Chainalysis Announces It Will Include Dogecoin Coverage In Its Reports – Bitcoin News

Chainalysis, one of the leading blockchain intelligence companies in the world, has announced that it will now cover the Dogecoin network in its reports. The company argues that Dogecoin became one of the most recognizable cryptocurrencies in the world after being promoted by Elon Musk, CEO of Tesla, earlier this year. This has consequently lured criminals into the chain who are now lured into using it because of their popularity.

Chainalysis announces that it will cover Dogecoin

Blockchain intelligence company Chainalysis announced that it will now include Dogecoin (DOGE), the infamous Memecoin, in its upcoming reports. Dogecoin has gone from being a joke meme to one of the most popular currencies in the market, moving in large quantities after being promoted by Elon Musk who brought the knowledge about it to the general audience.

This has also brought Dogecoin into the eyes of criminals and regulators, such as internet scammers, who are using Musk’s image and relationship with Dogecoin to steal cryptocurrency from users. This has happened several times, with the latest scam taking in $ 40,000 from users who sent a bunch of coins in anticipation of receiving double that from Tesla’s CEO.

All of this has made Dogecoin one of the most requested coins for the public and private sectors looking to improve compliance when dealing with this new asset. The company’s data-driven reports will now also include insights into the movements and origins of Dogecoin tokens (DOGE) in the market.

Chain analysis growth

Blockchain intelligence firms have seen steady growth this year as governments and other organizations stepped up their tracking capabilities for certain cryptocurrency assets. In June last year, Chainalysis raised $ 100 million in its Series E funding round and reached a valuation of $ 4.2 billion. At the time, the company aimed to expand its capabilities to track decentralized finance-linked currencies that move across decentralized exchanges.

The company is also keen to get Monero (XMR) tracking capabilities and is actively investing resources to achieve this goal. In fact, last year the company received a $ 1.25 million contract from the IRS to investigate the Monero network and second layers like the Lightning Network. However, Chainalysis has not reported any updates in this regard. Last week, crypto compliance firm Ciphertrace reported it had developed improved tools to make it easier to track Monero-based transactions.

What do you think of Chainalysis introducing Dogecoin coverage in its reports? Let us know in the comments section below.

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