Qubic’s community has voted to target Dogecoin next after attacking Monero.
On-chain data highlights weak network activity relative to Dogecoin’s price.
DOGE trades inside a symmetrical triangle with bearish signals from key indicators.
After siphoning off more than half of Monero’s (XMR) hashrate, Qubic’s community has now set its sights on Dogecoin (DOGE), voting to “attack” the popular memecoin. The news rattled the market, with DOGE’s price falling after eyeing a move to $0.30.
For now, the correction doesn’t look finished. In this analysis, CCN reveals how the AI-focused blockchain targeted it, and what this move could mean for DOGE’s price.
Dogecoin Chosen as Qubic Target
Over the weekend, a report claimed that Qubic founder Sergey Ivancheglo had chosen Zcash as the next target following the successful attack on Monero. But Ivancheglo was quick to shut down the rumor on X.
He clarified that there was indeed a community vote, with Dogecoin, Zcash, and Kaspa (KAS) all on the table. However, the Qubic community ultimately selected Dogecoin as the target.
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Ivancheglo added that the move shouldn’t be seen strictly as an “attack,” but rather as a plan for Qubic to mine Dogecoin.
According to the Qubic founder, the goal is to redirect some of the mining power from Proof-of-Work (PoW) projects to demonstrate their proof of concept — not to destroy the targeted networks.
“To avoid misunderstanding: Preparation to mining Dogecoin requires months of development, the Qubic pool is mining #Monero during this period,” He stated.
Network Struggles to Keep Up
Amid the controversy, DOGE’s price slipped from $0.24 to $0.22 — but the hit wasn’t limited to its market value. On-chain data from Santiment shows that Dogecoin’s Price–Daily Active Addresses (DAA) divergence has plunged to -131.75%.
Therefore, the lack of network engagement could weigh heavily on DOGE’s price recovery unless activity picks up to confirm demand.
DOGE Price in Tight Triangle
From a technical standpoint, Dogecoin’s price consolidates within a symmetrical triangle, hinting at an upcoming decisive move. However, the indicators lean bearish.
The Money Flow Index (MFI) has slipped to 34.21, showing that selling pressure outweighs inflows and that DOGE’s price is edging closer to oversold conditions.
Adding to the downside risk, the red Supertrend line now sits above the price, reinforcing the sell signal and suggesting that bears still hold the upper hand.
If the bearish trend holds, DOGE’s price risks slipping below the triangle’s lower trendline. A breakdown there could drag the price to $0.20.
However, if selling pressure intensifies, the next target sits near $0.17 — a 25% correction from current levels.
On the other hand, if bulls wrest back control and push DOGE above the triangle’s upper boundary, this bearish projection could be invalidated.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
