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Ponzi Schemes to Child Abuse: Elliptic reveals how criminals use Dogecoin

On June 22, Elliptic Connect, a blockchain analytics provider specializing in cryptocurrency-based financial crime prevention, published an investigation showing that Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, is being used by criminals to commit illicit acts. According to Elliptic, Dogecoin has been used to finance frauds and Ponzi schemes as well as other serious crimes such…

On June 22, Elliptic Connect, a blockchain analytics provider specializing in cryptocurrency-based financial crime prevention, published an investigation showing that Dogecoin (DOGE), Elon Musk’s favorite cryptocurrency, is being used by criminals to commit illicit acts.

According to Elliptic, Dogecoin has been used to finance frauds and Ponzi schemes as well as other serious crimes such as terrorism and child sexual abuse material.

Elliptic identified Dogecoin transactions worth millions of dollars that were connected to illicit activity, including terrorist financing and sellers of child sexual abuse material (CSAM). https://t.co/a4x5pD1nuC#doge

— elliptic (@elliptic) June 21, 2022

Criminals Use DOGE Instead of BTC and ETH

Per Elliptic’s report, criminals have moved millions of dollars in DOGE through thefts, scams, and Ponzi schemes. These include Plus Token, in which $20 million in DOGE were seized, and another alleged $119 million DOGE theft in China connected to a Turkish Ponzi scheme.

However, even though millions of dollars are being moved through Dogecoin every day, most illicit activities aren’t as serious as terrorist financing or the buying of child sexual abuse material.

For example, for terrorism financing, the estimated value moved with DOGE amounts to just over $40,000, while for child sexual abuse material, the total is less than $3,000. This shows that criminals are using Dogecoin to evade authorities who have focused on other more established cryptocurrencies like Bitcoin, Ethereum, or Monero.

As for the darknet: Dogecoin can be accepted on several marketplaces such as Archetype which focuses on selling drugs. Just-Kill can be used to verify stolen credit cards or other organizations that encourage the illegal selling and buying of stolen goods and weapons.

Elliptic also reported an increased use of computer viruses or malware to steal Dogecoin wallets. However, it noted that the destination address for these funds had received almost $29,000, a minimal figure considering the millions of dollars in cryptocurrencies that have been stolen with similar tools.

No longer considered a Meme Coin

A curious fact is that, according to Elliptic, Dogecoin is no longer viewed as a meme currency thanks to the promotion that Elon Musk has made through his social media accounts, recalling that a few days ago, the electric car billionaire once again doubled down on his support for DOGE in the World Economic Forum.

And yet, even if indeed Dogecoin is being used for illicit activities, the reported figures are extremely small when taking into account its total value, which despite the drop, amounts to more than $8,353,034,906 according to CoinMarketCap.

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Doge

Why is the Dogecoin (DOGE) Price Up Today?

Dogecoin is showing strength and appears determined to make new yearly highs. In the following, we take a look at a few technical indicators that might provide some insights into why DOGE’s price is up today. Key Support levels: $0.13 Key Resistance levels: $0.21, $0.31 1. New Yearly High Imminent Buyers came in strong at…

Dogecoin is showing strength and appears determined to make new yearly highs. In the following, we take a look at a few technical indicators that might provide some insights into why DOGE’s price is up today.

Key Support levels: $0.13

Key Resistance levels: $0.21, $0.31

1. New Yearly High Imminent

Buyers came in strong at the 13 cents support. Since then, the price entered a sustained uptrend that seems ready to test the key resistance at 21 cents. If successful, DOGE will make a new yearly high. That could unleash even more buying pressure.

DOGEUSDT_2024-03-28_17-22-29
Chart by TradingView

2. Buyers Rush to the Key Resistance

Sellers are absent and unable to stop this rally. DOGE took full advantage of this opportunity and appears determined to break the 21 cents resistance. The momentum is also strong and continuation of this price action is likely.

DOGEUSDT_2024-03-28_17-23-21
Chart by TradingView

3. MACD Bullish Cross Confirmed

This week, the daily MACD has crossed on the bullish side. The histogram is making higher highs, and by the looks of it, this rally could only be starting. This is promising and sellers may only appear much later once the price approaches 30 cents if the current resistance falls.

DOGEUSDT_2024-03-28_17-24-06
Chart by TradingView
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Scotty the AI Surges 100% Following ICO – Could Dogecoin20 Explode Next?

Meme coins are back this week, with Scotty the AI (SCOTTY) continuing to impress since its Uniswap debut. The Scottish Terrier-themed token has more than doubled in price, highlighting the immense appetite still swirling around tokens with AI integration. As traders hunt for the next breakout star, all eyes are on the hotly anticipated Dogecoin20…

Meme coins are back this week, with Scotty the AI (SCOTTY) continuing to impress since its Uniswap debut.

The Scottish Terrier-themed token has more than doubled in price, highlighting the immense appetite still swirling around tokens with AI integration.

As traders hunt for the next breakout star, all eyes are on the hotly anticipated Dogecoin20 (DOGE20) project and whether its innovative tokenomics can help it replicate SCOTTY’s trajectory.

Meme Coin Mania Continues as SCOTTY Price Doubles

SCOTTY’s whirlwind journey since its Uniswap launch has been another prime example of meme coin mania.

The AI-inspired token launched with a bang on March 21, immediately pumping over 200% as speculative buyers piled in.

However, the initial rally proved unsustainable, with SCOTTY retracing a large chunk of those gains over the next five days as presale buyers sought to capitalize on the listing hype.

While some skeptics assumed the frenzy was already over, SCOTTY had other plans.

Defying the doubters, SCOTTY has roared back in the past 24 hours, exploding over 130% higher to trade around $0.0022.

This latest price pump has expanded SCOTTY’s holder base to nearly 10,000 individual wallets.

Fueling the renewed hype is the $870,000 worth of liquidity locked into Uniswap’s SCOTTY pool.

The combination of booming trading activity and high liquidity even earned SCOTTY a listing on CoinMarketCap.

Scotty the AI’s Soaring Value Backed by Utility & Key Listings

Scotty the AI’s sharp rise has seen the token be awarded a 99/99 DEXTscore on DexTools, indicating high reliability and liquidity standards.

SCOTTY’s momentum received another boost this morning when it secured a listing on the MEXC centralized exchange.

This marks the token’s first major integration with a high-profile crypto trading platform beyond just Uniswap.

The MEXC listing could lead to even greater demand from investors who prefer the accessibility of CEXs.

It also lends further credibility to SCOTTY as a token with more to it than just speculative price pumps.

Beyond the exchange listings, Scotty the AI’s developers have ambitious plans to build out the utility in its ecosystem.

For starters, SCOTTY holders can stake their tokens to earn rewards over time.

APYs are currently set at 23% – and over 586 million tokens have been pledged already.

Aside from yields, Scotty the AI’s roadmap includes launching an AI-powered DEX called ScottySwap, designed to provide secure token swaps.

Whether these features are enough to sustain SCOTTY’s rise remains to be seen, but the token has clearly shown an ability to capture investors’ attention.

Is Dogecoin20 the Next Meme Coin Phenomenon After Raising $10M?

While Scotty the AI’s explosive launch has captured most of the attention, another highly-anticipated project could be positioned to replicate that success.

Dogecoin20, the Ethereum-based project billed as a “Doge upgrade,” is generating tremendous buzz ahead of its own Uniswap listing in April.

Like SCOTTY, DOGE20 aims to tap into the hype surrounding the meme coin market while infusing actual blockchain utility.

However, Dogecoin20 takes a different approach, focusing on staking and tokenomics rather than AI-powered features.

DOGE20 holders can stake their tokens to earn yields projected at 98% per year over a 2-year distribution period.

This reward mechanism is meant to foster long-term holding habits while reducing the circulating supply of DOGE20 over time – a dynamic that the team hopes could lead to significant price appreciation.

DOGE20 also has a fixed supply of 140 billion tokens, which sets it apart from the original Dogecoin’s inflationary setup.

The hype around Dogecoin20 is also building across social channels.

Dogecoin20’s Twitter following has exploded to 8,500 people in just a few weeks, while its Telegram community has boosted to nearly 5,500 members.

The buzz has even transcended social media – with DOGE20 rocketing to the #4 spot on popular presale tracking site CoinSniper.net.

With over $10 million already committed from early investors and DOGE20 tokens still available for a limited time before the DEX listing, the stage is set for Dogecoin20.

Visit Dogecoin20 Presale

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Shiba Inu (SHIB) and Dogecoin (DOGE) Holders Near an Important Milestone: Details

TL;DR Shiba Inu and Dogecoin lead the meme coin sector with substantial community bases, having millions of holders. Assets of that type attract investors with their potential for rapid gains, though their inherent volatility also poses significant risks of losses. Despite the emergence of solid competitors, Shiba Inu (SHIB) and Dogecoin (DOGE) remain the undisputed…

TL;DR

  • Shiba Inu and Dogecoin lead the meme coin sector with substantial community bases, having millions of holders.
  • Assets of that type attract investors with their potential for rapid gains, though their inherent volatility also poses significant risks of losses.

Despite the emergence of solid competitors, Shiba Inu (SHIB) and Dogecoin (DOGE) remain the undisputed leaders in the meme coin realm. The tokens have a combined market capitalization of over $45 billion, representing 70% of the entire market cap of the asset class.

DOGE and its biggest rival have experienced severe price fluctuations in the past years. Their valuations are currently well in the green, spiking by triple digits on a two-week scale.

They have also been long enough on the market to gather a substantial community base and investors. According to IntoThe Block, there are around 1.3 million SHIB addresses and 6.3 million DOGE holders.

Even though Pepe Coin (PEPE) has performed better in the last month, it still lags behind the leaders. The crypto analysis platform estimated there are just 170,000 addresses that currently hold the frog-themed meme coin.

Despite PEPE’s impressive performance this month, just 170k addresses currently hold $PEPE. This is still significantly lower than SHIB’s 1.3M and DOGE’s 6.3M holders pic.twitter.com/sNKZs3y9MR

— IntoTheBlock (@intotheblock) March 10, 2024

Another meme coin that surpasses PEPE in terms of adoption is Floki Inu (FLOKI). The latter has almost 500,000 holders across the Ethereum (ETH) and Binance Smart Chain (BSC) blockchains.

Assets of that type are particularly intriguing for investors, especially during bull runs, since their prices can multiply in mere days. CryptoPotato already reported the case of a SHIB trader and a WIF one who currently sit on substantial paper profits due to that reason.

However, dealing with memes can also lead to devastating losses because of the sector’s infamous volatility. If you are about to jump on the bandwagon, feel free to watch our dedicated video to avoid some common mistakes:

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