Nigeria is the most crypto-obsessed country since the April meltdown
The Google trends data for the most popular search phrases in 15 countries revealed that “Ethereum” outperformed “Bitcoin” in 14 of those nations.
The April crypto market meltdown caused most cryptocurrencies to lose more than 60 percent of their value, resulting in a decline in trading volume, investor interest, and venture capital investment. After the April market meltdown, countries’ curiosity and interest in cryptocurrencies have increased, according to a new survey.
The analysis was based on Google Trends data of well-known cryptocurrency-related search phrases, which often indicate a growing interest in the cryptocurrency sector. Each nation’s search history was then collected to provide an overall search score. The countries at the top of the list look eager to purchase the dip.
The CoinGecko study revealed a considerable increase in Nigerians’ interest in cryptocurrencies following April’s market decline. The Nigerian people conducted the most searches for “cryptocurrency,” “invest in crypto,” and “purchase crypto” among the 15 nations studied, with a total search score of 370.
The following two Google trend charts compare the “invest in crypto” search volume in Nigeria to that of the rest of the globe. After April’s dip, the search density for the phrase in Nigeria has maintained a comparable rate of interest, whilst the global search density has steadily declined.
Inadequate banking services in Nigeria, which have been a significant factor in crypto adoption throughout Africa, are fueling the country’s rising interest in cryptocurrencies. As reported by Cointelegraph in April, approximately 17.36 million Nigerian crypto investors, or 52 percent, had committed more than half of their assets to cryptocurrencies. Nigerians began using cryptocurrencies as a viable option for storing and transferring assets.
The United Arab Emirates (UAE) placed second with a search score of 270, which did not surprise many, considering the country’s recent drive for cryptocurrency adoption. Singapore placed third with a search score of 260, while the United States ranked 12th with a score of 157.
The search score data also revealed some of the most sought-after cryptocurrencies in these 15 nations. In 14 of the 15 nations, Ethereum searches outperformed Bitcoin searches, with Singapore topping the pack with a score of 59. The forthcoming Merge to the proof-of-stake (PoS) network, scheduled for the third week of September, may also account for the increased demand for ETH relative to BTC.