Dogecoin is facing turbulence as the community behind Qubic, which recently targeted Monero, has set its sights on the popular meme cryptocurrency. On Monday, Dogecoin traded at just over 22 cents, marking a 4% decline within 24 hours, according to CoinDesk. Despite recently forming a bullish golden crossover, Dogecoin has struggled to maintain positive momentum amid these developments.
Qubic’s New Target: Dogecoin
Early Monday, Qubic—a blockchain project with a focus on artificial intelligence—announced their community’s decision to target Dogecoin over other cryptocurrencies like Zcash and Kaspa. Sergey Ivancheglo, the founder of Qubic, confirmed the vote via his X account, Come-from-Beyond, stating, “The Qubic community has chosen Dogecoin.” This decision aligns with Qubic community, Monero’s 51% attacker, votes to target Dogecoin next, highlighting the strategic shift in their focus.
This move follows Qubic’s recent 51% attack on Monero, where they gained majority control over the network’s computing power, raising questions about the resilience of blockchain networks. “There are ongoing discussions about $DOGE and preparation will take time,” Qubic stated, hinting at a strategic plan in the works.
Market Reaction: DOGE Leads CVD Decline
Dogecoin’s futures open-interest-adjusted cumulative volume delta (CVD) indicator, a technical measure of net buying and selling pressure, has dropped nearly 1% over the past 24 hours. This represents the largest decline among the top 25 cryptocurrencies by market value, according to Velo data. A negative CVD is often perceived as a bearish signal, indicating stronger selling pressure compared to buying—a sentiment shared by most cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).
However, LINK stands out as a lone ranger in the crypto wilderness, displaying a positive CVD despite the broader bearish trend. This divergence underscores the nuanced dynamics at play within the cryptocurrency market.
Bitcoin: Below the $116K Threshold
Bitcoin, the bellwether of the crypto market, has not been immune to the week’s volatility. After reaching a record high of over $124,000 last Thursday, BTC has slipped to nearly $115,000. This decline was exacerbated by unexpected U.S. producer price inflation data on Friday, which cast doubt on the likelihood of a substantial 50-basis-point rate cut by the Federal Reserve in September.
“Given the persistent uncertainty surrounding key economic indicators, the Federal Reserve has thus far maintained a cautious stance on interest rate cuts,” analysts at Coinbase Institutional noted in a weekly report. They added that despite the current economic jitters, they anticipate the Fed to implement 25 basis point cuts in both September and October, with potential cues coming from Fed Chair Jerome Powell’s speech at the Jackson Hole Symposium later this week.
Looking Forward
As we stride into the latter half of 2025, the crypto market appears to be at a crossroads. Dogecoin’s community will be closely watching how the situation with Qubic unfolds, especially in light of the recent Monero attack. Meanwhile, the broader market anticipates signals from economic indicators and central bank policies that could sway the direction of major cryptocurrencies. For more on Dogecoin’s potential trajectory, see Dogecoin to the Moon? DOGE Price Chart Forms Golden Cross for First Time Since November.
The lingering question remains: Will Dogecoin manage to shake off the shadow of Qubic’s intentions, or will it succumb to the same fate as Monero? As always, the crypto space is one of unpredictable twists and turns, and only time will reveal how these latest developments will play out.
Source
This article is based on: Dogecoin Sellers in Control as Monero Attacker Votes to Target DOGE; Bitcoin Below $116K
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
