- Dogecoin (DOGE) dipped by over 8% to $0.2218 in the last 24 hours as the Qubic community voted to conduct a 51% attack on its network.
- Qubic founder Sergey Ivancheglo explained their community only voted on “mining” within the Dogecoin network, not “attacking” it.
The price of Dogecoin dived as FUD (fear, uncertainty, doubt) took over the market as the chain is reportedly in the crosshairs of Monero’s (XMR) 51% attacker.
Sergey Ivancheglo, the founder of Qubic network going by the handle Come-from-Beyond on X, recently announced that their community has chosen DOGE as their next target for a 51% attack—but only for “mining” purposes. This came after a community vote that included the token alongside Kaspa (KAS) and Zcash (ZEC).
Unfortunately, the dog-themed meme coin got most of the votes, which has significantly raised tension within its ecosystem.
What is a 51% Attack?
In the context of blockchain and cryptocurrencies, a 51% attack occurs when an entity maliciously takes control of over 50% of a network’s mining power or hash rate. This risks the chain from manipulation, which could trigger double-spending, censorship on pending transactions, and a monopoly on the block rewards. However, its disruptive potential does not encompass changing the blockchain’s history or creating new coins.
Qubic recently executed a 51% attack on Monero, causing crypto exchanges like Kraken to pause all deposits linked to its network by last Friday. However, the platform has already re-enabled XMR deposits today, but with the condition that each transaction would require 720 confirmations before they are credited. Additionally, Kraken warned users that it may halt Monero deposits at any time or delay crediting them at its discretion, depending on the latest developments.
Ivancheglo claimed that the Qubic pool has reported its Monero hashrate on the MoneroPoolStats platform on Friday. He clarified that their move was only to maximize revenue, but it should be enough to highlight that hidden adversaries may carry out 51% attacks in around 15 days.
In light of the recent events, Ivancheglo urged the Monero community to follow his advice of limiting single pools from taking over 25% of the total hash rate.
Dogecoin (DOGE) Performance
As of 9:00 AM on Monday (UTC), Dogecoin has steeply declined by over 8% from a $0.2423 high to a $0.2218 low in the last 24 hours. Meanwhile, its trading volume jumped by 56.09% as $2.89 billion worth of the token moved across wallets and exchanges.
The latest developments also pegged the market cap of its 150.56 billion circulating supply to $33.32 billion.
