Qubic Targets Dogecoin After Monero’s 51% Attack

As you might have heard, Qubic, the AI-focused blockchain project, was behind Monero’s 51% attack, which allowed them to gain majority control over its network. Well, the community is back at it again – and this time they have Dogecoin (DOGE) in their sights.

This time, answering to Qubic’s founder, Sergey Ivancheglo’s post on X about which ASIC-enabled proof of work blockchain the community should target next. Some big names were thrown into the mix, including Dogecoin, Kaspa (KAS), and Zcash (ZEC).

On 17 August 2025, Ivancheglo, also known as Come-from-Beyond, shared in an X post that the community voted to pursue the memecoin king, Dogecoin.

The #Qubic community has chosen #Dogecoin. pic.twitter.com/EnevIZUAw5

— Come-from-Beyond (@c___f___b) August 17, 2025

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DOGE Price Chart In The Red After Qubic Targets Dogecoinc

With its market capitalisation of $35Bn, Dogecoin is firmly on Qubic’s radar, accumulating 300 votes, eclipsing the other contenders’ total tally.

Currently, Dogecoin’s price is trading in the red. The memecoin is in a sharp decline as of this writing, slipping more than 5%, bringing it closer to its critical $0.21 support.

This decline occurred after users discovered Qubic’s targeting of Dogecoin.

(DOGEUSDT)

On-chain and derivatives data further reinforce the current bearish sentiment as DOGE holders incur losses and short positions gain traction among traders.

Santiment’s Network Realised Profit/Loss (NPL) indicator, which measures market pain, slid from 2.68 million to -271.41 million between 14 and 15 August, indicating holders are realising losses and increasing selling pressure.

(Source)

This is the lowest dip that the indicator has recorded since July 2022.

Moreover, Coinglass’s long-to-short ratio hit 0.79 on 18 August 2025, its highest in over a month, signalling a bearish sentiment as traders scramble to position for a decline in Dogecoin’s price.

Dogecoin saw an 8.58% pullback on 14 August 2025, facing resistance at the $0.24 daily level. It found support near $0.21 from where its price rebounded 4.6% through Sunday.

The memecoin is currently trading at around the $ 0.22 level. A slide down its support at $0.21 could lead to further downturns, with key support resting at $0.18 level on the weekly chart.

(DOGEUSDT)

Momentum indicators show market uncertainty. While the daily RSI hovers at a neutral 50, the MACD lines converge, suggesting market indecisiveness.

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Qubic’s Reasoning Behind Monero Attack: “A lot of electricity is burned for useless #POW”

Qubic’s mining pool achieved a six-block reorganisation following a month-long standoff with Monero miners. At the time of this writing, it commands a hash rate of approximately 2.32 Gh/s, currently the most powerful on the Monero chain, according to MiningPoolStats’s data.

After the takeover, Qubic announced that Monero’s core features, such as privacy and transaction speeds, remain uncompromised.

However, it spelled out its end goal: to provide Monero’s security by Qubic miners.

When asked about the reason behind his attack on Monero, Ivancheglo said on X, “A lot of electricity is burned for useless #PoW, we need that electricity for #AI.”

Qubic’s aggressive scaling strategy has caused quite the stir in the proof-of-work landscape. It is now going after established blockchains to test their limits.

While Dogecoin is a significantly larger fish to fry, Qubic’s miner community has approved this project.

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The post Qubic Targets Dogecoin After Monero’s 51% Attack appeared first on 99Bitcoins.

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