Dogecoin in Crisis: Qubic’s DOGE Assault Follows Monero Raid—Will Bulls Halt the Collapse?

Dogecoin faces its toughest test yet as Qubic—fresh off its Monero attack—turns its sights on DOGE. The memecoin darling, once buoyed by Elon Musk tweets and retail hype, now stares down a potential freefall.

Can the bulls mount a defense?

Qubic’s targeting of DOGE isn’t just another crypto skirmish—it’s a stress test for a coin built more on vibes than utility. The project’s open-source code and lightweight blockchain, once praised for accessibility, now look like vulnerabilities in the crosshairs of a sophisticated attacker.

Meanwhile, traders are left watching charts like Wall Street analysts staring at a Bloomberg terminal after three martinis—equal parts confused and overconfident. If the support levels crack, the ‘to the moon’ crowd might need emergency parachutes.

The real question: Is this a blip for the people’s crypto, or the start of a reckoning for coins that prioritize community over cryptography?

Dogecoin Whales Keep Buying, But Confidence Wavers

Interestingly, whale wallets continue to show aggressive accumulation. In August alone, 680 million DOGE were added, pushing total whale holdings to nearly 100 billion tokens, the highest level in months.

While this suggests long-term confidence, the accumulation has yet to translate into upward price momentum, as technical damage from repeated rejections at $0.24 resistance weighs on short-term sentiment.

Market analysts warn that if whales pause accumulation amid network risks, the lack of strong buyer support could trigger a deeper freefall below the current $0.22.ç

The latest blow came when Qubic, an AI-driven blockchain project, announced that its community had voted dogecoin as its next proof-of-work target.

The move follows Qubic’s controversial 51% attack on Monero, which allowed it to reorganize blocks and manipulate transactions, forcing Kraken to suspend Monero deposits.

With Dogecoin’s market cap above $35 billion, the stakes are considerably higher. A successful attack could disrupt transactions, enable double-spending, and dent investor confidence.

While some experts argue DOGE’s larger network makes it harder to compromise, others caution that the intent alone has raised red flags across the crypto industry.

Dogecoin’s immediate future hinges on whether bulls can reclaim the $0.23 level. Failure to do so could open the door to deeper losses, especially if Qubic escalates its campaign against the network.

For now, traders are closely monitoring derivatives positioning, whale behavior, and global trade tensions that continue to pressure risk assets.

Dogecoin may have survived many market downturns, but this time, both technical fragility and network security are in question, making the coming weeks critical for the memecoin’s stability.

Cover image from ChatGPT, DOGEUSD chart from Tradingview