DOGE holders may be panicking after Qubic, an AI-focused blockchain project, decided to target this meme coin’s network with the next 51% attack. This supports the Dogecoin price prediction of a decline and today’s trading volume has confirmed it.
In a post on X published a few hours ago, Qubic confirmed that there are "ongoing discussions" regarding this move, although the development team acknowledged that securing 51% of Dogecoin's blockchain hash power will take time.
This announcement came just a few days after Qubic successfully captured 51% of Monero's mining power and threatened to compromise the integrity of the network by reorganizing six blocks.
The trading volume for Dogecoin in the past 24 hours has increased by 75% as the value of this token dropped nearly 5%.
While this aligns with the overall declining trend that cryptocurrencies are currently experiencing, the large volume supports the prediction of a future decline in Dogecoin price as selling pressure seems to be increasing.
Qubic stated that they do not intend to harm these projects but only want to reveal weaknesses in their PoW consensus mechanism to force them to switch to PoS and less energy-intensive alternatives.
Dogecoin Price Prediction: DOGE Could Drop to $0.14 If Qubic's Plan Succeeds
Dogecoin once again rejected the upward momentum above $0.25 and seems poised to drop to the nearest trendline support level at around $0.16 as the market looks like it is about to pause after the latest price surge.
If this important support level is broken, DOGE's next support zone will be around $0.14. Traders should keep an eye on price movements as this token approaches these levels since we are in a bullish market, and any significant pullback should be viewed as a "buy the dip" opportunity.
Although Qubic's intentions at that time were good, if they change their minds and gain control of the majority of hash power, they could jeopardize the network and cause DOGE to drop to zero. This is an unlikely scenario and poses a potential risk for current DOGE holders, but it remains a significant risk nonetheless.
