tl;dr
The Qubic community chose to target Dogecoin next after their recent 51% attack on Monero, highlighting vulnerabilities in proof-of-work networks to concentrated hashrate attacks. Dogecoin, with a $33 billion market cap and broad adoption, faces potential security risks that could impact perceptions...
The Qubic community overwhelmingly chose the meme coin Dogecoin over Kaspa and Zcash as their next target following their recent 51% attack on Monero. This incident exposed the vulnerability of proof-of-work networks to concentrated hashrate attacks, sparking debates about decentralization after Kraken temporarily halted Monero deposits to protect network integrity.
Dogecoin, boasting a $33 billion market cap and significant mainstream visibility, now stands in the crosshairs. Its wide adoption and cultural prominence mean that an attack on Dogecoin could have profound implications for the perceived resilience of major blockchain networks. The potential compromise of such a high-profile asset raises serious concerns about the security of large proof-of-work blockchains.
Meanwhile, the US Justice Department added to its growing crypto assets by seizing $2.8 million linked to ransomware operator Ianis Aleksandrovich Antropenko, signaling increased governmental action in the cryptocurrency realm.
Qubic’s founder Sergey Ivancheglo, known as Come-from-Beyond, guided the community to choose from Dogecoin, Kaspa, and Zcash, with Dogecoin receiving more than 300 votes—exceeding the combined votes for the other two. This decision came after Qubic's mining pool successfully executed a month-long 51% attack on Monero by amassing around 2.32 gigahashes per second of computing power, reorganizing six blocks in the process.
Though the Monero attack did not compromise the blockchain’s privacy or usability, it triggered urgent questions about decentralization and network control. The Qubic team aims to back Monero’s network security entirely with its own miners, which presents critical challenges for the broader crypto ecosystem’s trust in proof-of-work models.
Kraken’s swift reaction—halting deposits but maintaining withdrawals and trading—highlighted the rapid impact such attacks can have on crypto exchanges and user confidence. Should Qubic carry out a similar strategy on Dogecoin, the consequences could reshape industry conversations about blockchain security and the future of decentralized finance.