Chainalysis Shows Its Intent to Include Dogecoin Exposure in Next Reports

The world’s biggest and most effective blockchain intelligence firm Chainalysis has promised to give full coverage to the network of Dogecoin as well in its future publications. The intelligence firm believes that with the help of Tesla’s Elon Musk, Dogecoin has become one of the most traded and highly growing cryptocurrencies in the world. But its growing fame has been one of its major attractions for criminals.

Chainalysis is by far the biggest crypto intelligence firm working towards gathering intelligence information regard cryptocurrencies and criminals. It is highly appreciated for being one of the top crypto intelligence firms whose analysis and intelligence reports are found as most effective.

In an announcement on Monday, 9th August 2021, the intelligence bureau said that from now on it will also take into account Dogecoin. The firm said that the future publications, as well as the reports and analysis, will include Dogecoin coverage as well.

Chainalysis said that Dogecoin has been one of the few cryptocurrencies that have evolved in the shortest period of time. The credit of Dogecoin’s huge popularity was accredited by Chainalysis to the CEO of Tesla Inc., namely Elon Musk. The firm noticed that because of Musk’s statements, Dogecoin is enjoying the privilege of being one of the top 5 cryptocurrencies. Due to continuous support leveraged by Musk that Dogecoin has become the most traded and rapidly growing cryptocurrency in the world. Otherwise, Dogecoin was dumped beneath hundreds of crypto coins and it would have taken years to come into the mainstream.

Musk has a huge role in skyrocketing Dogecoin’s adoption throughout the world, claimed Chainalysis. This is why it is the right decision to take into account Dogecoin as well in the bureau’s future reports, said Chainalysis.

The intelligence firm also commented that the continuously growing popularity and fame of Dogecoin is one of its major problems as well. Chainalysis described that because of its growing values and adoption, Dogecoin’s progress is attracting crypto criminals as well.

Usually, the criminals target such currencies which are highly valued and exponentially popular like, Ethereum and Bitcoin, says Chainalysis. However, in the case of Dogecoin, there isn’t much to be done by crypto criminals and fraudsters. In fact, putting up bait has become so easy for them that they can deceive anyone and fulfill their nefarious designs.

Chainalysis pointed out that in the past, Musk’s name or even his picture was used by criminals. The end purpose of these criminals is to deceive people into believing that their Dogecoin schemes are authentic and not false. Chainalysis also made mention of the recent scams where ‘wanna be Dogecoiners’ suffered a loss of US$ 40,000.

Chainalysis believes that this is a right move in the right direction to include Dogecoin within its future reports/analysis also.

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