Qubic is now targeting the network of top meme coins. A successful 51% attack would favor Dogecoin price predictions. Will DOGE go to zero?
Following Qubic's decision to target the meme coin network for its next 51% attack, Dogecoin holders may feel panic. This supports bearish Dogecoin price predictions, as today's trading volume confirms this.
In a post on X released a few hours ago, Qubic confirmed that discussions regarding this move are 'ongoing', although the development team acknowledged that ensuring 51% hash power for the Dogecoin blockchain will take time.
Just a few days ago, Qubic successfully took control of 51% of Monero's mining capacity and threatened to compromise the network's integrity if it reorgs six blocks.
Dogecoin's trading volume increased by 75% in the past 24 hours as the token's value fell by nearly 5%.
Although this aligns with the overall decline that cryptocurrencies are experiencing today, the increasing selling pressure seems to favor bearish Dogecoin price predictions in the short term with high trading volume.
Qubic states that it does not intend to harm these projects but rather to reveal the weaknesses of their PoW consensus mechanism to force them to migrate to PoS and other lower energy-intensive alternatives.
Dogecoin Price Prediction: If Qubic's plan is successful, DOGE may drop to $0.14.
Dogecoin (DOGE) has once again failed to break through $0.25 and seems poised to drop to the nearest trendline support around $0.16, as the market appears ready to take a breather after the recent rebound.
If this key support line is broken, the next support area for DOGE will be around $0.14. When we are in a bull market, traders should closely monitor price movements as the token approaches these levels, and any significant drop should be viewed as a 'buy the dip' opportunity.
Although Qubic's intentions were benevolent at the time, if they change their minds and control a majority of the hash power, they could compromise the network and bring DOGE down to zero.
Currently, this is an unlikely scenario and tail risk for DOGE holders, but either way, it is a significant risk. As Dogecoin's consolidation comes under scrutiny, investors may flock to one of the best cryptocurrency presales of the year, such as Maxi Doge (MAXI), which may outperform top meme coins, especially since it relies on a PoS-based network.
