Kraken Watch: Qubic Eyes Dogecoin Mining After Monero Hashrate Dominance

In a bold strategic shift, Qubic Network—the contentious AI-driven cryptocurrency project—is considering a pivot to Dogecoin mining following its recent takeover of Monero's hashrate. Founder Sergey Ivancheglo revealed via a Discord poll that the community overwhelmingly favored DOGE as the next target, with 301 votes dwarfing all other options combined. Dogecoin's $2.3 million daily mining revenue and high-profile Elon Musk endorsements make it a lucrative yet fiercely competitive target. This move could further disrupt the Proof-of-Work landscape, with Kraken and other exchanges likely monitoring the implications for market liquidity and network security. The decision, expected soon, may reignite debates about centralization risks in meme-coin mining ecosystems.

Qubic Considers Dogecoin Mining After Monero Network Takeover

Qubic Network, the controversial AI-focused crypto project, may pivot to mining Dogecoin following its recent dominance over Monero's hashrate. Founder Sergey Ivancheglo shared a Discord poll showing the community overwhelmingly voted for DOGE as the next target, with 301 votes—more than all other options combined.

Dogecoin's $2.3 million daily mining profits and Elon Musk-fueled prominence make it an attractive but competitive prospect. The memecoin, now a top-10 asset with a $33 billion market cap, would mark a strategic shift after Qubic's Monero operations sparked concerns of a 51% attack, prompting Kraken to temporarily halt XMR deposits.

Monero Defies Market Trend with 5.5% Gain Post 51% Attack Scare

Monero (XMR) surged 5.5% despite a potential 51% attack threat from mining project Qubic, while the broader crypto market bled. Bitcoin and Ethereum retreated as total market capitalization dipped below $4 trillion.

Derivatives data reveals unwavering bullish sentiment. Funding rates spiked to 0.1948% - the highest since May 2025 - indicating traders are paying premiums to maintain long positions. Open interest climbed to $52 million, creating upward price pressure.

Notably absent was the typical panic response. Spot inflows declined rapidly without significant sell-offs, suggesting holder confidence in Monero's resilience. The rally occurred even as Kraken paused XMR deposits, highlighting the cryptocurrency's unusual strength amid adversity.