The US has emerged as the leading nation in interest for smaller market capitalization crypto, commonly referred to as ‘shitcoins’ or meme coins, with a 16.8% share of global activity, according to a report by data aggregator CoinGecko. Those investors are known by the crypto community as ‘degens.’
The UK and the Philippines are not far behind, capturing 6.2% and 5.1% of the interest, respectively. The report analyzed data gathered by on-chain decentralized exchange (DEX) trackers.
The top 25 countries in this category, dubbed ‘crypto degen nations,’ collectively account for 77.8% of the speculation interest on-chain. Southeast Asian countries are also prominent in the list, with Indonesia holding a 4.0% share, Vietnam at 2.9%, Thailand at 1.2%, and Malaysia at 0.9%.
Nigeria stands out as the only African nation in the top 25, with a 3.9% share, placing it sixth in terms of interest. Within the European Union, France leads with a 4.4% share, followed by the Netherlands at 3.0% and Poland at 2.4%. Overall, six EU member states are among the top 25 crypto degen countries.
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It is noteworthy that 18 of the 25 most engaged countries are members of the G20, highlighting the economic significance of these nations in the global crypto landscape.
