DOGE holders could be panicking after Qubic, an AI-focused blockchain project, has decided to target the meme coin’s network with its next 51% attack. This favors a bearish Dogecoin price prediction and trading volumes today confirm it.
In an X post published just hours ago, Qubic confirmed that there are “ongoing discussions” about the move, although the developing team acknowledged that securing 51% of the Dogecoin blockchain’s hash power will take time.
The announcement comes just days after Qubic successfully took over 51% of Monero’s mining power and threatened to compromise the network’s integrity as it reorganized six blocks.
Trading volumes in the past 24 hours for Dogecoin have increased by 75% as the token has shed nearly 5% of its value.
Although this is consistent with the overall decline that cryptocurrencies are experiencing today, high volumes favor a bearish Dogecoin price prediction in the near term as selling pressure seems to be increasing.
Qubic has said that it does not intend to cause any harm to these projects but rather to reveal the weaknesses of their PoW consensus mechanism to force them to migrate to PoS and other less energy-intensive alternatives.
Dogecoin Price Prediction: DOGE Could Drop to $0.14 If Qubic’s Plan Succeeds
Dogecoin (DOGE) has once again rejected a move above $0.25 and seems poised to drop to its nearest trend line support at around $0.16 as the market looks ready to take a breather after the latest rally.
If this key line of support is broken, the next area of support for DOGE would sit at around $0.14. Traders should keep an eye on the price action as the token approaches these levels as we are in a bull market and any big declines should be considered a ‘buy the dip’ opportunity.
Even though Qubic’s intentions are benign at the time, if they change their mind and control the majority of the hash power, they could compromise the network and cause DOGE to drop to zero.
This is an unlikely scenario and a tail risk for DOGE holders at the moment, but it is a big risk either way. As Dogecoin’s integration is under scrutiny, investors could flock to one of the best crypto presales of the year like, Maxi Doge (MAXI), which could outperform the top meme coin, especially as it relies on a PoS-based network.
Maxi Doge (MAXI) Surpasses $1M to Make the Most Out of This Bull Market
Maxi Doge (MAXI) is a dog-themed meme coin inspired by Dogecoin’s Shiba Inu. However, this new version of this popular character has the attitude to reap the highest returns out of this bull market cycle.
Through the Maxi Fund, this project will allocate up to 25% of the proceeds raised through the presale in the most promising tokens and use 1000X leverage to boost the size of its positions.
This is an ‘up only’ kind of market. Maxi Doge knows no fear and allows no red candles. It could be a once-in-a-lifetime opportunity and this project plans to seize it to make it out of mom’s basement.
To join the pump, head to the Maxi Doge website and connect your wallet (e.g. Best Wallet). You can either swap USDT or ETH for this token or use a bank card to invest.
Click Here to Participate in the PresaleThe post Is Dogecoin Going to Zero? DOGE Holders In Terror as Qubic Community Targets Dogecoin After Monero appeared first on Cryptonews.
