TLDR
- Qubic community voted to target Dogecoin for a 51% attack after compromising Monero’s network
- DOGE price dropped 5% from $0.22 to $0.21 following the announcement
- Futures open interest fell 8% showing reduced trader confidence
- Whales bought 680 million DOGE tokens in August despite security fears
- Dogecoin’s merge-mining with Litecoin makes it much harder to attack than Monero
Dogecoin price dropped 5% on Tuesday after the Qubic blockchain community voted to target the meme coin for a potential 51% attack. The decision came days after Qubic successfully compromised Monero’s network.
DOGE fell from $0.22 to $0.21 during the 24-hour period from August 19 to August 20. The heaviest selling occurred between 13:00-15:00 UTC on August 19.
Trading volume doubled to 916 million tokens during the selloff. This reflected panic selling among traders concerned about network security.
Qubic’s governance forum approved a proposal to direct computational power toward Dogecoin. The group recently executed a similar attack against Monero, disrupting block validation.
Sergey Ivancheglo, known as ‘Come-from-Beyond’ and founder of Qubic, confirmed the move. A community vote on Discord placed Dogecoin as the top choice over competitors like Kaspa and Zcash.
Previous Attack Success
Qubic previously captured over 77.54% of Monero’s hashrate using 4.29 GH/s of computational power. The attack proved that 51% attacks remain real threats to blockchain networks.
However, Dogecoin presents a much stronger defense than Monero. The meme coin uses the Scrypt algorithm and is merge-mined with Litecoin.
This means Litecoin’s mining infrastructure also secures Dogecoin. As of August 18, 2025, Dogecoin’s hashrate stands at 3.47 PH/s.
Litecoin adds another 2.78 PH/s to this defense network. The combined strength dwarfs Monero’s network by over a million times.
Dogecoin Price Prediction
Despite security concerns, large holders accumulated 680 million DOGE tokens in August. This showed continued long-term interest from whales.
DOGE futures open interest declined by 8%. The drop reflected reduced confidence in near-term price gains.
The price found resistance at $0.22 after repeated rejections. Support held at the $0.21 level through Tuesday’s close.
Overnight trading remained range-bound between $0.2120-$0.2130. DOGE closed at $0.2124 on Tuesday.
Volume surged 100% above baseline levels. The increased trading activity showed heightened market volatility.
A Qubic Ambassador acknowledged the gap between Monero and Dogecoin would require months of development to overcome. Even capturing 0.1% of the Dogecoin-Litecoin network would exceed Monero’s entire network by over a thousand times.
