Since Dogecoin’s price hike, it’s in the headlines almost daily. This time it’s trending because a report reveals the meme coin is used for conducting illicit activities. Some malware campaigns and darknet markets are believed to accept this meme coin. Elliptic, a blockchain analytic organization, submitted a report linking DOGE with terrorism financing and a few illegal schemes.
Israel’s National Bureau for Counter Terror Financing seized 84 cryptocurrency addresses associated with the Hamas group, and one of the wallets contained nearly $40,000 in Dogecoin. To date, almost 50 cases have been reported whereby DOGE was used as a payment mode; however, a shocker for the market analysts is despite such incidents, the coin retained its position. Big names in the industry like SpaceX and Tesla treat this meme coin as a utility for their business.
Many speculations and predictions surround the market price of Dogecoin in the coming month or year. According to a crypto analyst, Azeez Mustafa, the coin will maintain its ranking if it survives the bullish movement. In case the coin crosses 0.00000370 BTC, the uptrend will last longer.
If we go as per the reports released by some media houses, the DOGE’s current surge in price is owed to Elon Musk’s speech and comments in a recent Blomberg interview. Investors and traders seem to trust the meme coin despite news about its being connected to financing terrorism because of the promotion of celebrity Entrepreneur Musk.
Let’s see how the uptrend continues to bring more profit for Dogecoin’s investors.