Cryptocurrency enthusiasm has spread worldwide, including in various regions in Africa. Over the years, the continent has consistently displayed a bullish attitude toward the industry. However, a particular country has stood out in terms of major interest. A recent report unveiled Nigeria as the African country with the highest level of cryptocurrency interest in 2023. While South Africa also showed interest, it significantly trailed behind Nigeria.
According to the latest report from CoinGecko, Nigeria accounted for 66.8% of the cryptocurrency industry in Africa. In comparison, South Africa held the second position with a share of 8.36%. This data indicates that Nigeria’s level of interest in cryptocurrency is nearly eight times higher than that of South Africa.
The most popular cryptocurrencies in the Nigerian market were relatively less familiar to many. Peepo [PEEPO], Liquity [LQTY], and Conflux [CFX] emerged as the top three favored assets among Nigerian cryptocurrency enthusiasts. Liquity and Conflux gained prominence as notable borrowing protocols.
Conversely, in South Africa, Truebit Protocol [TRU] and Dodo [DODO], the native token of a decentralized exchange, garnered significant popularity due to their computational technology. It is noteworthy that Shiba Inu stood as the second most popular cryptocurrency asset in South Africa.
African countries have displayed significant interest in meme coins, and Shiba Inu has witnessed increased adoption across the continent. Alongside South Africa, Shiba Inu has also emerged as a popular choice among crypto assets in the Ivory Coast. Other meme coins like Dogecoin [DOGE], Baby DogeCoin [BABYDOGE], and Pepe Coin [PEPE] have also enjoyed popularity among cryptocurrency enthusiasts in Africa.
Nigeria In Top Position Despite Having Its Own Digital Currency
As mentioned earlier, Nigeria has maintained its position as a frontrunner in cryptocurrency interest. Previously, both Nigeria and Kenya were acknowledged as the most crypto-curious countries globally. However, Kenya has now slipped to the 11th position, with a relatively modest interest of 0.59% originating from the region.
The image above illustrates that the remaining 48 countries in Africa demonstrate relatively low levels of cryptocurrency interest compared to other regions within the continent. Each of these countries accounted for less than a 2.0% share year-to-date (YTD).
The variance in cryptocurrency interest across Africa can be attributed to significant challenges, particularly in Nigeria. The country has experienced issues such as cash shortages, which have disrupted traditional financial systems, and widespread protests in the region.
Amidst this unrest, the Nigerian government introduced the e-naira as a digital currency option for its citizens. However, instead of embracing the government-backed digital currency, Nigerians have shown a preference for exploring cryptocurrencies.
It is important to note that only around 5.75% of Nigeria’s overall population currently possesses cryptocurrency, while in South Africa, the second-ranked country, approximately 10% of the population is engaged in crypto ownership.