- 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
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:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Altcoin bull cycle 2023 picks by analyst: Ethereum, ChainLink, Arbitrum, Optimism
Crypto analyst Michaël van de Poppe picked four altcoins for the ongoing bull run, in his recent video on YouTube. The analyst believes these altcoins could outperform other assets and yield gains for traders, alongside Bitcoin price rally to $48,000.
Bitcoin core developer calls Ordinals a “vulnerability” for the BTC blockchain
Bitcoin community on the internet is embroiled in a debate on whether Ordinals are a vulnerability to the BTC blockchain. While Bitcoin core developers consider inscriptions as spam, they are being considered an evolution of the BTC blockchain by others.
Solana continues to see inflows from the Ethereum chain, SOL price sustains above $72
Solana has captivated market participants' attention and attracted capital inflows from the Ethereum chain. SOL is making headlines for airdrops in the Solana ecosystem and the token has yielded double-digit gains for holders in the past week.
MATIC price could face selling pressure from mounting inflow to exchanges
Polygon’s native token MATIC is likely to succumb to selling pressure from rising inflow of the asset to exchanges. Large wallet investors are sending MATIC to Binance and Coinbase, increasing the selling pressure on the asset.
Bitcoin Weekly Forecast: BTC uptrend capped by supply barrier at $43,860 as FOMO fails to suffice
Bitcoin (BTC) price uptrend has sustained since mid-September on the weekly timeframe but has since slowed down following the lack of tailwinds to drive the market. All along, narratives, themes and speculation were the driving factors, inspiring a wave of fear of missing out (FOMO) in the market. As it turns out, FOMO is not enough anymore.