Dogecoin Faces Mounting Pressure as Whales Accumulate Amid Qubic’s Threat

Dogecoin (DOGE) is navigating turbulent waters after its much-anticipated golden cross failed to spark a sustainable rally. Despite heavy whale accumulation, late-session selling and rising security risks have left the memecoin vulnerable to deeper losses.

During the August 17–18 trading window, DOGE slipped nearly 6%, falling from $0.24 to $0.23. The decline came after a sharp midday surge on strong trading volume was met with aggressive selling, erasing earlier gains. A final wave of bearish pressure saw the token break below $0.23, a key support level that now marks a critical line for recovery.

Whale wallets, however, are showing no signs of retreat. Data reveals that large holders added 680 million DOGE in August alone, bringing total whale-controlled supply to nearly 100 billion tokens, the highest accumulation in months. Yet this buying spree has done little to offset technical weakness.

Security Concerns Add to Selling Pressure

The technical breakdown comes at a time when Dogecoin faces an even bigger challenge: the looming threat of a 51% attack.

Qubic, an AI-focused blockchain project, recently seized majority control of Monero’s hashrate through a coordinated mining effort. Shortly after, its community voted to make Dogecoin the next target, sparking fears across the crypto market.

A 51% attack on Dogecoin would allow Qubic miners to potentially reorganize blocks, disrupt transactions, and attempt double-spending.

With Dogecoin’s $35 billion market cap and reliance on proof-of-work mining, the threat underscores vulnerabilities in its network security. While Qubic describes its activities as “stress tests,” the move has raised serious questions about the resilience of proof-of-work systems.

Dogecoin Technical Outlook: $0.23 Remains Crucial

From a technical perspective, Dogecoin’s failure to hold $0.23 signals weakness in buyer demand.

The golden cross formation, where the 50-day moving average moves above the 200-day average, remains in place, but without follow-through momentum, its bullish implications are fading. Resistance at $0.24 continues to cap rallies, while breakdowns have been met with spikes in volume, suggesting sellers remain firmly in control.

Traders are now watching three key factors: whether whales sustain accumulation despite security concerns, the durability of the $0.23 support zone, and Qubic’s next moves. Should $0.23 fail to hold, analysts warn that Dogecoin could face a steeper descent, with downside targets near $0.2150 and beyond.

For now, Dogecoin finds itself at a crossroads: whales are betting on long-term growth, but technical damage and mounting security threats could dictate its next major move.