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.
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Author: Scott Matherson
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