Qubic to target Dogecoin after 51% attack on Monero – Should you be worried?

Key Takeaways

Qubic, an AI-driven blockchain project that shocked the crypto space with its recent 51% attack on Monero, is now setting its sights on a new target.

Sergey Ivancheglo weighs in

In a community vote led by founder Sergey Ivancheglo, members were asked to choose which ASIC-enabled proof-of-work network should be next in line. The top options included Dogecoin [DOGE], Kaspa, and Zcash, with Dogecoin emerging as the community’s preferred choice.

Ivancheglo, better known in the crypto space by his alias Come-from-Beyond, revealed the outcome of the vote in a post on X. He announced,

“The Qubic community has chosen Dogecoin.”

Dogecoin, valued at over $35 billion, won the vote outright, securing more than 300 ballots and surpassing all other blockchains combined.

Here, it’s worth noting that Ivancheglo emphasized that the decision does not represent a purely hostile move.

Instead, he presented Qubic’s plan as an initiative to mine Dogecoin and demonstrate its proof-of-concept by temporarily redirecting hashing power from other Proof-of-Work networks, rather than crippling them.

He added, 

“To avoid misunderstanding: Preparation to mining Dogecoin requires months of development, the Qubic pool is mining #Monero during this period.”

Everything else you need to know

The project insists its intentions are not destructive, but the move is indicative of the vulnerabilities of Proof-of-Work networks. It raises fresh questions about the future security of mining-based blockchains.

As expected, the market reaction has been mixed since, with Dogecoin’s price briefly slipping from $0.24 to $0.22.

Additionally, on-chain data revealed a sharp decline in its Price–Daily Active Addresses divergence – A sign of waning activity relative to its valuation.

Source: Santiment

And yet, some technical analysts remain optimistic despite the memecoin’s short-term turbulence. In fact, they are pointing towards a bullish double-bottom pattern that could push DOGE towards the $0.30 mark.