Chainalysis to cover DOGE in its reports

Blockchain intelligence company Chainalysis has announced on their website that it will include Dogecoin (DOGE) in its reports.

DOGE has become very popular this year and as of August 9, the coin accounts for the fourth largest monthly trading volume in the cryptocurrency market, with over $199billion in transfers.

The message on the website 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 the rise of the memecoin’s popularity, it is no surprise that the cryptocurrency is being increasingly used for dodgy activities. This according to Chainalysis who said it was a factor in their decision to include DOGE in their reporting:

“Its growing popularity has naturally led to increased usage of Dogecoin for criminal activity. 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. “

At the time of writing, DOGE is trading around $0.27, for realized gains of 30% in the last 5 days. This according to CoinMarketCap data.