Cryptocurrency expert Scott Melkeralso known as ‘The Wolf of Every Street’, put forward a theory this year about when mainstream demand for cryptocurrencies will return. bull market. Interestingly, his theory revolved around the best meme coin. Dogecoin (DOGE)He believes this could attract non-cryptocurrency people back into the cryptocurrency space.
Dogecoin’s Role in Attracting Mainstream Demand for Cryptocurrencies
Melker mentioned on X (formerly Twitter) post Mainstream FOMO (fear of missing out) will return to the cryptocurrency market as major meme coins reach record highs. New All-Time High (ATH). His beliefs are based on ‘mainstream passion’. last bull cycle Driven with coins NFT (Non-Fungible Token).
He mentioned how these individuals joined the exchange’s waiting list just to register and purchase DOGE. Therefore, DOGE must: Similar execution for 2021 The idea is to get these people back into the space and “get them excited about the market again.” DOGE hitting a new ATH would be a good start as it would convert all investments from the previous cycle into profits.
Melker suggested: Bitcoin Hits New ATH Still, “mainstream interest appears to be minimal,” so it hasn’t been enough to attract these types of investors. He joked that so far he hasn’t received a call from his old friends or his family asking if he should buy Bitcoin.
Although DOGE is not at the center of this incident. bull cycle, meme coins have once again become part of the main story, and these cryptocurrency tokens are receiving a lot of attention from retail investors. However, there is a feeling that DOGE could attract a lot of attention if it produces a parabolic rise reaching a new ATH.
What Dogecoin Needs for New ATH
In 2021, DOGE surged over 26,000% to hit ATH of $0.7376. This price surge is partly due to the widespread acceptance that meme coins have begun to enjoy with companies like the NBA team Dallas Mavericks. Accept as payment option. Therefore, growing use cases for DOGE could be very important. Performance In this bull market.
Interestingly, Elon Musk, a major backer of DOGE and the world’s richest man, recently hinted at His company, Tesla, said it would eventually start accepting meme coins as a form of payment. Such developments will undoubtedly send an optimistic signal globally. DOGE Ecosystem And it has a positive impact on prices.
At the time of writing, DOGE is reportedly trading at around $0.1635, down more than 12% in the last 24 hours. data From CoinMarketCap.
DOGE price at $0.16 | Source: DOGEUSDT on Tradingview.com
Featured image from Binance Academy, chart from Tradingview.com