Dogecoin, the tenth-ranked cryptocurrency today has been increasingly tied to illegal acts. The Shiba Inu dog-themed crypto coin is no doubt one of the most popular in the crypto world.
According to research by Blockchain analytics firm Elliptic, Dogecoin is utilized by criminals as payment for illicit activity. The payment which is worth millions of dollars is for illegal activities which include financing of terrorism, Ponzi schemes, and even the more troubling child sex abuse material.
Dogecoin was created out of a joke to rival the biggest cryptocurrency, Bitcoin. The crypto asset which trades by the symbol DOGE is one of the most ranked coin today.
It’s sudden rise is due to the influence of public figures especially Tesla & SpaceX CEO, Elon Musk. Call it a shitcoin, you’re not wrong, the coin with the Japanese dog breed known as Shiba Inu has had questions about its value.
Nevertheless, DOGE has been increasingly used by companies and merchants all over the world including Elon Musk’s Tesla.
