Report: Nigeria and Morocco among top 10 countries interested in meme coins

African countries Nigeria and Morocco are among the hottest spots for the meme coin craze globally, according to a recent analysis by cryptocurrency tracking platform CoinGecko, which adds that Nigeria sports a different interest profile compared to other leading markets for meme coin interest.

Quick facts

• The report involved the analysis of the total year-to-date page views for the top 15 meme coins by market capitalization.
• Nigeria ranked fifth in the list, with meme coins like Floki and ArbDoge AI generating the highest interest at 24.2% and 20.8%, respectively. Dogelon Mars generated 17.4% of the West African country’s interest in meme coins.
• Of note: Floki and ArbDoge AI both see relatively lower interests in other leading markets. The Philippines is the only other top-10 country CoinGecko mentioned to have a similar interest profile.
• According to the report:

“[The data suggests that] that people in the Philippines and Nigeria are also keeping an eye on the less well-known meme coins, instead of aping into those that are already trending.”

• Morocco ranked tenth, accounting for 1.2% of the total interest in meme coins. Dogecoin generated 61.1% of the country’s interest in meme coins.

Of note

• Meme coins are crypto tokens often inspired by internet memes and characterized by their humorous themes and viral appeal.
• For example, dogecoin depicts an animated Shiba Inu dog breed. The coin, launched in December 2013, gained popularity in 2021 after Elon Musk and other celebrities talked about it, causing its value to skyrocket by 800%.
• Meme coins have gained popularity due to their potential for substantial value appreciation within a short time. However, investors should exercise caution and conduct thorough research before investing.

Other meme coin leaders

• Per the report, the United States leads the meme coin craze, generating about 23.6% of the interest and over two million views on the top meme coin pages.
• Shiba Inu is the most popular meme coin in the U.S., accounting for 60.7% of the country’s interest in meme coins, followed by Pepe, Bonk and Volt Inu.
• India follows closely, making up 20.3% of the overall meme coin interest. Shiba Inu is also India’s most popular meme coin, generating 55.8% interest.

Zoom out

• Social media platforms like Telegram and Twitter have played a significant role in promoting and popularizing meme coins, especially in Nigeria.
• Although financial institutions are still banned from offering services to crypto accounts, citizens are not explicitly banned from trading cryptocurrencies and other digital assets.
• In Morocco, cryptocurrencies are completely banned. Flouters could face prison time and fines. Still, Morocco was the second fastest-growing market for crypto adoption in North Africa in 2022, according to blockchain analytics firm Chainalysis.