Qubic Votes to Target DOGE for Potential 51% Attack
Dogecoin faced a sharp decline following the Qubic blockchain community's vote targeting it for a potential 51% attack, raising security concerns. This came just days after Qubic successfully compromised Monero’s network.
Key Facts
- Qubic’s governance forum approved a proposal to allocate hashpower towards Dogecoin.
- Whale investors accumulated 680 million DOGE in August despite security threats.
- DOGE futures open interest declined by 8%, indicating reduced confidence.
Price Movement
- DOGE fell 5% within 24 hours from $0.22 to $0.21.
- The price dropped significantly between 13:00-15:00 UTC on August 19, with 916 million tokens traded.
- $0.22 is now a strong resistance level; $0.21 serves as key support.
- Overnight trading remained range-bound between $0.2120-$0.2130, closing at $0.2124.
Technical Insights
- Resistance at $0.22 confirmed with high-volume sell-offs.
- Support at $0.21 may be tested again if selling continues.
- Panic selling reflected in a trade volume of 916 million, double the average.
- Open interest in futures decreased by 8%, suggesting unwinding of long positions.
Trader Focus
- Potential actions from Qubic regarding the DOGE attack.
- Impact of whale accumulation versus retail investor selling pressure.
- Responses to declining derivatives open interest.
- Breakout signals above $0.22 or below $0.21 could dictate future trends.