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New data reveals that meme token Dogecoin (DOGE) is one of the fastest growing crypto assets in reducing carbon emissions.
According to a new report by foreign exchange data aggregator Forexsuggest, Dogecoin is the third fastest digital asset in reducing its carbon footprint as it cuts its emissions by 25% by 2022.
“Dogecoin has seen a 25% reduction in its annual CO2 emissions. Throughout 2021, cryptocurrencies issued 1,423 tons of emissions. This has now been reduced to 1,063 tonnes in 2022.”
The report found that awareness of the environmental impact of trading crypto assets has increased recently, highlighting the high-profile case of Tesla CEO Elon Musk, who changed his stance on Bitcoin (BTC) after investing in it, announcing that the electric vehicle giant would do so. no longer accepts BTC for payments.
The report also found that Ethereum (ETH)’s 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 polluting crypto in 2021 to the sixth position in 2022.
“In 2021, [ETH] creating a massive 21.95 million tonnes of CO2. This has now decreased to only 8,824 tonnes. By doing this, it now only needs to plant 44,121 trees to offset Ethereum’s annual emissions, compared to the massive 109,751,315 trees the previous year.”
While it was found that DOGE was rapidly shedding its pollution levels, other leading 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.
Two digital assets that have surpassed Dogecoin in terms of how quickly they reduce their environmental impact are Ethereum and Bitcoin Cash (BCH), the hard fork of BTC.
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