Potential for New All-Time High as Tesla Adoption Looms

• Dogecoin has traded sideways in the past week after massive gains earlier in the month, but analysts say it holds the key to the broader market’s surge.
• Analyst Scott Melker noted that bull markets are built on retail investors who jump in to buy meme coins, with DOGE the best positioned to capitalize on this expected FOMO.

Dogecoin, everyone’s favorite meme coin, still has heights to scale in this bull run as FOMO pushes retail traders and newbies to jump into meme coins, analysts say.

DOGE trades at $0.163 at press time, losing 2.8% in the past day and 3% in the past week as it continues to trade sideways after skyrocketing towards the end of February.

As Crypto News Flash reported, DOGE hit a new one-year high at $0.2007. It has since shed some of the gains, which are in line with reduced momentum in the broader market as top tokens like BTC and ETH dropped by up to 5%.

DOGE’s trading volume has also dipped. At $2.565 billion in the past 24 hours, it’s 48% lower on the day. The meme coin’s market cap stands at $23.365 billion, the ninth largest in the market, just ahead of Avalanche.

Dogecoin Rally Incoming

However, one analyst says that despite the slight retracement, Dogecoin will have a big year. Scott Melker, the host of the Wolf of All Streets podcast and one of the most popular crypto influencers, says that the meme coin is the key to the entire market’s rise as it signifies an influx of new money from newbies and retail traders.

Melker, who won the Binance Influencer of the Year for North America in 2020, told his 948,000 X followers:

Mainstream FOMO will return to the crypto market when DOGE makes a new all-time high. This is my new theory.

Bitcoin hitting a new all-time high was touted as the height of the crypto bull market. However, as Melker noted, the top crypto is only significant to those in crypto and professional investors. For the mainstream, the fun coins, the meme coins and things like NFTs hold the most appeal.

“People seem to forget that the mainstream fervor last cycle came through dog coins and NFTs,’ the Wolf of All Streets noted.

In the last major bull market, meme coins like Dogecoin and Shiba Inu were the main catalysts, sparking billions of dollars in inflows into the market. This money eventually flows into Bitcoin, but the meme coins are the first point of contact. Back then, some exchanges had three-month-long waitlists of people seeking new avenues to buy DOGE and other meme coins.

In the current market, some new meme coins have seen massive gains, from the whimsical dogwifhat, which has been rallying for months, to BONK and PEPE, which have gained 120% and 600%, respectively.

This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.