A well-known American analyst and currency expert said that Dogecoin will explode again!
Cryptocurrency expert Scott Melker has put forward a new perspective. He believes that Dogecoin (DOGE) will be the key to the return of mainstream demand in this bull market. He explained that when the well-known meme coin hits all-time highs, it will inspire a "fear of missing out" among the mainstream population
(FOMO) psychology, attracting them back to the cryptocurrency market.
Melker noted that Dogecoin and non-fungible tokens (NFTs) were the main drivers of market enthusiasm during the last bull cycle. He recalls people rushing to join exchange waiting lists just to buy Dogecoin. Therefore, he believes that Dogecoin needs to reproduce the glory of 2021 to stimulate market enthusiasm and attract more investors.
While Bitcoin’s new highs aren’t enough to spark mainstream attention, Melk believes Dogecoin’s parabolic rise and new all-time high will garner widespread attention. He mentioned that Dogecoin surged more than 26,000% in 2021 to reach an all-time high, in part because the currency began to be more widely accepted as a payment method.
In addition, Elon Musk, the world’s richest man, recently hinted that Tesla may start accepting Dogecoin payments. This news is certainly a bullish sign for the entire Dogecoin ecosystem and is expected to have a positive impact on its price. However, as of now, Dogecoin price is around $0.1635, down more than 12% in the past 24 hours. Nonetheless, Melk remains optimistic about Dogecoin’s future performance.
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