The Qubic Community Targets Dogecoin After Monero Attack
The Qubic community, which recently executed a 51% attack on Monero (XMR), has voted to target Dogecoin (DOGE) next. Sergey Ivancheglo, Qubic’s founder and lead developer announced the decision on Sunday after the community voted among several proof-of-work blockchains.
Dogecoin won with more than 300 votes, surpassing Kaspa (KAS), Zcash (ZEC), and other ASIC-mined coins. Dogecoin is currently one of the largest proof-of-work cryptocurrencies, with a market capitalization above $35 billion.
A 51% attack happens when a single group or mining pool controls the majority of a blockchain’s computing power. With that dominance, the group can potentially reorganize blocks, alter transactions, and disrupt the network’s integrity.
Earlier this week, Qubic’s mining pool gained majority control of the Monero network’s hashrate, reaching about 2.32 gigahashes per second, according to MiningPoolStats. The group managed to reorganize six blocks, ending a month-long battle with other Monero miners for control of the chain.
Following the takeover, crypto exchange Kraken suspended Monero deposits due to “potential risk to network integrity,” though trading and withdrawals remained active. While Qubic insisted Monero’s privacy and usability were not compromised, the event highlighted the vulnerability of proof-of-work chains to concentrated mining power.
By turning its focus to Dogecoin, Qubic raises concerns that another major blockchain could face similar risks, especially given DOGE’s reliance on ASIC-enabled mining.
DOGE Price Tests Support After the Vote
Dogecoin (DOGE to USD) traded lower on Aug 18, slipping 5% to $0.222 as the Qubic announcement spread. The memecoin is now approaching the critical $0.21 support zone. Support is a price level where buying interest typically prevents further declines. A daily close below $0.21 could expose DOGE to deeper losses, with $0.18 emerging as the next downside target.
On the technical chart, DOGE sits between short-term and mid-term moving averages. The 20-day EMA lies at $0.225, just above price, signaling fading momentum. The 50-day EMA ($0.2156) and 200-day EMA ($0.2099) form a cluster of support near $0.21. If this zone fails, bearish momentum could accelerate.
The Relative Strength Index (RSI) stands at 49, a neutral reading but below the midpoint of 50. This suggests momentum has shifted toward sellers, but DOGE is not yet in oversold territory.
Resistance remains at $0.24–$0.26, a zone where Dogecoin has repeatedly faced rejection since mid-July. Bulls would need a rebound above $0.225 to attempt another retest of this resistance band.
On-Chain Data Shows Heavy Losses
On-chain signals mirror the weakness seen in price. Santiment’s Network Realized Profit/Loss (NPL) indicator fell sharply from +2.68 million to -271.41 million between Aug. 14 and 15. NPL measures whether coins are being sold at profit or loss based on their last moved price. A negative figure means most holders are selling at a loss.
This is the steepest decline since July 2022, suggesting capitulation as investors exited positions under pressure.
Derivatives positioning also points to bearish sentiment. According to Coinglass, Dogecoin’s long-to-short ratio fell to 0.79 on Monday. A ratio below 1 means more traders are betting on price declines than gains. This aligns with the on-chain signals of selling pressure and the weakening technical outlook.