The US, UK, and the Philippines are reportedly leading overall interest in small cap cryptocurrency tokens, according to an extensive update from CoinGecko.
According to the research report from CoinGecko, the most degen country in crypto is the US, which “represented 16.8% of global interest in smaller market capitalization crypto on onchain DEX trackers.”
As stated in the update, other leading crypto degen countries “are the UK with 6.2% of interest in so-called ‘shitcoins’ or memecoins, followed by the Philippines with 5.1% interest.”
The top 25 most crypto degen countries “account for a majority 77.8% of onchain speculation interest.”
Besides the Philippines, the CoinGecko report pointed out that neighboring Southeast Asian countries with relatively high interest “in smaller market capitalization crypto are Indonesia (4.0% share), Vietnam (2.9%), Thailand (1.2%) and Malaysia (0.9%).”
Meanwhile, Nigeria is the only African country to “rank among the top 25 crypto degen countries and is the sixth most interested with a 3.9% share.”
Within the European Union (EU), the countries “most interested in onchain trading are France (4.4% share of global interest), the Netherlands (3.0%) and Poland (2.4%). In total, 6 EU members ranked among the global top 25 degen countries.”
Notably, 18 out of the 25 most crypto degen countries “are members of the G20, which is an international forum comprising economically significant countries,” the report from CoinGecko revealed.
In addition to speculating on which crypto tokens will yield long or short-term gains, it was recently revealed that the vast majority of stablecoin transactions are not being carried out by genuine users. As reported recently, over 90% of transactions performed with stablecoins are being done by bots or other entities which are not real users.
While these developments suggest that the crypto markets are mostly dominated by speculative trading, the industry has come a long way in the past 5 years. However, progress is still needed when it comes to regulations and more guidelines from authorities that will curtail fraudulent activities while not stifling innovation.
Methodology
The research study released by CoinGecko has reportedly “examined total visits by country to GeckoTerminal, DEX Screener and DEXTools from April 2023 to March 2024, based on Similarweb data.”
