Qubic is currently targeting the top meme coins' networks. After a successful 51% attack, Dogecoin's price predictions will be more accurate. Will Dogecoin go to zero?

The blockchain project Qubic, focused on artificial intelligence, has decided to initiate the next 51% attack on the Dogecoin network, which may cause panic among Dogecoin holders. This favors a bearish prediction for Dogecoin's price, and today's trading volume confirms this.

In an X post published a few hours ago, Qubic confirmed that it is in 'discussions' about this action, although the development team acknowledged that securing 51% of the hash power on the Dogecoin blockchain takes time.

Just a few days ago, Qubic successfully took over 51% of Monero's mining capacity and threatened the network's integrity while reorganizing six blocks.

In the past 24 hours, Dogecoin's trading volume has increased by 75%, while its value has dropped by nearly 5%.

While this aligns with the overall downward trend experienced by cryptocurrencies today, the increasing selling pressure seems to favor a bearish price prediction for Dogecoin in the short term due to high trading volume.

Qubic stated that it does not intend to cause harm to these projects, but rather to reveal the weaknesses of its PoW consensus mechanism, forcing them to migrate to PoS and other lower energy-intensive alternatives.

If Qubic's plan succeeds, the price of Dogecoin could fall to $0.14.

Dogecoin (DOGE) has once again failed to break through $0.25 and seems prepared to drop to the recent trend line support level of around $0.16, as the market appears ready to take a breather after the recent rebound.

If it falls below this key support level, Dogecoin's next support level will be around $0.14. As we are currently in a bull market, traders should closely monitor the price movements of the token as it approaches this level; any significant drop should be seen as a 'buy the dip' opportunity.

Although Qubic's intentions at the time were benevolent, if they change their mind and control a majority of the hash power, they could jeopardize the network and cause DOGE to drop to zero.

This scenario is unlikely to occur, currently posing a tail risk for Dogecoin holders, but nonetheless, it is a significant risk.