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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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Dogecoin Rises Towards $1 as Sponge V2 Could Be the Next Meme Coin to Explode

Dogecoin (DOGE) has seen an 8% price increase over the past three days, reaching its highest level since January 21. The OG meme cryptocurrency continues to see support from the retail community as traders look to capitalize on the market’s bullish momentum. However, another new meme coin, Sponge V2 (SPONGEV2), is also gaining traction and…

Dogecoin (DOGE) has seen an 8% price increase over the past three days, reaching its highest level since January 21.

The OG meme cryptocurrency continues to see support from the retail community as traders look to capitalize on the market’s bullish momentum.

However, another new meme coin, Sponge V2 (SPONGEV2), is also gaining traction and could be poised for a major breakout if its current trajectory can be sustained.

Dogecoin Charges Towards $1 Milestone as Demand Keeps Climbing

Dogecoin’s rise since Tuesday has propelled the coin’s value to $0.085, inching it ever closer to the elusive $1 mark that has long been a goal for meme coin investors.

Spot trading volumes hit $500 million over the last 24 hours, according to CoinMarketCap, indicating strong interest in DOGE at current levels.

Data from on-chain analytics firm IntoTheBlock reveals that 64% of DOGE holders are currently in profit, given the recent uptick.

This suggests the rally may have some legs if earlier buyers continue holding out for more gains.

Additionally, there has been a spike in transactions worth over $100,000 in the past four days – with activity like this usually preceding major price movements.

With strong technical and on-chain signals backing its advance, Dogecoin seems poised to continue its current run.

However, some analysts caution that the meme coin could face resistance around the $0.090 level, where price struggled in January.

Meme Coin Market Surges Past $22bn But Shows Signs of Cooling Off

While Dogecoin has been capturing most of the recent headlines, the meme coin sector as a whole has been on a tear in the past week.

According to CoinMarketCap, the total market cap for meme tokens has grown to $22.6 billion.

Nearly all major meme coins, including Shiba Inu (SHIB) and Bonk (BONK), have posted gains over the previous seven days, benefiting from the reinvigorated hype in the broader crypto market.

However, trading volume across meme coins has dropped 23% over the last 24 hours to $1.5 billion, hinting that the sector may be cooling off slightly.

This pullback in liquidity could indicate potential exhaustion as some traders opt to take profits rather than hold long-term.

As such, a period of consolidation could be ahead after such sharp rallies, with DOGE holders likely to keep an eye on key price levels to determine the direction of the meme coin market.

Fast-Rising Sponge V2 Checks All The Boxes for the Next Meme Coin Explosion

As the hype around Dogecoin and the broader meme sector demonstrates, there is still substantial demand among crypto traders for the next viral sensation that could deliver enormous returns.

One contender rapidly gaining traction is Sponge V2, which migrated to the Polygon network last week.

Since then, the SPONGEV2 price has rocketed 127% to $0.00126 at the time of writing.

There are now over 50,000 holders of SPONGEV2 and a staking reward rate of 1,163% APY – far higher than the average yield in the crypto market.

The project’s roadmap reveals plans to launch a play-to-earn (P2E) game in the future, capitalizing on the popularity of crypto gaming to drive further adoption and price increases.

These plans have resonated with Sponge community members, and the project’s official Twitter account has now grown to 31,000 followers.

While much of the speculation in the meme coin space is centered on established names like Dogecoin, Sponge V2 represents a new project that’s still early enough in its life cycle to deliver outsized returns.

As a recently bridged token with upgraded tokenomics and ambitious plans for the future, Sponge V2 checks many of the boxes traders look for when seeking the next meme coin that could explode.

Visit Sponge V2 Website

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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Dogecoin Stalls at $0.08 Barrier, Could This Metric Suggest Upcoming Rally?

Dogecoin’s price has found significant resistance from the $0.08 level despite a brief upward breakout. The OG meme coin’s trajectory hasn’t been in tandem with the rest of the crypto market. This, however, has not stopped the network from witnessing growth across various metrics. Dogecoin Sees Increased Network Activity Dogecoin’s value has declined by 23%…

Dogecoin’s price has found significant resistance from the $0.08 level despite a brief upward breakout. The OG meme coin’s trajectory hasn’t been in tandem with the rest of the crypto market.

This, however, has not stopped the network from witnessing growth across various metrics.

Dogecoin Sees Increased Network Activity

Dogecoin’s value has declined by 23% since its local peak on December 9th. Despite this, the number of wallets holding >0 DOGE is growing at a record pace of 7.3% – the fastest in the network’s decade-long history.

According to the latest analysis by on-chain intelligence platform Santiment, nearly 414k new wallets, predominantly containing 0.001-1 DOGE, have been added over the past two weeks alone.

🐶 #Dogecoin‘s value is -23% since its top on Dec. 9th. But the #memecoin‘s wallets with >0 $DOGE coins has been growing at the fastest rate in the network’s decade long history. 413.8K new wallets, mostly holding 0.001-1 $DOGE, have been added in 2 weeks. https://t.co/GjDghuB9H9 pic.twitter.com/l6Pv0KvkKW

— Santiment (@santimentfeed) February 6, 2024

This milestone comes a week after the Dogecoin network recorded the creation of 247,240 new DOGE addresses on January 29th, thereby establishing a new peak. The steady growth in network expansion could hint at favorable outcomes for DOGE’s price movements in the future despite the asset struggling near $0.078.

The OG meme coin has also surpassed several other meme cryptocurrencies in terms of performance, as indicated by Intotheblock’s analysis of the number of holders in profit. Dogecoin leads with 46.94%, while SHIB stands at 27.11%, PEPE at 24.81%, and FLOKI at 16.11%.

Additionally, DOGE has the highest number of holders with 5,853,959 compared to SHIB’s 1,291,903, PEPE’s 152,195, and FLOKI’s 73,038.

However, Dogecoin lags in terms of the percentage of whales, with 43.75% compared to SHIB’s 62.42%, PEPE’s 48.01%, and FLOKI’s 69.00%. The top two leaders in this aspect are Wojak (WOJAK), with 69.27%, and Akita Inu (AKITA), with 68.01%.

Furthermore, Dogecoin boasts the highest number of traders, reaching 387,000 as of January 29 and surpassing the other meme cryptocurrencies significantly, as it was 576,000 by the end of December.

SpaceX Accepts DOGE Payment

SpaceX has agreed to take Dogecoin (DOGE) as payment for rescheduling the highly anticipated DOGE-1 Mission to the Moon. Samuel Reid, CEO of Geometric Energy Corporation (GEC), revealed the transaction, explaining that GEC used DOGE to rebook the mission after its initial schedule was delayed.

Although Dogecoin often experiences a surge in value with payment-related news involving Elon Musk’s enterprises like X, Tesla, or SpaceX, this recent development had no noticeable effect. This lack of impact might suggest that the excitement around potential crypto adoption by these companies has waned following previous disappointments.

Meanwhile, DOGE has emerged as a significant player in the Indian market, especially among individuals aged 26-35. Recent insights from industry specialists indicate that within this age group, DOGE has outpaced Bitcoin in terms of investment appeal. This specific demographic constitutes 40% of India’s overall population of 19 million cryptocurrency investors.

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ChatGPT Analyzes Which Solana Meme Coin Has the Best Chance to Flip Dogecoin (DOGE) This Year

TL;DR Solana-based meme coins such as Bonk Inu, dogwifhat, and Myro have gained popularity, with their ability to outperform Dogecoin depending on technological advances, community growth, and market acceptance. Their success is closely tied to SOL’s performance, which has recently rallied substantially. What are the Odds? Solana-based meme coins, such as Bonk Inu (BONK), dogwifhat…

TL;DR

  • Solana-based meme coins such as Bonk Inu, dogwifhat, and Myro have gained popularity, with their ability to outperform Dogecoin depending on technological advances, community growth, and market acceptance.
  • Their success is closely tied to SOL’s performance, which has recently rallied substantially.

What are the Odds?

Solana-based meme coins, such as Bonk Inu (BONK), dogwifhat (WIF), and Myro (MYRO), have taken center stage as of late, charting explosive gains and capturing the investors’ attention. We decided to ask ChatGPT whether their progress would continue throughout the year and if one of them could eventually flip the largest meme coin by market capitalization – Dogecoin (DOGE).

The AI-powered chatbot claimed that such a scenario is highly speculative but possible if certain factors take place. It started its analysis with BONK, claiming the token could surpass DOGE if it underwent major technological advantages and increased the size of its community base. 

ChatGPT noted that newer cryptocurrencies have a better chance for rapid growth, meaning Bonk Inu might have already missed its best moment. The asset was airdropped to the Solana community in December 2022, with its price skyrocketing to an all-time high a year later.

The chatbot maintained that WIF is very similar to BONK, and its possible success hinges on its distinct features, use cases, and market reception. 

The meme coin saw the light of day less than two months ago and quickly turned into a sensation. At one point, it caught the eye of prominent figures, such as BitMEX’s co-founder Arthur Hayes, who jokingly posted a photo on X (Twitter) wearing a hat (making a reference to the coin’s logo and name). In addition, Binance, Coinbase, and many other leading exchanges embraced WIF, pushing its price to a peak of over $0.45 in mid-January.

Last but not least, ChatGPT touched upon MYRO, suggesting its potential to become the number one meme coin depends on how it would differentiate itself in the cryptocurrency market, technical advancements, and adoption rate. 

Another Important Factor

It is safe to assume that the possible rally of the aforementioned meme coins also hinges on Solana’s (SOL) performance. The asset has been among the trendiest cryptocurrencies in the past several months, witnessing a price increase of around 1,000% throughout 2023.

Numerous analysts believe the uptrend would continue this year. Those willing to dive deeper could take a look at our dedicated video below:

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