Dogecoin News Today: Monero Rises 5.5% Despite 51% Attack Scare and Qubic Stress Test

Monero (XMR) experienced an unexpected 5.5% price increase in a single day despite a 51% attack scare orchestrated by the Qubic mining pool. The event, which temporarily gained control of over 51% of Monero’s network hash rate and reorganized six blocks, raised concerns over the security of proof-of-work (PoW) blockchains. However, the market response was not one of panic but rather resilience, driven by two key factors: sustained bullish sentiment in derivatives markets and a lack of significant selling pressure in the spot market.

Derivatives traders have maintained a strong bullish stance, with the funding rate rising to 0.1948%, indicating that more traders are holding long positions. Open interest in futures contracts reached approximately $52 million, the second-highest level since May 2025. This suggests that traders anticipate further upside for XMR despite the security scare. The derivatives market is often more influential in price movements due to its reliance on leveraged positions and the tendency for liquidations to exacerbate price swings. In this case, the market did not react with mass liquidations; instead, it continued to push the price higher [1].

The spot market also showed signs of stability. Following initial inflows to exchanges—often a sign of selling pressure—the flow slowed down rapidly, signaling that holders were not rushing to offload their positions. Chaikin Money Flow (CMF) turned positive, indicating more capital was entering the market than leaving. Additionally, search interest for Monero hit an annual high on Google Trends, suggesting increased public attention and potentially higher liquidity. Despite Kraken temporarily halting Monero deposits over concerns of network integrity, the spot market remained largely unaffected, and buyers quickly returned [1].

Monero’s price currently hovers near $268, with key support levels at $263. If this level holds, XMR could continue its upward trajectory toward $280 or even $314. A breakdown below $263, however, could bring the price down to $248. Notably, no major whale dumping or large-scale sell-offs have been observed, which provides further support for continued price stability [1].

The Qubic team, led by developer Sergey Ivancheglo, has described these actions as “stress tests” to explore the viability of their alternative PoW model, which redirects mining profits to token buybacks and burns. The broader implications for PoW security are now under scrutiny, as the Qubic community has voted to test Dogecoin next. This shift has raised questions about the vulnerability of major PoW blockchains with significant market capitalizations [1].

Analysts have highlighted that while the attack did not compromise Monero’s core functionalities—privacy, speed, or usability—it has exposed potential risks related to mining centralization. The incident is prompting discussions around the future of PoW and alternative consensus models that might offer greater decentralization and security [5].

As the crypto market continues to monitor Monero’s response, the incident serves as a case study in how investor sentiment and market structure can influence price movements, even in the face of security threats. The resilience shown by XMR may set a precedent for how other networks are perceived in similar circumstances [1].

Source:

[1] Qubic Community Votes to Target Dogecoin After Monero 51% Attack (https://coincentral.com/qubic-community-votes-to-target-dogecoin-after-monero-51-attack/)

[5] Monero Battles Mining Centralization Fears (https://crypto-economy.com/best-altcoin-to-buy-in-2025-cold-wallet-cardano-monero-chainlink-ranked-for-big-moves/)