He explained that there was a community vote, with Dogecoin, Zcash, and Kaspa as options. In the end, the Qubic community chose Dogecoin as the target.

Ivancheglo added that this move should not be taken as a literal “attack”, but rather as Qubic’s plan to mine Dogecoin.

According to the founder, the goal is to divert some of the mining power from Proof-of-Work (PoW) projects to demonstrate their proof-of-concept – not to damage the targeted network.

“To avoid misunderstandings: Dogecoin mining preparation requires several months of development. During this period, the Qubic pool continues to mine #Monero,” he explained.

Networks struggle to keep up with price movements

Amid the controversy, DOGE’s price dropped from $0.24 to $0.22 (18/8) – but the impact wasn’t just on its market value. On-chain data from Santiment shows that Dogecoin’s Price-Daily Active Addresses divergence fell to -131.75%.

Read also: Bitcoin Holds Around $115K on August 19: Is Further Decline on the Horizon?

This drop indicates that network activity is not in line with price movements. In other words, fewer unique addresses are interacting with DOGE relative to its valuation.

This could suppress DOGE’s price recovery if network activity does not increase to affirm demand.

DOGE Price in a Tight Triangle Pattern

Technically, the Dogecoin price consolidated within a symmetrical triangle pattern, signaling a possible next big move. However, indicators are bearish.

The Money Flow Index (MFI) fell to 34.21, indicating selling pressure was greater than inflows, and DOGE prices were approaching oversold conditions.

Adding to the downside risk, the red Supertrend line is now above the price, reinforcing the sell signal and showing that bearish pressure is still dominant.

If the downtrend persists, the price of DOGE risks breaking the lower trend line of the triangle. In the event of a breakdown, the price could fall to $0.20. Further selling pressure could lower the next target to $0.17 – equivalent to a 25% correction from current levels.

On the other hand, if the buyers (bulls) take over and push the DOGE through the upper limit of the triangle, this bearish projection could be invalidated.

In that scenario, the price of DOGE could rise to $0.26, and in the event of a strong bullish breakout, it could even jump to $0.30.

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