Dogecoin (DOGE) Price: Drops 5% After Qubic Community Votes to Target Network for 51% Attack

TLDR

• Qubic blockchain community voted to target Dogecoin for a potential 51% attack after successfully compromising Monero’s network
• DOGE price fell 5% from $0.22 to $0.21 on August 19-20 with heavy selling pressure
• Futures open interest dropped 8% reflecting reduced trader confidence in short-term gains
• Large holders accumulated 680 million DOGE tokens in August despite security concerns
• Dogecoin’s merge-mining with Litecoin creates a much stronger defense than Monero had

Dogecoin price faced selling pressure on Tuesday after the Qubic blockchain community voted to target it for a potential 51% attack. The decision came days after Qubic claimed responsibility for compromising Monero’s network.

DOGE dropped 5% in the 24-hour period from August 19 to August 20. The price fell from $0.22 to $0.21 during the selloff.

The heaviest selling occurred between 13:00-15:00 UTC on August 19. Dogecoin crashed from $0.22 to $0.21 during this period with 916 million tokens traded.

This trading volume was double the 24-hour average. The high volume reflected panic selling among traders.

Qubic’s governance forum approved a proposal to direct hashpower toward Dogecoin. The group recently executed a similar move against Monero, successfully disrupting block validation.

Attack Plans Follow Monero Success

Sergey Ivancheglo, known as ‘Come-from-Beyond’ and founder of Qubic, confirmed the move. A community vote on Discord placed Dogecoin as the overwhelming choice over competitors like Kaspa and Zcash.

Qubic previously captured over 77.54% of Monero’s hashrate. The attack proved that 51% attacks are real threats that can paralyze entire ecosystems.

The Qubic pool used 4.29 GH/s of computational power to crush Monero’s defenses. However, Dogecoin presents a much more formidable challenge.

Dogecoin relies on the Scrypt algorithm and is merge-mined with Litecoin. This means Litecoin’s massive mining infrastructure also secures Dogecoin.

As of August 18, 2025, Dogecoin’s hashrate stands at roughly 3.47 PH/s. Litecoin adds 2.78 PH/s to this defense.

Dogecoin Price Prediction

Despite the security concerns, whales accumulated 680 million DOGE in August. This showed long-term interest from large holders.

DOGE futures open interest declined by 8%. This reflected reduced confidence in near-term upside potential.

The price found resistance at $0.22 after repeated rejections. Support held at the $0.21 level into the close.

Overnight action was range-bound between $0.2120-$0.2130. DOGE closed at $0.2124 on Tuesday.

Volume surged 100% over baseline levels. The increased trading activity indicated heightened volatility.

The combined Dogecoin-Litecoin network strength dwarfs Monero by over a million times. A Qubic Ambassador acknowledged this gap would require months of development to overcome.

If Qubic captured even 0.1% of the Dogecoin-Litecoin network, it would exceed Monero’s entire network by over a thousand times. At 1%, the leverage would be over eleven thousand times Monero’s power.

The attack preparation for Dogecoin would be far more complex than the Monero operation. Traders are watching whether Qubic follows through on its plans after the Monero disruption.

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