Dogecoin: carbon footprint from mining decreases by 25% in one year

Dogecoin (DOGE) apparently managed to reduce its carbon footprint from mining by 25% in one year. This achievement is the result of the intervention of developers and Tesla CEO Elon Musk. 

Dogecoin (DOGE) reduces its carbon footprint by 25%

According to Forex Suggest’s research, the quintessential memecoin, Dogecoin (DOGE), managed to reduce its carbon footprint from mining by 25% in one year. 

This achievement came after Tesla’s CEO Elon Musk reportedly said he is working with DOGE developers to make the system’s transactions more efficient. 

Working with Doge devs to improve system transaction efficiency. Potentially promising.

— Elon Musk (@elonmusk) May 13, 2021

Thanks to the proactive efforts of Musk and ecosystem members, Dogecoin produced 1,063 tons in 2022, compared to 1,423 tons of CO2 emissions produced in 2021.

Not only that, in 2022, despite Ethereum experiencing the largest reduction in CO2 emissions due to the Merge and thus the shift to proof-of-stake, its annual emissions remain 8.3 times higher than Dogecoin’s. 

Dogecoin (DOGE) and the class action lawsuit against Elon Musk

While Musk has reportedly begun to favor Dogecoin over even Bitcoin because it is better suited for transactions, this support appears to have become grounds for a class action by some of the Tesla CEO’s followers. 

And in fact, recently, the second complaint was filed after the one from16 June 2022 against Musk for his promotion of DOGE, defined as a pyramid scheme. 

This is a $258 billion class action suit initially filed by Keith Johnson, and then in September, seven other plaintiffs also joined the suit, instructing an expert witness to explain to the court how and why Dogecoin would be a pyramid scheme. 

In general, the cause of action in the class action is precisely Musk’s promotion of Dogecoin, which allegedly induced the plaintiffs to buy DOGE after 4 February 2021.

In this regard, the plaintiffs claim that they lost most of their invested capital and that the price of DOGE will never again reach 73 cents, touched in May 2021. 

DOGE’s performance for 2023

From the collapse of the FTX crypto-exchange on 9 November 2022 to the present, the price of DOGE has fluctuated by remaining at the $0.08 level, lower than the $0.14 touched in the days before the collapse.  

In fact, at the time of writing, DOGE is worth $0.08493, with a total market cap exceeding $11 billion. 

Not only that, DOGE ranks ninth in market capitalization, surpassing its rival Shiba Inu (SHIB) which ranks 14th, but also above Polygon (MATIC), Solana (SOL) and Polkadot (DOT). 

Today’s DOGE Fear and Greed index is in the enthusiasm zone, with a score of 59. 

Dogecoin Fear and Greed Index is 59 ~ Greed pic.twitter.com/EJWHmbmqkS

— Doge Fear and Greed Index (@DogecoinFear) January 24, 2023

Dogecoin Foundation and the new 5 million DOGE CoreFund

Among the first initiatives of the year, the Dogecoin Foundation announced the new 5 million DOGE CoreFund that will be used to support the network’s primary development proposals. 

It is a new multi-signature segregated wallet designed to transparently manage the sum. Just to remain transparent, the Foundation said it will commit to publishing articles detailing all spending. 

In addition, the 5 million DOGE will be used to disburse rewards to Dogecoin Core developers for their work on all contributions, large or small. 

The new multi-signature wallet is protected by a threshold of three out of five signatures, with as many as five custodians, including Marshall Hayner who has also become a new member of the Dogecoin Foundation’s Board of Directors.