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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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Coinbase Loses Supreme Court Arbitration Dispute Over 2021 Dogecoin Sweepstakes

On Thursday, the U.S. Supreme Court delivered a unanimous decision against Coinbase Inc. (COIN), addressing an arbitration dispute that emerged from the cryptocurrency exchange’s 2021 Dogecoin (DOGE) sweepstakes. The 9-0 ruling clarified that a court must determine which legal agreement holds precedence when parties are governed by multiple contracts. Supreme Court Upholds Lower Court’s Authority…

On Thursday, the U.S. Supreme Court delivered a unanimous decision against Coinbase Inc. (COIN), addressing an arbitration dispute that emerged from the cryptocurrency exchange’s 2021 Dogecoin (DOGE) sweepstakes.

The 9-0 ruling clarified that a court must determine which legal agreement holds precedence when parties are governed by multiple contracts.

Supreme Court Upholds Lower Court’s Authority

“The question whether these parties agreed to arbitrate arbitrability can be answered only by determining which contract applies,” Justice Jackson wrote. “When we home in on the conflict between the delegation clause in the first contract and forum selection clause in the second, the question is whether the parties agreed to send the given dispute to arbitration – and, per usual, that question must be answered by a court.”

Coinbase had previously sought to settle the dispute through arbitration, relying on user agreements mandating arbitration for all customers. However, a federal judge ruled in November that the sweepstakes terms, which specified California’s court system as the forum for related disputes, took precedence over the customer agreement.

The latest Supreme Court ruling confirmed that a lower court should determine which agreement controls this case. Justice Jackson also dismissed Coinbase’s argument that ruling against them would lead to widespread legal confusion and enable parties to evade arbitration agreements. “We do not believe that such chaos will follow,” they wrote.

Richard Silberberg, an arbitration lawyer with Dorsey & Whitney, noted that the decision was “hardly surprising” given previous rulings and affirmed that “a court, not an arbitrator, must decide whether the parties’ first agreement was superseded by the second.”

They also noted that because of the case’s narrow scope, it will have limited applicability in future arbitration-related cases.

Arbitration Dispute

Last year, Coinbase won in a different arbitration-related matter, supported by the court’s conservative majority. In response to the latest decision, Coinbase’s Chief Legal Officer Paul Grewal commented on X, “Some you win. Some you lose. We are grateful for having had the opportunity to present our case to the court and appreciate the court’s consideration of this matter.”

What a week. Some you win. Some you lose. We are grateful for having had the opportunity to present our case to the Court and appreciate the Court’s consideration of this matter. https://t.co/FLTKRU7UUG

— paulgrewal.eth (@iampaulgrewal) May 23, 2024

The underlying lawsuit, initiated by former Coinbase user David Suski, alleges that the exchange’s “Trade Doge, Win Doge” contest misled participants into believing that a $100 purchase or sale of Dogecoin was required for eligibility to win cash prizes.

However, the contest’s fine print revealed an alternative entry method via mail, avoiding the need for purchase in compliance with U.S. sweepstakes laws. Suski and other plaintiffs argue they would not have spent $100 on DOGE had they been aware of this loophole.

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7 Reasons Dogecoin (DOGE) Could Flip Ripple’s XRP in 2024

Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145. Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap. The Ripple lawsuit versus the US SEC could be over as…

Dogecoin’s total market capitalization was $19.8 billion at the time of writing, with the hash work-powered meme currency trading at $0.145.

Meanwhile, Ripple XRP price moved markets at $0.5 per token, and its market cap stood at $27 billion, according to data from CoinMarketCap.

The Ripple lawsuit versus the US SEC could be over as soon as this summer, according to one legal expert. That would be the end of an ongoing headwind for XRP and portend a rise in its fortunes.

But here are seven reasons why Dogecoin could flip Ripple’s market cap later this year with one or two little green candles.

1. Elon Musk

The circle will be complete


pic.twitter.com/QkT7K9QBJF

— Elon Musk (@elonmusk) March 25, 2024

Dogecoin has Elon Musk. That’s such enormous credibility and publicity. Ripple needs a champion with a similar cachet to stay ahead of DOGE.

The closest it has so far is Gary Gensler. After all, the SEC Chairman’s fierce opposition to XRP signals to investors that it might be very disruptive in global finance and deliver big returns for the money invested.

DOGE traded for $0.003 a coin back in April 2019 when the Tesla and SpaceX leader tweeted, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” That’s a +4,600% gain for the OG meme coin in five years’ time for an average annualized return on investment of +920%.

2. Dogecoin Large Holders Inflows Up 582%

Dogecoin large holder inflows surged 582% in 24 hours on May 4, in a very bullish move for the asset. At the same time, Ripple whales are moving their XRP tokens onto exchanges in a bearish sign.

Crypto Daily Trade Signals, a popular Dogecoin YouTube channel, reported, “Data from IntoTheBlock reveals a substantial rise in Large Holders Inflow, soaring from 129.63 million DOGE to an impressive 754.75 million DOGE, equivalent to approximately $116.98 million.”

🚨 28,240,000 #XRP (14,948,393 USD) transferred from unknown wallet to #Bitstamphttps://t.co/i2ylQpwXGx

— Whale Alert (@whale_alert) May 5, 2024

Meanwhile, XRP saw huge whale-sized moves onto exchanges in May. On the 5th, there was a transaction that pushed 28,240,000 XRP (worth 14,948,393 USD at the time) onto Bitstamp in a potentially bearish signal for Ripple’s token.

Then, on May 12th, another 30,230,000 worth of Ripple moved from an unknown wallet onto Bitstamp, according to Whale Alert data.

3. Tesla Adds Dogecoin For Payments

Tesla, Inc. has accepted Doge for years – for company beanie caps and t-shirts. This month, for the first time ever, the electric car maker began to accept DOGE payments for new cars and trucks. Very rad. Dogecoin surged by 21% following the introduction.

Musk said back in March that he thought Tesla should add support for Dogecoin payments.

XRP has some pretty wow partnerships, too, and continues to bring more corporate brands into the conspiracy. But many of these are with big foreign banks and governments. They will take many years to see fruition compared to the instant boost to the Doge economy’s network effects. Other companies that accept Doge include Microsoft, AMC, Twitch, and Newegg.

4. Much Meme Power

Simply put, Doge memes have enormous power on the Internet, especially in the nerdy tech quarter that has deep pockets to move markets.

Ripple is more like a TradFi bank than Doge, despite its decentralization, and probably doesn’t want a furry mascot to boost its popularity in the near term. Maybe that shouldn’t matter. But to crypto bros, it does.

2023’s top gainers were mostly meme coins. Q1 2024’s crypto leader was also a meme coin – PopCat.

5. Very Teamwork, Such Clout

VanEck’s @MarketVector launches $MEMECOIN index, top 6 assets, 30% cap.


Warns potential customers: “These coins are intended for entertainment purposes” pic.twitter.com/ihjhfCNIR4

— matthew sigel, recovering CFA (@matthew_sigel) May 8, 2024

Dogecoin’s peers are unstoppable!

The currency’s meme power has translated to real economic disruptions with many zeros and commas on them. Ethereum Shiba Inu (SHIB), Solana Bonk (BONK), DogWifHat (WIF), and Ethereum/Binance Floki Inu (FLOKI) have delivered altcoin investors world-class gains over the past 12 months.

New York City ETF fund manager VanEck just launched the MarketVector Meme Coin Index this month. Of the six currencies on the index, five are Doge memes.

6. Proof of Work Power

Even during periods like the past week, when meme coins have led losses among cryptos (after leading gains in the prior week), Doge’s price has staying power with its crypto mining/proof-of-work investors.

Dogecoin is a Dec. 2013 fork of the original Bitcoin blockchain launched in Jan. 2009. It operates in much the same way as the BTC network and investors choose it because its electricity requirement to participate helps prevent inflation and hold buying power.

Environmentalists who are weary of central bank currency are also leaning into PoW chains. Proof-of-Work has harnessed the digital economy to the petroleum/alternative energy industry. It’s the world’s biggest bounty for cheaper sources of electricity.

The future of toilet paper pic.twitter.com/I5THg684tz

— Arsen | Bitcoin Therapy 📧 (@satoshibaggins) May 9, 2024

7. Fed Rate Cuts Later This Year

The Fed may hold rates steady in June, but the Bank of England could start the race to debt revaluation with rate cuts next month.

Many economists, analysts, and commentators still expect a Fed rate cut sometime later this year, especially if consumer price deflation continues to roll over to April and May.

Either way, after the recent $1.2 trillion spending bill in March to fund the U.S. government for six more months, Washington is pacing to spend $2.4 trillion annually. When that happens, it usually pushes prices up and seriously aggravates the crypto markets’ already voracious demand for inflation shelters like Bitcoin and Dogecoin.

Bottom Line for Investors

Digital assets are held at risk of loss, and there is no way to guarantee how markets will perform in the future. But, based on the fundamental considerations listed above, Dogecoin’s price could be undervalued at $0.14 after falling from its $0.22 peak in March.

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Dogecoin Price Outlook – DOGE Remains Bullish as Dogeverse Could Also be Set to Pump

Dogecoin (DOGE) has had mixed fortunes lately. The coin rose throughout March but fell dramatically in April and early May. However, despite DOGE’s volatility, many traders remain bullish on its long-term prospects. Some traders are also bullish on the new meme coin project Dogeverse (DOGEVERSE) – which has raised over $13 million during its token…

Dogecoin (DOGE) has had mixed fortunes lately.

The coin rose throughout March but fell dramatically in April and early May.

However, despite DOGE’s volatility, many traders remain bullish on its long-term prospects.

Some traders are also bullish on the new meme coin project Dogeverse (DOGEVERSE) – which has raised over $13 million during its token presale event.

Wild Ride for DOGE Holders After Coin Hits Two-Year High

It’s been a wild ride for Dogecoin in the past few months.

Meme coin mania was in full swing in February and March, and DOGE benefited immensely, hitting a high of $0.228 on March 28.

That marked the highest level for DOGE since way back in November 2021.

This epic bull run began gathering steam in October 2023, with DOGE ultimately racking up a 302% gain before hitting March’s peak.

However, since that peak, DOGE has retraced around 35% of its gains.

In fact, DOGE was actually down 47% last week before the coin rebounded slightly.

Dogecoin’s dip can likely be attributed to a couple of factors.

First, the broader crypto market has taken a hit, with Bitcoin’s (BTC) price retreating from all-time highs.

And when Bitcoin struggles, the rest of the market tends to follow suit.

Secondly, the meme coin mania that fueled DOGE’s surge has cooled off.

As a result, many investors have opted to take profits – prompting sell-offs across the entire space.

Analysts Remain Bullish on Dogecoin Long-Term

Despite the recent pullback, many believe Dogecoin’s long-term bullish trajectory remains intact.

After all, the coin has repeatedly proven that it can shake off the naysayers and continue to rally, regardless of the market conditions.

The technicals paint an encouraging picture for DOGE long-term.

DOGE formed a double-bottom pattern on the daily chart around $0.124 last week, suggesting strong support at that level.

What’s more, it’s still trading comfortably above the crucial 100-day exponential moving average (EMA) on the daily time frame.

Then there are the spot volumes to consider – a whopping $1.1 billion in trading for DOGE in the past 24 hours.

That makes it the 10th most traded cryptocurrency globally, highlighting the immense interest still surrounding it.

Respected analysts are echoing the bullish sentiment, too.

Crypto Daily Trade Signals recently tweeted that Dogecoin was “building a strong base” before potentially pumping to $1.

When experts like these start talking about the dollar mark, it might just be time to start stocking up on DOGE.

New Meme Coin Dogeverse Draws Bullish Forecasts After Raising $13M

While Dogecoin continues its rollercoaster ride, another dog-themed crypto has been gaining attention – Dogeverse.

Some high-profile voices, like Jacob Bury, believe this multi-chain meme coin could be gearing up for a massive pump once it lists on exchanges.

So, what exactly is Dogeverse?

It’s a coin inspired by the iconic Doge meme, much like Dogecoin and Shiba Inu.

However, Dogeverse stands out by existing simultaneously across multiple blockchains – Ethereum, Polygon, BNB Chain, Solana, Avalanche, and Base.

This multi-chain approach offers increased accessibility and the potential to use the strengths of different networks.

In addition, Dogeverse is building a passionate online community and offering further use cases.

For example, DOGEVERSE holders can stake their tokens and earn yields as high as 71% per year.

This multi-chain, staking-enabled approach could be the recipe for Dogeverse to establish itself as more than just another meme coin.

No wonder the project’s Twitter page has attracted over 14,000 followers in just a few weeks.

At the time of writing, Dogeverse is in the final stage of its presale phase, offering early bird discounts to those looking to get in on the ground floor.

DOGEVERSE tokens can be purchased for  $0.00031 – a price that’s only available for a narrow window before the token makes its DEX debut in the near future.

Visit Dogeverse Presale

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.

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