The cryptocurrency market is once again on edge after Qubic, the AI-focused blockchain project, shifted its attention to Dogecoin (DOGE) following its surprise 51% takeover of Monero last week.
The move has sparked debates about the resilience of proof-of-work blockchains and the motives behind Qubic’s campaign, which has unsettled traders and communities across the market.
Qubic’s community vote selects Dogecoin
Qubic’s focus on Dogecoin emerged from a community vote organised by its founder, Sergey Ivancheglo, who is widely known in crypto circles as Come-from-Beyond.
The vote asked supporters to choose between Dogecoin, Kaspa, and Zcash as the next network to challenge.
According to Ivancheglo’s announcement, Dogecoin won by a wide margin, securing more than 300 votes, which was more than the other two combined.
Replying to @SonOfATech
The #Qubic community has chosen #Dogecoin.
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The choice to target Dogecoin is significant.
With a market capitalisation hovering around $33 billion, Dogecoin enjoys mainstream visibility and deep liquidity, making it a much larger and more symbolic target than Monero, which, while important in privacy circles, does not command the same level of attention in public markets.
Lessons from the Monero takeover
Last week, Qubic stunned the industry by amassing enough computing power to briefly seize majority control of Monero’s network.
Qubic’s mining pool successfully reorganised six blocks, proving that even a well-established network could be shaken by concentrated hashrate.
Although Monero’s privacy features and usability were not compromised, the incident forced exchanges such as Kraken to temporarily halt deposits, adding pressure on traders and raising concerns about systemic risks.
Notably, the Monero takeover reminded the industry that proof-of-work networks, long celebrated for their security, remain vulnerable if enough resources are directed against them.
For many observers, the event was not simply about Monero itself but about the precedent it set for the broader crypto market.
Qubic’s motive
Qubic’s founder has insisted that the project’s motives go beyond token economics.
In a recent statement, Ivancheglo argued that vast amounts of electricity are wasted on proof-of-work mining and that this energy should instead be redirected to artificial intelligence development.
Ivancheglo hinted at a larger plan but stopped short of revealing details, telling followers that the purpose would become clearer over time.
Sceptics, however, remain unconvinced, arguing that the strategy relies on essentially bribing miners with temporary incentives and question how long such an approach can be sustained.
Others have raised the possibility that Qubic could be receiving outside funding, perhaps even from governments interested in testing new blockchain models before considering adoption.
A Dogecoin takeover by Qubic could be more catastrophic
If Qubic can repeat its Monero playbook on Dogecoin, the fallout could be more severe given the meme coin’s cultural presence and mainstream audience.
Any disruption to Dogecoin’s network could erode confidence not only in the coin itself but also in the broader perception of proof-of-work blockchains as resilient systems.
For now, the industry is watching closely and traders are weighing the risks, while communities debate whether Qubic’s efforts expose a fatal flaw in existing blockchain models or simply mark another stunt in crypto’s long history of disruptive experiments.
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