Dogecoin is trading around $0.1732, possibly testing the resistance at $0.18 before it inches closer to $0.2 by the middle of this year. DOGE is up by 0.41% in the last 24 hours at the time of writing this article.
The crypto market is recovering with all its possible strength, and leading the charge is the dominant BTC in the sphere. However, there is still some space for other tokens to lead the way in their own way. For instance, analysts predict that DOGE will be well-positioned once it returns to its glory.
Lackluster Response to Bitcoin’s All-time High
There, glory represents the all-time peak in large part. Dogecoin is positioned to propel the crypto revolution after achieving a new all-time high on the trading board. Until then, BTC is the only option.
Bitcoin has already surpassed its previous ATH with a current value above $72,000. It further reflects a rise of 9.54% in the previous seven days. The approval of ETF applications came with mixed reactions, but the rise was imminent.
What has changed is the way people are reacting to the bull run. In contrast to 2021, when everyone wanted a piece of the token, holders realized that other segments, like dog coins and NFTs, could lead the phase. Holders are still optimistic about it and want to have BTC. The expensive pool is driving away the buying desire of many small traders, casually referred to as normies.
The Power of Meme Coins in the 2021 Bull Run
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There was an approximate wait time of 3 months to have DOGE. Traders are looking to get their investments back. The market will shift the tide from its current momentum precisely after they have secured their investments. NFTs and Meme coins attract traders, for they are way more desirable and affordable.
SHIB, for one, can be bought at $0.00003302. Similarly, PEPE can be added to the portfolio for just $0.000009314. Both values have been up in the last 24 hours. Bitcoin, on the other hand, is indeed expensive. Traders shy away from risking a large amount. Instead, they would rather have a meme coin to their name and make decent profits after an appropriate interval.
Scott Melker, a notable crypto investor, reminded everyone that the mainstream fervor last cycle came via NFTs and dog coins.
Many have agreed with his POV, adding that players have changed to have a better start with the likes of SHIB and DOGE.
Others have compared the crypto market to the traditional market, highlighting that the diminishing interest is what will ultimately affect crypto and DOGE. The bull run is, they believe, well-suited for those who are genuinely interested in the crypto market.
Dogecoin Investors Waiting on Sidelines
Investors in DOGE are waiting to get their investments back. Its renewed ATH would serve two purposes together: to get back investments and increase interest in the ecosystem. It is difficult to draw a tentative timeline for DOGE amid volatility. It was once $0.75 before dropping to $0.17. Holders continue to express that the community will upscale only after there is a chance of bridging the gap between the two numbers.
Unpredictable Nature of Crypto Adoption
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Notably, the theory put forward by Scott Melker could be better for some. It only makes sense to a limited number of traders. This is evident from how members respond, with many suggesting that they are inclined to see how BTC does in the market. Others suggest that Dogecoin would take its natural course to fetch profits.
Conclusion
The next wave of mainstream interest in the crypto market will happen. What remains to be seen is if DOGE will be at the forefront of it or be a major part of the cause. There continues to be uncertainty about crypto adoption across the world. It is better to take time and assess risk management before diverting funds to DOGE, BTC, or any other crypto token.
