Scott Melker, also known as the “Wolf of All Streets,” has revealed his theory on the potential resurgence of mainstream fear of missing out (FOMO) in the crypto market. He asserted that people seem to forget that the mainstream fervor in the last bull market came through dog coins, like dogecoin, and non-fungible tokens (NFTs).
Mainstream FOMO, Dogecoin, and Crypto Market
Scott Melker, also known as the “Wolf of All Streets,” shared his new theory on social media platform X on Tuesday regarding mainstream fear of missing out (FOMO) reemerging in the crypto market and the meme cryptocurrency dogecoin (DOGE) reaching a new all-time high.
Melker is a well-known trader, investor, writer, and host of the Wolf of All Streets podcast. In 2020, he won the Binance Influencer of the Year Award for North America. Explaining his mainstream FOMO theory, he detailed:
Mainstream FOMO will return to the crypto market when DOGE makes a new all-time high.
He proceeded to share: “Bitcoin has made a new all-time high and there is seemingly minimal mainstream interest. Anecdotally, I am not getting calls from old friends and family asking if they should buy bitcoin.”
The Wolf of All Streets host continued:
People seem to forget that the mainstream fervor last cycle came through dog coins, and NFTs. There were three month long, waiting lists on exchanges just to sign up and buy dogecoin.
“Those are the people who are waiting for their investments to come back to get excited about this market again, whether we like it or not (I dont),” he opined.
Some social media users agreed with Melker, while others offered their own alternative theories or disagreed with him based on their own experiences.
One wrote: “It makes sense. However, I think this time around, we will have those people that bought DOGE on Robinhood and Coinbase try to get back in, and they‘ll do it with DOGE and SHIB at the beginning. Until they realized, by hype, that the players are different now. Then, they’ll go to the Bonks, WIFs, and Pepes of this cycle.” Another described: “Or this is just going to be a massive bull market and youll start getting the calls about bitcoin at $250,000.”
Last week, Melker shared his prediction that we are “at the start of a major bull run for both bitcoin and the broader crypto market in general.” He also cautioned: “We will likely see a huge bubble and that coins with no fundamental value will also skyrocket before it inevitably pops.”