin Core, 500,000 DOGE will be distributed among the developers who contributed to the release. To ensure transparency, the team has released the wallet address where the funds are held. Dogecoin core team will also publish blog posts for all spends and will be announced by custodians via social media channels.
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