The Role of Dogecoin in Attracting Mainstream Demand for Crypto
Crypto expert Scott Melker, also known as the ‘Wolf of All Streets,” has proposed a theory on when mainstream demand for crypto will return in this bull market. According to Melker, the key to attracting non-crypto natives back into the crypto space lies with Dogecoin (DOGE), the foremost meme coin. He believes that when DOGE reaches a new all-time high (ATH), it will reignite mainstream FOMO (fear of missing out) and generate renewed interest in the crypto market.
During the last bull cycle, mainstream fervor was driven by dog coins and non-fungible tokens (NFTs). Melker pointed out how people eagerly joined waiting lists on exchanges just to sign up and buy DOGE. To attract these individuals back into the space and get them excited about the market again, DOGE needs to experience a similar surge as it did in 2021. Reaching a new ATH would be a significant milestone, as it would ensure that all previous investments are profitable.
Interestingly, Bitcoin hitting new ATHs hasn’t been enough to capture the attention of this particular group of investors. Melker humorously mentioned that he hasn’t received calls from old friends and family asking if they should buy Bitcoin. Therefore, DOGE’s potential rise to a new ATH holds the promise of rekindling mainstream interest.
Although DOGE may not be at the forefront of this bull cycle, meme coins have once again become part of the leading narratives in the crypto market. Retail investors are showing considerable interest in these tokens. However, it is believed that DOGE could generate even more attention if it experiences a parabolic rise that propels it to a new ATH.
Requirements for DOGE to Achieve a New ATH
In 2021, DOGE witnessed an astonishing surge of over 26,000% and reached an ATH of $0.7376. One of the factors contributing to this price increase was the broader acceptance that DOGE began to enjoy. For instance, the NBA team Dallas Mavericks started accepting DOGE as a payment option. Therefore, the expansion of DOGE’s use case could play a critical role in its performance during this bull run.
Notably, Elon Musk, the world’s richest man and a prominent supporter of DOGE, recently hinted at Tesla eventually accepting DOGE as a payment method. Such a development would undoubtedly send bullish signals throughout the DOGE ecosystem and positively impact its price.
Currently, DOGE is trading at approximately $0.1635, experiencing a decline of over 12% in the last 24 hours according to data from CoinMarketCap.
Hot Take: Dogecoin’s Potential Impact on Mainstream Crypto Demand
Crypto expert Scott Melker, also known as the ‘Wolf of All Streets,’ has put forward an interesting theory regarding when mainstream demand for crypto will make a comeback in this bull market. Melker believes that Dogecoin (DOGE), the leading meme coin, will play a pivotal role in attracting non-crypto natives back into the crypto space.
Melker’s theory is based on the observation that during the previous bull cycle, dog coins like DOGE and non-fungible tokens (NFTs) were driving mainstream fervor. People were eager to join waiting lists on exchanges just to buy DOGE. To reignite excitement and interest in the market, DOGE needs to reach a new all-time high (ATH) since this would ensure profitability for previous investments.
Bitcoin hitting new ATHs hasn’t been enough to capture mainstream interest, as Melker humorously notes that he hasn’t received calls from friends and family asking about investing in Bitcoin. However, DOGE has the potential to generate significant attention if it experiences a parabolic rise that pushes it to a new ATH.
In 2021, DOGE witnessed an astonishing surge of over 26,000% and reached an ATH of $0.7376. This price increase was partly due to the increased acceptance of DOGE, such as the Dallas Mavericks accepting it as a payment option. Expanding DOGE’s use case could be crucial for its performance in this bull run.
Elon Musk, a prominent supporter of DOGE and the world’s richest man, recently hinted at Tesla accepting DOGE as a payment method. Such a development would undoubtedly have a positive impact on DOGE’s price and send bullish signals throughout the DOGE ecosystem.
Currently, DOGE is trading at around $0.1635, experiencing a decline of over 12% in the last 24 hours according to CoinMarketCap.
In conclusion, Dogecoin could play a significant role in attracting mainstream demand for crypto in this bull market. If DOGE reaches a new all-time high, it has the potential to ignite mainstream FOMO and reignite interest in the crypto market. With its previous surge and increasing acceptance, DOGE has shown that it can capture the attention of both retail investors and influential figures like Elon Musk. Whether or not DOGE will achieve another ATH remains to be seen, but its performance will undoubtedly be closely watched by many in the crypto community.
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