Blockchain intelligence company Chainalysis has announced that going forward its reports will also include Dogecoin coverage.
Chainalysis Now Covers The Dogecoin Network
As per an announcement on Chainalysis’ website, the leading blockchain intelligence company now includes Dogecoin (DOGE) in its reports.
Lately, the coin has become very popular, and it now accounts for the fourth largest monthly trading volume in the cryptocurrency market.
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The website post reads:
Chainalysis is excited to announce that we now cover the world’s premiere memecoin: Dogecoin. Once considered nothing more than a light-hearted joke, Dogecoin has become one of the world’s most popular crypto assets, thanks in part to cheerleaders like Elon Musk and other influential online figures.
However, with such a tremendous increase in popularity, it’s no surprise that the cryptocurrency is being increasingly used for criminal activity.
Back in May, some scammers gained access to 20 verified Twitter accounts, and promoted a giveaway from the “Tesla CEO”. This scam that used Elon Musk‘s image promised users 10x return on any crypto they send to a given address. The fraudsters ended up raking in over $40k in Dogecoin.
This scam is just one out of several in the year 2021 alone. DOGE is also becoming increasingly popular in high-risk jurisdictions like Iran.
“For those reasons, Dogecoin has become the most frequently requested new coin for Chainalysis to cover from our customers in both the public and private sectors,” explains the company.
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Thus, Chainalsyis’ insights related to the movement of cryptocurrencies will also include DOGE from now onward. In the past, the intelligence firm also showed interest in Monero (XMR) tracking capabilities.
The move should be another positive boost for the adoption of the digital asset. Just a few days ago, Oscar Mayer auctioned off a pack of Dogecoin-themed hotdogs for $15k. This is another example of the popularity of the coin. All proceeds from the auction went to Feeding America, a hunger relief organization.
At the time of writing, Dogecoin’s price floats around $0.266, up 30% in the last 5 days. Over the past 30 days, the cryptocurrency has accumulated 25% in gains.
Below is a chart that shows the trend in DOGE’s value over the past 3 months:
DOGE stagnates around the $0.26 price mark | Source: DOGEUSD on TradingView
Over the weekend, Dogecoin saw massive gains as it enjoyed a sharp upwards trend. Now, DOGE has calmed down a little and is stuck just above the $0.26 level. It’s looking likely that with another push, the crypto will soon be testing the $0.27 range. However, the coin can also fall back down soon as it might be losing steam.