A widely followed crypto analyst is predicting that the altcoin market cap will decline dramatically as memecoin Pepe (PEPE) plummets.
In a new DataDash update, crypto analyst Nicholas Merten tells his 511,000 YouTube subscribers that the altcoin market currently lacks any new catalyst that would attract more liquidity, setting the stage for a fall from its current top.
“There is not much development going on right now. Nowhere near what we need for another bull market. I was there during the last bear market in 2018 and 2019, and I can tell you guys there was DeFi (decentralized finance), NFTs (non-fungible tokens) were making a resurgence. There was a whole lot of fundamental things that actually justified new liquidity coming in.”
Merten looks at the recent price action of three layer-2 scaling solution projects – Optimism (OP), Arbitrum (ARB) and Polygon (MATIC) – to support his prediction that the altcoin market is going to keep bleeding liquidity.
“We can see that Opti
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