New data reveals that meme token Dogecoin (DOGE) is one of the fastest crypto assets at decreasing carbon emissions.
According to a new report by foreign exchange data aggregator Forexsuggest, Dogecoin is the third-fastest digital asset at lowering its carbon footprint as it slashed its emissions by 25% in 2022.
“Dogecoin has seen a 25% decrease in its annual CO2 emissions. Throughout 2021, the cryptocurrency emitted 1,423 tons of emissions. This has now been reduced to 1,063 tons in 2022.”
The report finds that awareness of the environmental impacts of trading crypto assets has risen recently, highlighting the high-profile case of Tesla CEO Elon Musk, who flipped his stance on Bitcoin (BTC) after investing in it, announcing that the electric vehicle giant would no longer accept BTC for payments.
The report also finds that Ethereum’s (ETH) switch from a proof-of-work consensus mechanism to a proof-of-stake system reduced its environmental impact as it dropped from the second-most pollutant crypto in 2021 to sixth place in 2022.
“In 2021, [ETH] was creating a huge 21.95 million tons of CO2. This has now been decreased to just 8,824 tons. By doing this, there would now only need to be 44,121 trees planted in order to offset Ethereum’s annual emissions, compared to a huge 109,751,315 trees the previous year.”
While it was found that DOGE is quickly shedding its pollution levels, other prominent crypto assets, such as king crypto Bitcoin, layer-2 scaling solution Polygon (MATIC), and smart contract platform Cardano (ADA), have gone the other way, increasing their carbon emissions.
The only two digital assets outpacing Dogecoin in terms of how quickly they are reducing their environmental impact are Ethereum and Bitcoin Cash (BCH), a hard fork of BTC.
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