Dogecoin (DOGE) might be the key to making crypto mainstream and igniting FOMO, according to insights from a well-known cryptocurrency expert.
In the past week, Bitcoin (BTC) soared to a near-record value of $74,000, primarily propelled by the successful launch of its spot Exchange-Traded Funds (ETFs). Despite this, retail investors seem hesitant to dive in, leaving the market far from experiencing FOMO (fear of missing out). However, Dogecoin (DOGE) might be the key to making crypto mainstream and igniting FOMO, according to insights from a well-known cryptocurrency expert.
Dogecoin's Potential to Reengage Retail Investors
With Bitcoin surpassing its previous all-time high of $69,000 from November 2021, it's clear that a new bull market has commenced. Remarkably, this is the first time Bitcoin has hit a record price before a halving event. Additionally, despite reaching new heights, there's still a noticeable absence of FOMO among the masses.
The significant rally in price seems to have been primarily fueled by major investors. Crypto expert Scott Melker, also known as 'The Wolf of All Streets', proposes a theory on when the retail frenzy might return to the crypto market.
In a recent post on social media platform X, he suggested that Dogecoin, the market's leading meme coin, plays a pivotal role in triggering mainstream FOMO.
He bases his theory on the observation that "mainstream excitement" during the last bull run in 2020/2021 was driven by dog-themed coins and non-fungible tokens (NFTs).
He recalls how people rushed to join exchange waitlists just to buy DOGE. To rekindle their interest and enthusiasm for the market, DOGE would need to experience a rally similar to that of 2021.
Reaching a new all-time high for DOGE would be a great start, as it would render all investments from the previous cycle profitable.
Dogecoin hit its peak at nearly $0.74 on May 8, 2021. Currently, DOGE is trading at just over $0.15. To match its record high, DOGE's price would need to surge by approximately 382 percent.
Meme Cryptos Take the Spotlight
If Bitcoin's recent rally seems impressive, meme-based altcoins, including Dogecoin, have seen even more explosive growth in recent weeks.
Pepe (PEPE), Floki (FLOKI), and Dogwifhat (WIF) have all seen their value increase by more than 500 percent over the last 30 days.
Dogecoin itself has risen about 80 percent in the past month, securing its position among the top-performing cryptocurrencies in this period.
