Nigeria Dominates Crypto Interest in Africa, Accounting for 66.8% in 2023
According to a recent report by Coingecko Research, Nigeria has emerged as the African country with the highest level of interest in cryptocurrencies in 2023. The report reveals that Nigeria accounts for a staggering 66.8% of crypto interest in Africa year to date (YTD), which is nearly eight times more than the next most interested African country.
This is not the first time Nigeria has been recognized as a crypto-curious nation. In fact, Nigeria and Kenya were previously ranked as the most crypto-curious countries in the world. Nigeria has consistently appeared in global top rankings, showcasing strong interest in various areas of the crypto space, including meme coins, web3 gaming, AI crypto, and even Proof of Reserves.
The driving factors behind Nigeria’s crypto interest and adoption are rooted in the country’s poor traditional financial infrastructure and economic challenges, such as high inflation and currency depreciation. These factors have led many Nigerians to turn to cryptocurrencies as an alternative means of financial security and investment.
While Nigeria dominates the crypto interest landscape in Africa, other countries also show moderate levels of interest. South Africa, Morocco, Ghana, Egypt, and Ivory Coast contribute to Africa’s crypto interest to a lesser extent, accounting for a total of 23.8% of the continent’s interest in crypto YTD. These countries have also made appearances in global rankings, albeit typically ranked below Nigeria.
On the other end of the spectrum, the remaining 48 African countries demonstrate relatively low crypto interest, with each country holding less than a 2.0% share YTD. Out of the 54 African countries, only 41 have recorded any interest in crypto this year, while 13 countries currently show no share at all in crypto interest across the continent.
When examining the crypto interest by regions within Africa, West Africa emerges as the region with the highest concentration of crypto interest, accounting for 74.7% of the continent’s total. Northern Africa follows with a 10.0% share, while Southern Africa holds 9.6%. East Africa and Central Africa lag behind with 3.8% and 1.9% shares, respectively.
Among the top 15 African countries with the highest crypto interest, the regions of Northern Africa and East Africa have the most representatives, with four countries each. Southern Africa and West Africa have three countries each, while Central Africa only has one country in the top 15 rankings.
In terms of the specific cryptocurrencies that African countries are watching in 2023, meme coins, decentralized finance (DeFi) tokens, and blockchain networks are the most popular. These three categories account for 13 out of Africa’s top 17 cryptocurrencies, including various meme coins like Dogecoin, Shiba Inu, Baby Doge Coin, and Bonk, as well as DeFi-related tokens and native currencies of blockchain networks.
Among the analyzed countries, each has its own set of popular cryptocurrencies. For example, Nigeria’s most popular crypto includes Peepo, Liquity, and Conflux. South Africa is interested in Truebit Protocol, Shiba Inu, and Dodo. Morocco’s top crypto includes Dogecoin, Ripple, and Bonk. Ghana is focused on Dust Protocol, Bitcoin, and Kava. Egypt’s popular crypto includes Sweatcoin, Arbitrum, and Pepe, while Ivory Coast is interested in Terra Luna Classic, Baby Doge Coin, and Shiba Inu.
The report underscores the concentration of crypto interest in Africa within a few countries and highlights the disparities across the continent. Factors such as poor traditional financial infrastructure, economic challenges, and limited emergence of strong crypto narratives contribute to this uneven distribution. Additionally, the report suggests that African investors may check crypto prices less frequently compared to other regions.
In conclusion, Nigeria stands out as the African country with the highest level of crypto interest, representing a significant majority of the continent’s crypto activity in 2023. However, other countries in Africa also show moderate interest, while the majority of African nations exhibit relatively low levels of crypto engagement. The report’s findings shed light on the dynamics of the African crypto landscape and provide valuable insights into the preferences and interests of African investors in the crypto space.
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