Qubic Targets Dogecoin in 51% Attack Vote, DOGE Falls

Qubic, an AI-focused blockchain project, has voted to carry out a 51% attack on the Dogecoin network. The community chose Dogecoin over Zcash and Kaspa in a recent poll. Sergey Ivancheglo, Qubic’s founder, announced on X that the vote outcome reflects mounting concerns over blockchain resilience and preparation for such an attack. Following the vote, Dogecoin’s price dipped below $0.22, declining 4% within 24 hours. A recent bullish golden crossover failed to sustain momentum. Dogecoin’s futures open-interest-adjusted cumulative volume delta (CVD) also dropped 1%, marking the largest sell-pressure signal among top tokens. The move comes after Qubic’s successful 51% attack on Monero. The attack highlights vulnerabilities in ASIC-enabled proof-of-work networks. Other major tokens like Bitcoin and Ethereum show similar bearish pressure, while LINK is the only large-cap token with a positive CVD. Bitcoin fell almost to $115,000, extending losses from its $124,000 record high. The drop followed hotter-than-expected U.S. producer price inflation, which weakened prospects for a 50-basis-point Fed rate cut. Markets now price in a 25-basis-point cut in September. Analysts at Coinbase Institutional view this pullback as a buying opportunity ahead of potential rate cuts in September and October. Traders should monitor short-term volatility around Qubic’s planned 51% attack on Dogecoin and macroeconomic indicators, including Fed Chair Powell’s remarks at Jackson Hole.