Dogecoin Faces 51% Attack Threat, Price Dips Amid Qubic Test
Dogecoin faces a 51% attack threat after Qubic founder Sergey Ivancheglo led a successful attack on Monero and its community voted DOGE as the next proof-of-work stress test target. Although billed as a resilience experiment, security concerns forced Kraken to halt Monero deposits. DOGE price fell 4.5% to $0.22, with daily volume surging 53% to $2.87 billion. Technical analysts note a triangle consolidation, hinting at a possible 30% breakout. Meanwhile, Grayscale’s S-1 filing for a spot Dogecoin ETF drove open interest to $4 billion. Analyst Javon Marks projects a 170% rally to $0.6533 and a potential $1.25 on a sustained breakout. In parallel, memecoin Maxi Doge (MAXI) raised $1.17 million, reflecting strong investor appetite for new dog-themed tokens.
Bearish
The news is bearish as the looming 51% attack threat and recent price drop reflect increased security risks and selling pressure on DOGE. Historical precedents show that blockchain attack events, like the Monero incident, undermine trader confidence and often trigger short-term sell-offs. While Grayscale’s spot Dogecoin ETF filing and bullish price targets introduce positive sentiment, these factors are likely to be overshadowed by immediate network vulnerability concerns. Consequently, traders may remain cautious, leading to sustained downward pressure on DOGE in the near term. Over the long term, ETF approval could restore bullish momentum, but until security risks are mitigated, bearish sentiment will likely persist.