Blockchain analytics firm Chainalysis said it has expanded coverage to include meme cryptocurrency Dogecoin (CRYPTO: DOGE), which is now one of the world’s most popular cryptocurrencies.
What Happened: Chainalysis said it made the decision after Dogecoin became the “most frequently requested” new coin for the company to cover from its customers in the public and private sectors.
Chainalysis added that Dogecoin’s growing popularity has naturally led to increased usage of the meme coin for criminal activity.
The analytical firm noted that several thefts and scams involving Dogecoin were seen this year, including a sophisticated giveaway scam in the name of Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk following his appearance on “Saturday Night Live” in May. The altcoin has also become popular in “high-risk jurisdictions” like Iran, according to the firm.
Why It Matters: Created mainly as a joke in 2013, Dogecoin has shot to prominence this year, in major part due to endorsement from Musk.
Musk’s tweets about Dogecoin sometimes have an overwhelming impact on its price and has also led to scammers seeing an opportunity to make some quick bucks. Cryptocurrency scams in the name of Musk are common and have been around for several years.
Meanwhile, the Shiba Inu-themed coin’s acceptance as a payment option by companies has gained momentum this year.
While the meme cryptocurrency’s year-to-date gain stands at an impressive 4,328.7%, it is down more than 66% from its all-time high of $0.7376 reached in May.
Price Action: Dogecoin is up almost 4.3% during the last 24 hours, trading at $0.2504 at press time.