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 don't)," he opined.