US, UK, Philippines Lead Interest in Small Cap Crypto
In the ever-evolving world of cryptocurrency, the fascination with smaller market capitalization coins, often dubbed as ‘shitcoins’ or memecoins, has gripped enthusiasts worldwide. A recent study delving into on-chain trading activity reveals the leading countries driving this trend, with the US, UK, and Philippines emerging as the frontrunners in the global race for crypto speculation.
Which Countries Are Crypto Degens In?
United States Dominates: The United States takes the crown as the most fervent hub for crypto degenerates, accounting for a substantial 16.8% share of global interest in small-cap cryptocurrencies. This significant chunk of enthusiasm underscores the nation’s pivotal role in shaping the crypto landscape.
UK and Philippines Follow Suit: Following closely behind, the United Kingdom showcases a notable 6.2% interest in these alternative digital assets, while the Philippines solidifies its stance with a 5.1% share, reflecting the widespread allure of crypto speculation across diverse regions.
Regional Dynamics:
Southeast Asia’s Enthusiasm: Notably, Southeast Asian nations exhibit a remarkable penchant for small-cap crypto, with Indonesia, Vietnam, Thailand, and Malaysia collectively contributing significant interest to the global crypto sphere. These countries, with their burgeoning crypto communities, signify the expanding footprint of digital assets in the region.
African Representation: Africa’s presence in the crypto realm is also evident, with Nigeria standing out as the sole African nation among the top 25 crypto degens. This underscores the continent’s growing engagement with cryptocurrencies, highlighting its emergence as a key player in the global crypto narrative.
European Union’s Involvement: Within the European Union, countries such as France, the Netherlands, and Poland showcase notable interest in on-chain trading activities. The European landscape, marked by regulatory nuances and varying adoption rates, underscores the region’s diverse approach to crypto speculation.
Global Insights:
G20 Influence: A noteworthy observation is that 18 out of the 25 leading crypto degen countries are members of the G20, emphasizing the significant role played by economically influential nations in driving crypto speculation on a global scale.
Top Crypto Degen Countries (2024)
The 25 most degen countries with the highest interest in on-chain trading over the past year are:
| Rank | Country | Share of Global Interest |
|---|---|---|
| 1 | United States | 16.83% |
| 2 | United Kingdom | 6.16% |
| 3 | Philippines | 5.07% |
| 4 | France | 4.40% |
| 5 | Indonesia | 3.96% |
| 6 | Nigeria | 3.85% |
| 7 | Canada | 3.44% |
| 8 | Netherlands | 3.02% |
| 9 | Vietnam | 2.94% |
| 10 | India | 2.82% |
| 11 | Brazil | 2.74% |
| 12 | Mexico | 2.61% |
| 13 | Russia | 2.51% |
| 14 | Poland | 2.41% |
| 15 | Australia | 2.21% |
| 16 | Turkey | 2.14% |
| 17 | Germany | 2.02% |
| 18 | Japan | 1.39% |
| 19 | Thailand | 1.20% |
| 20 | Bulgaria | 1.11% |
| 21 | Argentina | 1.10% |
| 22 | United Arab Emirates | 1.09% |
| 23 | Spain | 0.96% |
| 24 | Malaysia | 0.94% |
| 25 | Ukraine | 0.91% |
Methodology:
This study draws insights from total visits to key platforms including GeckoTerminal, DEX Screener, and DEXTools, utilizing Similarweb data spanning from April 2023 to March 2024. These metrics provide valuable insights into the on-chain trading activities of crypto enthusiasts worldwide, offering a comprehensive understanding of the global crypto landscape.
