A new analysis by CoinGecko has revealed that Nigeria is the most interested country in cryptocurrency, since the market downturn that started around April this year.
The research, carried out by crypto price tracker CoinGecko, examined Google Trends data of search terms frequently used by people interested in cryptocurrency.
Those terms were combined to give each English-speaking country a ‘total search score’ to discover which countries have been the most interested in cryptocurrency since the market decline in April 2022.
The research results
The study reveals that Nigeria is the most cryptocurrency-obsessed nation since that period. With a total search score of 371, Nigeria tops the list for its population having the highest search levels for the phrases ‘cryptocurrency’, ‘invest in crypto’ and ‘buy crypto’ worldwide.
Furthermore, the population of Nigeria searched for the cryptocurrency ‘Solana’ the third most worldwide.
The United Arab Emirates(UAE) is the country second most curious about cryptocurrency with a total search score of 270. The UAE has the second-highest proportion of its population searching for both the word ‘cryptocurrency’ and the term ‘invest in crypto’, placing it second in the ranking.
Singapore is the third country on the list. The Southeast Asian country has the third-highest level of searches for the term ‘buy crypto’. Additionally, the country’s population searches for the cryptocurrency ‘Ethereum’ the most worldwide, giving Singapore a total search score of 261.
The United Kingdom(UK) also ranks as one of the countries most interested in cryptocurrency since April. Occupying the fifth position with a total search score of 198. The UK has the sixth-highest level of searches for the term ‘buy crypto’ and the third-highest number of searches for ‘invest in crypto’. Furthermore, according to the CoinGecko research, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the United Kingdom.
Additionally, the United States is placed as the twelfth country most interested in cryptocurrency worldwide. The study reveals that the United States has the tenth-highest search levels for the term ‘buy crypto’ and is the sixth country most interested in the cryptocurrency ‘Solana’, totalling a search score of 157.
Similar to the UK, Bitcoin, Ethereum and Polygon are all trending cryptocurrencies in the United States right now, according to the CoinGecko research.
Crypto growth in Nigeria
The research by Coingecko is important and expository because it reveals that a substantial number of the global population are still very much interested in cryptocurrencies, despite the downturn of the general crypto market.
It is even monumental in the sense that an African country, Nigeria leads the pack of the countries with crypto interest. Although Nigeria is regarded as the largest crypto market in Africa by Paxful, it is a herculean task to trade crypto in the West African country.
As a matter of fact, in February 2021, the Central Bank of Nigeria placed an outright ban on crypto trading activities and followed it up with sanctions on banks that engaged in crypto transactions in April 2022.
The Coingecko report discloses the resilient nature of Nigerians towards embracing the revolutionary blockchain technology, which is commendable, as a developing nation.