In the midst of the current bullish market in the cryptocurrency industry, Scott Melker, a well-known figure in the crypto community known as the ‘Wolf of All Streets,’ has put forward an interesting theory about the resurgence of mainstream interest in digital assets. Melker, an experienced crypto expert, believes that the revival of genuine interest from non-crypto natives is closely tied to the performance of Dogecoin (DOGE), the leading meme coin in the market.
Melker’s theory, shared on social media, revolves around the idea that mainstream FOMO (fear of missing out) will return when Dogecoin reaches a new all-time high (ATH). Drawing from observations of previous market cycles, he points out that the peak of mainstream enthusiasm was marked by the excitement surrounding dog coins and non-fungible tokens (NFTs). Melker highlights a noticeable trend where individuals who were previously unfamiliar with cryptocurrencies eagerly sought access to exchanges specifically to invest in DOGE during the last bull run.
According to Melker, the resurgence of this kind of excitement requires a resurgence in DOGE’s price similar to its remarkable surge in 2021. He argues that if DOGE were to reclaim its ATH, it would bring profits to existing investors and reignite enthusiasm among those on the sidelines, injecting fresh momentum into the broader crypto market.
While acknowledging Bitcoin’s achievement of new ATHs in the current cycle, Melker suggests that this alone has not been enough to capture the attention of mainstream investors. He humorously comments on the lack of inquiries from acquaintances seeking advice on Bitcoin investments, indicating a lack of widespread interest compared to previous cycles.
Despite Dogecoin’s somewhat peripheral role in the current bull cycle, meme coins have once again become prominent narratives, attracting significant attention from retail investors. DOGE, in particular, has the potential to become a focal point once again, especially if it experiences a parabolic surge leading to a new ATH.
In 2021, DOGE saw an astronomical surge of over 26,000%, reaching an ATH of $0.7376. This unprecedented price rally was partly driven by increased acceptance of the meme coin, such as the NBA team Dallas Mavericks adopting DOGE as a payment option. Therefore, the expansion of DOGE’s utility could play a crucial role in its performance in the current bull run.
Notably, Elon Musk, a prominent advocate for Dogecoin and CEO of Tesla, has hinted at the possibility of Tesla accepting DOGE as a payment method in the future. Such a development would undoubtedly generate bullish sentiment within the DOGE ecosystem and potentially have a positive impact on its price trajectory.
As of the time of writing, Dogecoin is trading at approximately $0.1635, reflecting a decline of over 12% in the past 24 hours, according to data from CoinMarketCap. Despite this short-term setback, the potential for DOGE to reclaim its ATH and the anticipated developments surrounding its utility could fuel renewed interest and contribute to the broader narrative of mainstream adoption in the cryptocurrency landscape.
Scott Melker’s theory highlights the potential significance of Dogecoin in reigniting mainstream enthusiasm for cryptocurrencies. As market participants closely monitor DOGE’s performance and await further developments, its role in shaping the trajectory of the ongoing bull market continues to be a subject of great interest and speculation.
