Monero (XMR) price forecast amid a controversial takeover attempt by Qubic
Main Idea
Monero (XMR) faces a potential takeover attempt by Qubic, raising concerns about a 51% attack, while its price remains resilient despite the threat.
Key Points
1. Qubic, led by IOTA co-founder Sergey Ivancheglo, is attempting to seize control of the Monero network through AI-powered mining and economic incentives.
2. Qubic's strategy involves redirecting mined XMR toward buybacks and token burns, raising community concerns about a potential 51% attack.
3. Qubic currently controls 27% of Monero's hashrate, posing a significant threat to the network's security.
4. Monero's price has shown resilience, trading at around $325.06 with a 100% increase over the past year, despite the ongoing threat.
5. The Relative Strength Index (RSI) for XMR is at 59.44, indicating potential for further upward movement, with a support zone around $150–160.
Description
Monero (XMR), the leading privacy-focused cryptocurrency, is under growing pressure as it faces an unprecedented challenge to its decentralisation. Qubic, a rival crypto project led by IOTA co-founder Sergey Ivancheglo, has openly announced a strategic attempt to seize control of the Monero network. As the August 2 deadline looms for what Qubic describes as a demonstration of its AI-powered mining capabilities, both Monero’s technical integrity and its price performance are under intense scrutin...
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