Crypto expert Scott Melker, also known as the ‘Wolf of All Streets,” has laid down a theory of when mainstream demand for crypto will return in this bull market. Interestingly, his theory revolved around the foremost meme coin, Dogecoin (DOGE), which he believes could attract non-crypto natives back into the crypto space.
Dogecoin’s Role In Attracting Mainstream Demand For Crypto
Melker mentioned in an X (formerly Twitter) post that mainstream FOMO (fear of missing out) will return to the crypto market when the foremost meme coin hits a new all-time high (ATH). His belief is based on the fact that “mainstream fervor” in the last bull cycle was driven by dog coins and NFTs (non-fungible tokens).
He alluded to how these individuals joined waiting lists on exchanges just to sign up and buy DOGE. As such, DOGE needs to make a similar run to the one in 2021 to attract these people back into the space and get them “excited about the market again.” DOGE hitting a new ATH would be a good start since it would put all investments from the previous cycle in profits.
Melker suggested that Bitcoin hitting new ATHs hasn’t been sufficient enough to attract this class of investors as there is still “seemingly minimal mainstream interest.” He joked that he has so far not gotten calls from old friends and family asking if they should buy Bitcoin.
Although DOGE isn’t exactly at the center of this bull cycle, meme coins are once again part of the leading narratives, with these crypto tokens gaining much interest from retail investors. However, there is the feeling that DOGE could draw a lot of attention once it makes a parabolic rise that causes it to hit a new ATH.
What Dogecoin Needs For A New ATH
In 2021, DOGE surged by over 26,000% to hit an ATH of $0.7376. This price surge was partly due to the broader acceptance the meme coin began to enjoy, with entities like the NBA team Dallas Mavericks accepting it as a payment option. Therefore, an increase in DOGE’s use case could be critical for its performance in this bull run.
Interestingly, DOGE’s primary supporter and the world’s richest man, Elon Musk, recently hinted that his company, Tesla, would eventually begin accepting the meme coin as a payment method. Such development would no doubt send bullish signals throughout the DOGE ecosystem and positively affect its price.
At the time of writing, DOGE is trading at around $0.1635, down over 12% in the last 24 hours, according to data from CoinMarketCap.
DOGE price at $0.16 | Source: DOGEUSDT on Tradingview.com