Dogecoin Price Surge Ahead? Qubic Community Pivots to DOGE After Monero Attack Fallout
Qubic's miners just made a power move—shifting focus from Monero to Dogecoin after a network attack left XMR vulnerable. The vote signals a potential liquidity tsunami for DOGE, the meme coin that refuses to die.
Why it matters: When mining collectives pivot, markets ripple. DOGE's 24-hour trading volume spiked 30% post-announcement as speculators piled in. Never underestimate crypto's herd mentality—especially when bored GPU farms need a new paycheck.
The cynical take: Another day, another coin getting the 'community-driven' pump before the inevitable dump. At least DOGE has Elon's tweets as a fallback safety net.
Qubic community targets Dogecoin
Sergey Ivancheglo, Qubic’s lead developer, posted on X on Sunday that the Qubic community has voted to target Dogecoin next. The community had several choices for the next target, including Dogecoin, Kaspa (KAS), Zcash (ZEC), and some other ASIC-mined coin.
The mining pool had recently carried out a 51% attack on Monero last week, which had caused a sharp decline in its price. The community’s shift towards targeting other proof-of-work blockchains could spell trouble for these blockchain-based monetary networks.
DOGE holders realize losses while bearish bets reach a monthly high
Santiment’s Network Realized Profit/Loss (NPL) indicator computes a daily network-level Return On Investment (ROI) based on the coin’s on-chain transaction volume. Simply put, it is used to measure market pain. Strong spikes in a coin’s NPL indicate that its holders are, on average, selling their bags at a significant profit. On the other hand, strong dips imply that the coin’s holders are, on average, realizing losses, suggesting panic sell-offs and investor capitulation.
In Dogecoin’s case, the NPL indicator dipped from 2.68 million to -271.41 million from Thurday to Friday, the lowest dip since July 2022. This negative downtick indicates that the holders were, on average, realizing losses and increasing selling pressure.
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Dogecoin NPL chart. Source: Santiment
Coinglass’s long-to-short ratio reads 0.79 on Monday, marking the highest level in over a month. A ratio below one suggests bearish sentiment in the market as traders are betting that Dogecoin’s price will fall.
Dogecoin long-to-short chart. Source: Coinglass
Dogecoin Price Forecast: DOGE nears key support zone
Dogecoin price faced a rejection from its daily level at $0.24 on Thursday and declined 8.58%. However, it found support around its daily level of $0.21 and recovered 4.6% until Sunday. At the time of writing on Monday, it trades down by 4% nearing its daily support at $0.21.
If Doge closes below $0.21, it could extend the decline toward its weekly support at $0.18.
The RSI on the daily chart is hovering at its neutral value of 50, indicating indecision among traders. The MACD lines also converge against each other, which further supports the indecisiveness thesis.
DOGE/USDT daily chart
However, if DOGE recovers, it could extend the recovery toward its daily resistance level at $0.24.
