Nigeria becomes the most crypto obsessed nation after the April crash
Google Trends data ranks nations on their recent crypto search terms. Ethereum outperforms Bitcoin in search terms
By Shashank Bhardwaj
Most crypto assets lost more than 60 percent from their peak valuation during the April crypto market crash. This resulted in a general decline in trading and investor activities and interests. Despite the April crash, the latest study has revealed interest and curiosity in crypto assets worldwide.
The study took into consideration Google Trends data related to crypto phrases that are popular searches. The overall search score was published after combining results of each country’s search history. The research took into consideration the data from 15 countries across the globe.
The study further emphasised the popularity of the crypto market among the Nigerian population, with most searched phrases like ‘buy crypto’ and ‘invest in crypto’ leading to an overall assessment score of 370. The lack of competent financial services in Nigeria has propelled the curiosity about crypto in the Nigerian populace and is a major driver of crypto adoption throughout Africa.
Following the April collapse in Nigeria, the search density for the phrase ‘invest in crypto’ has increased at the same rate, while the search density globally has been steadily declining in contrast.
Earlier in April, KuCoin’s ‘Into the Cryptoverse Report’ highlighted the increasing crypto interests among Nigerians. It was reported that 35 percent of the population aged 18 to 60 currently own crypto assets or have traded them over the past 6 months. 52 percent crypto investors from the Nigerian community repeatedly save more than half their investments in the form of crypto assets.
With a search score of 270, the United Arab Emirates (UAE) came in second due to the strengthening crypto inclination of its fellow citizens. Singapore was declared third in a row with a score of 260, while the United States was ranked 12th with a search score of 157. Some of the top crypto assets that individuals in these 15 countries looked for were also pinpointed by the search score data.
Ethereum searches outperformed Bitcoin searches 14 of them. Singapore dominated the rank table with a score of 59. The forthcoming Merge to the proof-of-stake (PoS) network may be the reason for the increased interest in Ethereum over Bitcoin. The Merge is scheduled to take place in mid-September.
Shashank is founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.