Undoubtedly, the popularity of top meme currency Dogecoin is quite significant, but it could be a concern if the same goes in ‘Dark Web’.
The massive growth that Dogecoin in terms of its price has seen in the past several years helped the meme currency get popular and widely accepted. It almost created a frenzy all over the crypto market back in 2021 when it started claiming to be the favourite cryptocurrency of Elon Musk himself. Following the fame, came the investment into Dogecoin where it started being looked at as a real crypto-asset rather than just a meme coin and DOGE price has shot up.
The cryptocurrency made its investors huge returns, many of which ended up being millionaires in just several months. All of this represented Dogecoin as one of the robust investment assets all over the crypto space. Its popularity has resulted in gains for its investors and for its value itself but it seems like this popularity has started showing adverse effects now.
DOGE has now been seen as one such cryptocurrency that can be used for illicit activities like terrorism and other such purposes. From several instances that have happened lately, clearly made possible that Dogecoin is rapidly emerging as the darknet king. However, still, its investors like Elon Musk and other general investors do not seem to worry about it or doing anything.
Despite the ongoing market crash, Dogecoin started experiencing gains and showcased no drops or slow down in June 2022. It was also during the Russia-Ukraine war when markets all over the world have faced tough times but still the meme currency was surviving easily given its heavy use for the donations to help Ukraine.
Such examples of Dogecoin showing unexpected results even in desperate times might not let any surprise thought hit to most people, regarding the notion that DOGE could become the top crypto asset to be used for transactions on the darknet.
As per several reports, there were several connections of DOGE traced with illicit activities, including terror funding, child abuse, Ponzi schemes and other such malpractices, and its still increasing. Reports show that the popularity of meme coins is due to many distinct reasons. This includes being promoted by Elon Musk and by his companies Tesla and SpaceX when they announced accepting DOGE payments for their merchandise and several others. Ultimately the popularity of Dogecoin resulted into its popularity among bad actors to use DOGE for their purposes while facilitating transactions of millions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.