Qubic votes to "attack" Dogecoin, DOGE price fluctuates

The Qubic project, founded by former IOTA co-founder Sergey Ivancheglo, announced the results of a community vote, selecting Dogecoin ($DOGE ) as the next target for a 51% attack after previously succeeding with Monero (XMR).

The threat from Qubic

#Qubic operates under the uPoW mechanism, encouraging miners of PoW blockchains to exchange computational power for QUBIC tokens, which are then sold to buy and burn QUBIC, creating deflationary pressure and increasing prices.

For Dogecoin, the risk is even more pronounced as this network primarily relies on hashrate from Litecoin. If Qubic gains control over a majority of the computational power, they could disrupt the entire operation of the DOGE network. This is the first time a memecoin with a market capitalization of tens of billions of USD has been publicly threatened with a 51% attack, raising significant concerns within the community.

Market impact and reaction

Immediately following the announcement, the price of DOGE dropped by 4%, indicating a sell-off signal from investors. Previously, Qubic successfully executed a 51% attack on Monero, forcing the Kraken exchange to temporarily suspend deposits of $XMR . This incident raises major questions about the safety of other PoW blockchains and creates security concerns across the entire market. Along with the US PPI report exceeding expectations, the entire cryptocurrency market, including Bitcoin, experienced a sharp correction. #anhbacong