Crypto expert Scott Melker, known as the “Wolf of All Streets,” predicts that mainstream demand for crypto will return when Dogecoin (DOGE) reaches a new all-time high (ATH).
Dogecoin’s Role in Attracting Newcomers
Melker believes that the last bull market’s “mainstream fervor” was driven by meme coins like DOGE and NFTs. He notes that many people joined crypto exchanges just to buy DOGE.
To attract these newcomers back, DOGE needs to make a similar run to 2021, putting previous investments into profit. Bitcoin’s ATHs alone have not been enough to spark mainstream interest.
Meme Coins and the Current Bull Cycle
While DOGE may not be the center of this bull cycle, meme coins are gaining traction among retail investors. Melker suggests that a parabolic rise to a new ATH could draw significant attention to DOGE.
What Dogecoin Needs for a New ATH
In 2021, DOGE surged 26,000% to an ATH of $0.7376. This was partly due to increased acceptance, including by the Dallas Mavericks NBA team.
For DOGE to perform well in this bull run, it needs increased use cases. Elon Musk’s recent hint that Tesla may accept DOGE as payment could be a major catalyst.
Current Dogecoin Price
At the time of writing, DOGE is trading at around $0.1635, down 12% in the last 24 hours.
