Dogecoin Up 40% in Past Week Amid Announcement of Chainalysis Coverage

August 13, 2021, 11:00 AM AEST - 5 months ago

Popular meme cryptocurrency Dogecoin (DOGE) is making headlines again. In about seven days, the cryptocurrency recorded up to a 40 percent increase in value and significant growth in trading volume, following an announcement that Chainalysis will start providing insight on crypto.

Dogecoin Records US$199 Billion in Transactions

As the crypto market continued to bounce back from the mid-April crash, Dogecoin recorded over US$199 billion worth of transactions, making it the fourth-largest cryptocurrency by 30-day trading volume. 

Even with those numbers, the current price of Dogecoin is 62 percent below its all-time high of US$0.73 on CoinMarketCap. However, it’s worth noting that the cryptocurrency has already risen by 29 percent since the start of August at today’s price of US$0.2745, following the announcement from Chainalysis.

Dogecoin investors are generally triggered by bullish development, which usually incites enough buying momentum to push the price upwards, as seen in the case of its Coinbase listing and tweets from Elon Musk. 

Chainalysis to Provide DOGE Coverage

Going forward, the blockchain data and analysis company will provide insight on how Dogecoin is used, alongside other popular cryptocurrencies. According to Chainalysis, the data will help users and organisations to stay compliant.

As Dogecoin has grown in popularity, it has become susceptible to malicious actors. There have been reported cases where scammers ran fake Dogecoin giveaways, making more than US$40,000. In some cases, Musk was impersonated in 10x pay-back crypto scams.

Dogecoin has become the most frequently requested new coin for Chainalysis to cover from our customers in both the public and private sectors. We’re excited to answer their calls today.

Chainalysis

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