In the midst of the increased popularity of Dogecoin, Blockchain analytics <a href="https://www.cryptoknowmics.com/news/chainalysis-raises-100-million-reaches-4-2-billion-valuation/">firm</a> Chainalysis has made the announcement to cover the meme-based cryptocurrency in their report.
<h2><strong>Chainalysis Will Cover Dogecoin in Its Reports</strong></h2>
In an <a href="https://blog.chainalysis.com/reports/chainalysis-dogecoin-announcement" target="_blank" rel="nofollow noopener">announcement</a> release, Chainalysis, a top blockchain analytics platform added that Dogecoin’s growing popularity has naturally led to the increased usage of the meme coin for criminal activity due to its widespread endorsement by high-profile personalities such as Tesla’s CEO.

Furthermore, Chainalysis added that Dogecoin had to become the most frequently requested crypto from its customers in the public and private sectors to cover within their reports. All the above-mentioned reasons led the blockchain analytics firm to cover the meme-based cryptocurrency in its report.

<em>“We’ve seen several thefts and scams involving Dogecoin this year, including one giveaway scam that netted fraudsters over $40,000 after they promoted a bogus, Elon Musk-led initiative to pay users 10x back on any cryptocurrency sent to an address they provided, using hacked Twitter accounts to promote the scam following the Tesla CEO’s hosting appearance on Saturday Night Live. Dogecoin has also become popular in high-risk jurisdictions like Iran,” </em>read the announcement release. <em>
</em>
<h2><strong>Cyber Criminal Taking Advantage of DOGE's Popularity</strong></h2>
Chainalysis noted that several thefts and scams involving Dogecoin were seen this year, including a giveaway scam in the name of Tesla Inc. CEO Elon Musk <a href="https://www.cryptoknowmics.com/news/elon-musks-twitter-profile-no-longer-reflects-doge/">following</a> his appearance on Saturday Night Live in May.

The giveaway scam when cyber-criminals took advantage of Musk’s appearance on SNL to launch a fraudulent giveaway campaign via Twitter.

Reportedly, the hackers stole around $100,000 in Bitcoin, Ethereum, and Dogecoin with victims falling prey to the scam by sending small amounts of the crypto with the fraudsters promising to return ten times the amount invested in the giveaway.

As of August 9, 2021, Dogecoin has the fourth-largest 30-day trading volume of all cryptocurrencies with over $199 billion worth of transfer and is the 5th most traded cryptocurrency overall of the year thus far.

Blockchain Analystics Firm Chainalysis Now Covers Dogecoin

In the midst of increased popularity of Dogecoin, Chainalysis has made an announcement to cover the meme-based cryptocurrency in their report.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Blockchain Analystics Firm Chainalysis Now Covers Dogecoin

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