• A recent Elliptic report revealed that Dogecoin has been used for illicit activities on several instances.
  • The report revealed that several darknet markets and malware campaigns accept Dogecoin.
  • Despite the report, analysts believe Dogecoin price could continue its uptrend.

Based on data from a blockchain intelligence firm report, Dogecoin is widely used to finance illegal activities. Analysts predict a continuation of Dogecoin’s uptrend in the current bear market. 

Dogecoin is used to finance activities on the darknet?

Elliptic, a blockchain analytics firm recently published a report tying Dogecoin to several illicit activities such as terrorism financing and ponzi schemes. A vast majority of illicit activity analyzed by Elliptic accepted Dogecoin for financing their activities. 

Israel’s National Bureau for Counter Terror Financing issued a seizure order against 84 cryptocurrency addresses, associated with the Hamas group, and one of the wallet contained nearly $40,000 in Dogecoin. 

The number of vendors on the darnet that accept Dogecoin has increased consistently. There have been at least 50 cases where criminals cashed out millions of dollars in Dogecoin. This raises concerns among regulators, however Dogecoin price resumed its uptrend despite the report. 

Though malware campaigns and extremist groups accept Dogecoin, the meme coin has found utility at firms like Tesla and SpaceX. 

Analysts predict Dogecoin price rally

Analysts believe Dogecoin price could break out of its downtrend. Azeez Mustafa, a leading crypto analyst argues that if Dogecoin sustains its bullish movement, it could continue its uptrend. If Dogecoin price crosses resistance at 0.00000370 BTC, the asset could affirm its uptrend. 

DOGE-BTC price chart

DOGE-BTC price chart

FXStreet analysts believe self-proclaimed Dogefather Elon Musk’s speech was key to the meme coin’s price trend. Dogecoin price broke into an uptrend, in response to Musk's comments in a recent Bloomberg Interview at the Qatar Economic Forum. Analysts have predicted where Dogecoin is headed next. For more information, watch this video:

 

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