Chainalysis announces it will include Dogecoin in its reports

Chainalysis, one of the world’s leading blockchain analytics firms, has announced that it will now include Dogecoin

in its reports. Sponsored Sponsored

The company argues that Dogecoin

has

become one of the most well-known cryptocurrencies in the world after it was promoted by Tesla CEO Elon Musk. This, consequently, attracted criminals to the chain who are now encouraged to use it due to its high popularity.

Chainalysis announces support for Dogecoin

The

blockchain analytics company Chainalysis has announced that it will include

the

meme coin Dogecoin (DOGE) in its upcoming reports. Dogecoin has gone from being a joke meme to becoming one of the most popular currencies on the market. The coin

started reaching huge volumes after it was promoted by Elon Musk. Sponsored Sponsored

This also made Dogecoin

catch the

eye of criminals and regulators. For example, fraudsters

have started using Musk’s image and his association with Dogecoin to steal cryptocurrencies from users. This has already happened several times The last scam resulted in a $40,000 loss among users who sent a certain number of coins, naively believing that they would receive double the amount from the Tesla CEO.

All this has made Dogecoin one of the most coveted coins among the public and private sectors. Now, reports issued by the company, will also provide insights on the movements and origin of Dogecoin (DOGE

) tokens in the market.

Chaialysis Growth

Blockchain analytics firms have seen steady growth this year as a result of governments and other organizations increasing their ability to track certain cryptocurrency assets. Last June, Chainalysis raised $100 million in its Series E funding round, reaching a valuation of $4.2 billion. At the time, the company intended to ro

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expand its capabilities to track decentralized finance coins on decentralized exchanges.

The company is also interested in Monero (XMR) tracking capabilities and is actively investing resources to achieve this goal. In fact, last year the company won a $1.25 million contract from the IRS to analyze the Monero network and second layers such as the Lightning Network. For now, however, Chainalysis hasn’t announced any updates on this. Last week, cryptocurrency compliance firm Ciphertrace announced that it had developed enhanced tools to help track Monero-based transactions.

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