Qubic Shifts 51% Attack from Monero to Dogecoin
Qubic community led by Sergey Ivancheglo seized over 77.54% of Monero’s hashrate and executed a 51% attack, prompting concerns about proof-of-work network security after Kraken paused XMR deposits. Following a Discord vote, Qubic is now targeting Dogecoin, which uses the Scrypt algorithm and is merge-mined with Litecoin, forming a combined network hashrate of about 3.47 PH/s (DOGE) and 2.78 PH/s (LTC)—over a million times larger than Monero’s. Mounting a 51% attack on Dogecoin would require months of development; even capturing 0.1% of the Dogecoin-Litecoin network would yield more computational power than the entire Monero network, rising to 1% for an 11,000-fold advantage. Traders should watch for potential volatility as any real threat to Dogecoin’s network integrity could undermine investor confidence and trigger market contagion.
Bearish
The news that Qubic is targeting Dogecoin for a possible 51% attack highlights security gaps in the network’s merge-mined proof-of-work. In the short term, the Dogecoin market may see heightened volatility and selling pressure as traders hedge against attack risks. Even if a breach is unlikely, uncertainty can undermine confidence, leading to bearish trading. Over the long term, repeated vulnerabilities could dampen DOGE’s growth potential unless developers bolster security protocols.