Last week, the Qubic community executed a 51% attack on the Monero blockchain, reorganizing six blocks. Monero founder Sergey Ivancheglo announced on August 17 that the Qubic community selected Dogecoin as the next target with over 300 votes in a public vote, beating Zcash and Kaspa.
Will Dogecoin become the next target?
The Qubic community claims that this attack was a 'stress test' aimed at demonstrating the resilience of its 'practical proof of work' model. After the attack, while the Monero network continued to operate, Kraken exchange suspended deposit services, raising concerns about further disruptions. Qubic stated that mining pool profits would be used to buy back and destroy QUBIC tokens, emphasizing no intention to harm Monero or Dogecoin. However, this incident has once again triggered widespread concern about the security of proof of work (PoW) systems.
Increased price volatility for Dogecoin
Due to rumors of an attack, Dogecoin's price fell to $0.255 last week and has dropped another 4.5% today, reporting at $0.22. Meanwhile, daily trading volume surged by 53% to $2.87 billion, indicating strong bearish divergence. Dogecoin is currently in a triangular consolidation, and a breakout could lead to a 30% price increase.
Dogecoin ETF and market optimism
The S-1 filing submitted by Grayscale paves the way for a spot Dogecoin ETF, with market optimism for Dogecoin surging and open interest soaring to $4 billion. Dogecoin maintains higher lows, and a breakthrough of the $0.6533 target is expected, with a potential increase of over 170%. If further breakthroughs occur, prices could reach $1.25.
The Qubic community's 'stress test' has sparked discussions within the crypto community about the security of PoW networks, with Dogecoin as the next potential target, leading to complex market sentiments. Price volatility, ETF prospects, and technical analysis intertwine, making Dogecoin's future trajectory a focus of attention.
