Since its inception as a meme coin, Dogecoin (DOGE) has been more well-liked among investors and influential public figures.
Dogecoin was mentioned 20 times in a recent paper titled “Crypto Assets And Climate” released by the White House Office of Science and Technology Policy, implying that authorities are well aware of the meme coin.
It is nevertheless admirable that Dogecoin is acknowledged as one of the top mining cryptocurrency assets with the largest market capitalization, even though the paper was published to reduce the environmental effect of cryptocurrency mining.
An excerpt from the paper states that in 2021, the United States’ electricity generation for mining the three cryptocurrencies with the largest market capitalizations—Bitcoin, Ethereum, and Dogecoin—generated greenhouse gases at a rate of about 15 Mt CO2/year.
Dogecoin is on the Rise Thanks to Elon Musk
The fact that Dogecoin is referenced in the White House Office of Science and Technology Policy is not surprising. Since last year, when Elon Musk, the CEO of Tesla, openly expressed his support for the meme coin, its popularity has soared.
The American billionaire has offered support for Dogecoin payments across his companies, providing investors with the confidence they need to start using the coin. Top government officials could not overlook Dogecoin due to these moves, which helped bring it to prominence.
Recall that on May 8, 2021, Dogecoin’s price rose to a record high of $0.73 due to the extensive endorsement the cryptocurrency received from influential business figures like Elon Musk and Mark Cuban.
Despite losing more than 90% of its value, Dogecoin still maintains a vibrant online community on various social media sites.
Vladimir Tenev, CEO of Robinhood, believes DOGE may still become the dominant cryptocurrency on the internet if the right mechanism is implemented, despite the meme-based cryptocurrency’s steep decline.
The price of DOGE is now $0.063 on major cryptocurrency exchanges.