CoinGecko recently disclosed that the most crypto-degen country is the United States which has 16.8% of world interest in low-cap crypto on on-chain DEX trackers. It shows that there is a strong burning passion in the US for such coins, which are usually referred to as “shitcoins” or memecoins. Next in line is the United Kingdom, with 6.2% interest in these altcoins, and following them up is the Philippines in third place, having 5.1% interest.
Global Hotspots of Crypto Enthusiasm
The study conducted by CoinGecko employed a meticulous methodology, analyzing the total visits by country to GeckoTerminal, DEX Screener, and DEXTools from April 2023 to March 2024, drawing upon Similarweb data. The findings underscore a concentrated interest, with the top 25 most crypto-degen countries accounting for a commanding 77.8% of on-chain speculation interest.
Among Southeast Asian nations besides the Philippines, it can be seen that the markets favor small market capitalization digital currencies highly. Indonesia has the biggest portion of 4.0%, Vietnam follows closely with a 2.9% share, while Thailand and Malaysia rank third and fourth having 1.2% and 0.9%, respectively.
Africa’s representation in the worldwide digital market is dominated by Nigeria, being the only African country in the top 25 crypto-degen nations. Nigeria, ranked at sixth position, accounts for 3.9% of the total share, indicating a growing interest in digital currencies across the region.
Within the European Union (EU), several nations showcase a palpable interest in on-chain trading. France leads the pack with a 4.4% share of global interest, followed by the Netherlands with 3.0% and Poland with 2.4%. The EU’s substantial presence in the list further cements the continent’s active engagement in the crypto market.
Remarkably, 18 of the 25 most crypto-degen nations are members of the G20; this shows that cryptocurrencies have been widely adopted and are of interest among countries that have a strong economy. The G20 is made up of countries which are economically powerful. Thus this proves how much impact digital currencies have in the world beyond niche markets.
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