- A recent Elliptic report revealed that Dogecoin has been used for illicit activities on several occasions.
- The report revealed that several darknet markets and malware campaigns accept Dogecoin.
- Despite the report, analysts believe that the price of Dogecoin may continue its upward trend.
According to data from a report by a blockchain intelligence company, 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 company recently released a report linking Dogecoin to several illicit activities such as terrorist financing and Ponzi schemes. A large majority of the illicit activities analyzed by Elliptic accepted Dogecoin to finance their activities.
Israel’s National Counter-Terrorist Financing Bureau issued a seizure order against 84 cryptocurrency addresses, associated with the Hamas group, and one of the wallets contained nearly $40,000 in Dogecoin.
The number of sellers on the darnet that accept Dogecoin has steadily increased. There have been at least 50 cases where criminals cashed in millions of dollars in Dogecoin. This is causing concern among regulators, but the price of Dogecoin has resumed its upward trend despite the report.
Although malware campaigns and extremist groups accept Dogecoin, the coin meme has found use in companies like Tesla and SpaceX.
Analysts predict Dogecoin price rally
Analysts believe the Dogecoin price may break out of its downtrend. Azeez Mustafa, a leading crypto analyst, says that if Dogecoin maintains its bullish move, it could continue its bullish trend. If the Dogecoin price breaks through the resistance at 0.00000370 BTC, the asset could assert its bullish trend.
DOGE-BTC Price Chart
FXStreet analysts believe that Dogefather Elon Musk’s self-proclaimed speech was key to the meme coin’s price trend. Dogecoin price has entered an uptrend, in response to Musk’s comments in a recent Bloomberg interview at the Qatar Economic Forum. Analysts have predicted the next direction of Dogecoin. For more information, watch this video: