Dogecoin
nursed losses on Monday as the community behind Qubic, which recently attacked Monero, voted to target the Dogecoin network over Zcash and Kaspa by a significant margin.
At the time of writing, DOGE traded at over 22 cents, reflecting a 4% decline over a 24-hour period, according to RialCenter data. The cryptocurrency recorded a bullish golden crossover last week, but the bullish pattern failed to generate strong momentum.
Early Monday, the AI-focused blockchain project Qubic announced the community’s intention to target Dogecoin, stating, “There are ongoing discussions about $DOGE and preparation will take time.”
It added that “questions around blockchain resilience are being raised and we may have tools to address them.”
Sergey Ivancheglo, the founder of the Qubic network, sought a community vote on which application-specific integrated circuit (ASIC)-enabled proof-of-work (PoW) blockchain should face a 51% attack. From a list that included Kaspa and Zcash, the community overwhelmingly chose DOGE.
“The Qubic community has chosen Dogecoin,” Ivancheglo announced.
Qubic recently launched a successful 51% attack on Monero, gaining majority control over the computing power securing the privacy network.
DOGE leads CVD decline
DOGE’s futures open-interest-adjusted cumulative volume delta (CVD) indicator has dropped nearly 1% in the past 24 hours, the largest decline among the top 25 cryptocurrencies by market value, according to RialCenter data.
CVD, or Cumulative Volume Delta, is a technical indicator that measures net buying or selling pressure in a market over a specific period. It totals the difference between buying and selling volume.
A negative CVD indicates that selling pressure outweighs buying pressure, suggesting a greater number of market participants are selling a particular asset than buying it. This is often viewed as a bearish signal, indicating a probable price drop or continued decline.
Most cryptocurrencies, including BTC and ETH, show a similar bearish profile. Meanwhile, LINK is the only token with a positive CVD.
BTC Drops below $116K
Bitcoin
, the leading cryptocurrency by market value, fell nearly to $115,000 early Monday, extending its decline from Thursday’s record high of over $124,000.
The decline follows a hotter-than-expected U.S. producer price inflation report on Friday, which weakened the case for a 50-basis-point Fed rate cut in September. However, the central bank is still expected to reduce the borrowing cost by 25 basis points.
“Given the persistent uncertainty surrounding key economic indicators, the Federal Reserve has thus far adopted a cautious stance on interest rate cuts. The recent U.S. Producer Price Index (PPI) for July doesn’t make that any easier,” analysts at Coinbase Institutional stated in a weekly report.
“Nonetheless, we see this as an opportunity. We believe the Fed’s eventual focus on the broader economic picture, including the labor market, will lead to 25 bps rate cuts in September and October,” the analysts added.
Some observers expect Fed Chair Jerome Powell to lay the groundwork for the September move during his speech at the Jackson Hole Symposium later this week.
Read more: Asia Morning Briefing: Crypto’s Rising Leverage Trades Show Signs of Stress, Galaxy Digital Says
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