- Qubic targets Dogecoin, affecting market sentiment and prices.
- Dogecoin’s price fell due to Qubic’s actions.
- Community reactions show concern over network security.
Qubic, led by Sergey Ivancheglo, announced targeting Dogecoin for a 51% attack on August 17, 2025, through its official Twitter, impacting the cryptocurrency’s market dynamics significantly.
The action by Qubic has resulted in Dogecoin’s price dropping from $0.24 to $0.21, alarming crypto communities and highlighting concerns over network security.
Qubic, a blockchain entity led by Sergey Ivancheglo, has shifted focus to Dogecoin after demonstrating a 51% attack on Monero. This action has already led to a decline in DOGE’s market value, raising concerns across crypto communities.
Sergey Ivancheglo, a prominent blockchain developer, announced via social media that the Qubic community has now set its sights on Dogecoin. This comes after a public poll determined the next ASIC-enabled Proof-of-Work chain to target.
The immediate market impact saw Dogecoin prices fall from $0.24 to $0.21. This decline has triggered bearish sentiment, with short positions increasing as holders realize losses. The crypto community is witnessing increased volatility.
Without any institutional backing, Qubic’s attack relies on community-organized hashpower through a decentralized governance model. Dogecoin’s large market cap and Proof-of-Work framework made it an attractive target, following the Monero experiment.
Qubic’s previous 51% test attack on Monero resulted in a temporary but profound impact on Monero’s network stability, showcasing the real implications of such demonstrations within the community. Sergey Ivancheglo, Founder, Qubic, stated, “The #Qubic community has chosen #Dogecoin.”
Insights suggest that Qubic’s methods highlight potential vulnerabilities in Proof-of-Work systems. Historical trends show a possible shift in investor confidence, with technological and regulatory reviews potentially emerging as stakeholders assess security adequacy.
Qubic’s community-led hash attacks have led to “price [drops] of 6% in a single day and 16% over the week, and prompted exchanges like Kraken to temporarily suspend deposits.”
