The onset of 2024 brought with it the hype of an impending bull run, embracing a diverse range of participants including new explorers, established institutions, and investors.
Events starting from the debut of spot Bitcoin ETFs in the US, BTC’s new ATH at $73K, Ethereum’s Dencun, memecoin frenzy, and Bitcoin halving, to Hongkong ETFs staged in this realm, holding the community’s hype. Amid these, the “crypto degens — a label for the risk-loving traders — showed interest in curiously searching for opportunities to pump their bags with profits.
A study conducted by CoinGecko revealed the top nations which held a higher percentage of crypto degens. Let’s find out which nation dominated the list.
Which Country is the Most Crypto-Addicted?
Taking data over a period of 12 months, CoinGecko, with the help of data from multiple on-chain DEX (decentralized exchange) trackers, compiled a list of the top 25 crypto degen countries. Among these 25 countries, a significant 77.8% share of on-chain speculation interest is observed. Notably, this list featured 18 nations that were members of the G20.
1. United States (US)
According to the research, the United States ranks at the top as the country with the highest population of crypto degens. Over 16.8% of the global “on-chain speculation interest” was observed in this country. Moreover, this count had their attention towards the altcoins with smaller market caps. Spot Bitcoin ETFs (exchange-traded funds) debuted in the US, making its native citizens the first customers of this asset class in the world. Ironically, the nation’s regulator — the SEC (Securities and Exchange Commission) — has been waging legal battles against various crypto entities. Ripple, Binance, Coinbase, Uniswap, Metamask, Robinhood, and several others have been added to the list of targets.
2. United Kingdom (UK)
Next up on the list is the United Kingdom (UK), holding a 6.2% share of interest. This whole crowd was seemingly devoted to the memecoins or “shitcoins.”
3. Philippines
The Philippines has reserved the third spot in the category. This country hosted degens that contributed to a 5.07% of interest. Notably, this country has recently announced its plan to release crypto regulations in 2024. It also received approval to launch its first stablecoin — PHPC.
In fourth place stood France with a 4.4% share of interest. Besides France, 5 other countries from the European Union (EU) — Netherlands (3.02%), Poland (2.42%), Germany (2.02%), Bulgaria (1.11%) and Spain (0.96%)— ranked in the top 25. Indonesia bags the fifth spot with 3.98%. Significantly, Nigeria emerged as sixth with 3.85% as the only South African country to be on the list.
Expectedly, China did not make it to this list. Meanwhile, Russia (2.51%) and Ukraine (0.91%) have been placed in the latter segment of the top 25.
Memecoins Reign as the Most Speculated Crypto Assets!
It has been a hell of a wild rally for memecoins in Q1 2024. A fueling frenzy led a pack of coins such as PEPE, dogwifhat (WIF), and BONK to record their new all-time high (ATH) in March. As a result, traders and investors scooped big gains during this bullish memecoin season.
During this period, several new memecoin projects entered the market and also received a huge welcome among the degens. Thus, this astounding performance by the meme players spurred the interest of every user in the space. A group shilled the max while the rest scrutinized the most. Memecoins held the dominant share percentile of global onchain speculation interest. According to Google Trends, the search term “memecoins” was most searched in March — the month of ATHs. However, the interest gradually shrunk when the bears showed up to play with these assets.
