There is a feeling that DOGE could attract a lot of attention once it makes a parabolic rise that leads to a new ATH.
Cryptocurrency expert Scott Melker, also known as the “Wolf of All Streets,” has laid out a theory as to when overall cryptocurrency demand will return in this bull market.
Interestingly, his theory revolved around the biggest meme coin, Dogecoin (DOGE), which he believes could attract non-crypto natives back to the crypto space.
Dogecoin’s Role in Attracting General Cryptocurrency Demand
Melker mentioned in an X (formerly Twitter) post that mainstream FOMO (fear of missing out) will return to the cryptocurrency market when the top meme coin hits a new all-time high (ATH). Their belief is based on the fact that the “mainstream fervor” in the last bull cycle was fueled by dog coins and NFTs (non-fungible tokens).
He alluded to how these people joined waiting lists on exchanges just to register and buy DOGE. As such, DOGE needs to make a similar run as 2021 to attract these people back into the space and get them “excited about the market again.” DOGE reaching a new ATH would be a good start as it would turn all investments from the previous cycle into profits.
Melker suggested that Bitcoin hitting new ATHs has not been enough to attract this class of investors, as there is still “seemingly minimal overall interest.” He joked that so far he hasn’t received calls from old friends and family asking if they should buy Bitcoin.
Although DOGE is not exactly at the center of this bull cycle, meme coins are once again part of the mainstream narratives, and these crypto tokens are gaining a lot of interest from retail investors.
Musk: Dogecoin Will Be Used to Buy Teslas ‘At Some Point’
Tesla CEO Elon Musk has hinted that his electric car maker could add Dogecoin DOGE as official payment method for Tesla cars “at some point.”
On March 13, Musk was interacting with the public at the Berlin Gigafactory, a Tesla manufacturing plant, where an audience member asked if a Tesla could be purchased using DOGE in the near future.
Musk began endorsing DOGE after some employees at Tesla’s Gigafactory urged the CEO to support Dogecoin as an official mode of payment. A similar request was made at SpaceX; The visitors demanded support for Dogecoin, and the petition was finally accepted.
What Dogecoin Needs for a New ATH
In 2021, DOGE rose over 26,000% to reach an ATH of $0.7376. This price increase was due in part to the broader acceptance that the meme currency began to enjoy, with entities such as the Dallas Mavericks NBA team accepting it as a payment option. Therefore, an increase in DOGE’s use case could be critical to its performance in this bull run.
Such a development would undoubtedly send bullish signals throughout the DOGE ecosystem and positively affect its price. Currently, DOGE is trading at around $0.1635, down more than 12% in the last 24 hours, according to data from CoinMarketCap.
As of March 15, 2024, the Dogecoin cryptocurrency recorded a closing price of 0.18 US cents. It should be noted that the value of this digital currency experienced a significant rebound in November 2022, when investors began to buy it after the collapse of FTX.
By Audy Castaneda
