Key Points
- The Qubic community has decided to focus on Dogecoin after a vote, favoring it over Zcash and Kaspa.
- Bitcoin’s value plummeted near $115,000, following a dip from its previous peak of over $124,000 after higher-than-expected U.S. producer price inflation.
Market Overview: Dogecoin (DOGE), trading at around $0.222, observed a 4% decline in the last 24 hours according to CoinDesk data. The previous significant bullish trend has not yielded sustained momentum.
Early Monday, Qubic, an AI-based blockchain initiative, revealed intentions to target Dogecoin, emphasizing ongoing discussions about resilience in blockchain technology, stating, “Preparation will take time.”
Community Vote: Sergey Ivancheglo, founder of Qubic, conducted a poll on attacking a proof-of-work blockchain, where Dogecoin was overwhelmingly chosen over alternatives, including Kaspa and Zcash.
“The Qubic community has chosen Dogecoin,” Ivancheglo announced on X via the handle Come-from-Beyond. This follows a successful 51% attack on Monero, signifying a notable shift in focus and priorities within the cryptocurrency landscape.
Market Signals
Observations show that DOGE’s cumulative volume delta (CVD) has seen a nearly 1% drop in the past 24 hours, representing the largest decline among the top cryptocurrencies. This negative CVD infers greater selling than buying activity, often signaling bearish trends in pricing.
Bitcoin Pricing: Bitcoin (BTC) continues to struggle following the inflation report, hovering around $115,375.44. Analysts suggest the Federal Reserve’s cautious attitude towards interest rates may be impacting market confidence, but insights posit an eventual rate cut amidst broader economic considerations.
