The crypto community is on high alert after Qubic, an AI-focused blockchain project, announced its next target: Dogecoin (DOGE). The decision comes just days after Qubic successfully executed a 51% attack on the privacy-centric cryptocurrency Monero (XMR), seizing majority control of its network’s computing power.
The move was decided by a community vote initiated by Qubic’s founder, Sergey Ivancheglo, who operates under the online handle “Come-from-Beyond.” In a poll, he asked the community which proof-of-work blockchain, enabled for specialized ASIC miners, should be the next target. The options included Dogecoin, Kaspa (KAS), and Zcash (ZEC).
The result was overwhelmingly clear. “The Qubic community has chosen Dogecoin,” Ivancheglo announced in an X post on Sunday. Dogecoin, a memecoin with a market capitalization of over $35 billion, garnered more than 300 votes—exceeding all other options combined.
The Monero Takeover: A Display of Force
Qubic’s campaign to target established blockchains first made headlines with its successful hashrate dominance over the Monero network. The Qubic team confirmed on Monday that its mining pool had gained majority control over Monero’s computing power, or hashrate. This was achieved after a month-long “war” with other Monero miners, culminating in the Qubic pool successfully reorganizing six blocks on the Monero chain.
At the time of writing, the Qubic mining pool commands a formidable hashrate of approximately 2.32 gigahashes per second (GH/s), according to data from MiningPoolStats.
Despite the aggressive nature of a 51% attack, the Qubic team has stated that its intentions are not to harm the targeted network. “The Monero network’s core functionality remains intact. Its privacy, speed, and usability have not been compromised,” the team wrote in a statement. They added, “However, the end goal is for the Monero protocol’s security to be provided by Qubic’s miners.”
Industry Reaction and Troubling Implications
The takeover prompted immediate and cautious reactions from the wider crypto industry. Major exchange Kraken temporarily suspended all Monero (XMR) deposits, citing the “potential risk to network integrity” posed by a single miner controlling the majority of the network. While XMR trading and withdrawals remain active, Kraken has informed users that deposits will only be re-enabled once the platform deems it “safe” to do so.
Qubic’s actions have sent a clear and potentially troubling signal across the digital asset landscape. Their ability to successfully target and control a well-established network like Monero highlights potential vulnerabilities in blockchains that rely on proof-of-work mining for security. As the project now turns its attention to a top-10 cryptocurrency like Dogecoin, the entire industry will be watching closely to see what happens next.
