After months of marketing the benefits of bitcoin (BTC) and blockchain technology, Tesla CEO Elon Musk shocked Crypto Twitter on Wednesday, announcing that the electric car company would suspend accepting BTC as a payment method, citing concerns about the energy required to recover. highest cryptocurrency.
When Tesla released the announcement, Bitcoin, Ether (ETH) and most altcoins sold heavily, but there were several projects that found clever ways to capitalize on the chaos by tweeting about the green nature of their network. which only takes a small part. Little energy is needed to maintain the Bitcoin network.
HBAR / USDT versus NANO / USDT versus EWT / USDT 1-hour chart. Source: TradingView
Three of the largest recipients of the focus on energy consumption are Hedera Hashgraph (HBAR), Nano (NANO) and Energy Web Token (EWT). They all posted double-digit profits on Thursday, while most of the cryptocurrency market was in the red.
HBAR / USDT
Hedera Hashgraph is a public network designed to be a fairer and more efficient system that seeks to overcome some of the limitations of previous generation blockchain platforms that experience poor performance and instability.
The network received support from an unexpected source on Thursday when Deepak Chopra, a prominent spiritual teacher and meditation advocate, responded directly to Musk’s tweet about stopping Bitcoin payments and discussing HBAR’s low-energy nature.
Further insight into the project’s Twitter feed reveals a number of posts from various members of the community and project developers demonstrating Hedera’s low energy costs. This activity coincides with a price increase on Thursday from $ 0.226 to an intraday high of $ 0.41.
NANO / USDT
The other protocol that has set in motion a wave of green energy is Nano, a lightweight cryptocurrency designed for secure, close instantaneous and free payments.
The project, along with members of the community, quickly highlighted Nano’s position as “one of the leading energy efficient and green cryptocurrencies of 2021”, which may have helped push the token price up 121% on Thursday from its lowest level. 8.00. Dollars, the highest in three years – $ 17.71.
4-hour NANO / USDT chart. Source: TradingView
EWT / USDT
Energy Web Token is the most obvious recipient of the reorientation of the environment, as it is the operating code at the heart of the Energy Web Chain and a blockchain protocol designed to facilitate the development of applications for the energy sector.
Although the project is not particularly focused on payments, the virtual protocol machine can revolutionize the energy sector as it targets network operators, software developers and vendors.
The project responded to Musk’s recent announcement with the following tweet that tweeted the protocol’s potential to decarbonize the global energy sector:
EWT collected 75% from a low of $ 13 late Wednesday night to a daily high of $ 22, before taking profits pushing the price below $ 18.