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The United States, the United Kingdom, and the Philippines are the top degen countries. This means that citizens from these countries engage in high-risk crypto trading.
Recent CoinGecko data from April 2023 to March 2024 highlights their significant involvement in the smaller market capitalization crypto or meme coins market.
Which Are 25 Most Degen Countries
Leading the charge, the United States accounts for 16.8% of global traffic on decentralized exchange (DEX) trackers like GeckoTerminal, DEX Screener, and DEXTools. These platforms are essential for analyzing small-market capitalization coins, which are typically unavailable on major centralized exchanges.
Following closely, the UK captures a 6.16% share, with a particular focus on meme coins. Additionally, the Philippines holds a 5.07% share, solidifying its position in the top three.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
The term ‘degen’—short for ‘degenerate’—is used within the crypto community to describe individuals engaged in speculative trading. This group exhibits a willingness to undertake high-risk investments. Indeed, the data shows that the top 25 crypto degen countries concentrate 77.8% of on-chain speculation interest.
Notably, within Southeast Asia, the Philippines is joined by Indonesia, which holds a 3.96% share. Vietnam follows with 2.94%, Thailand with 1.2%, and Malaysia with 0.94%, all showing keen interest in these speculative assets.
Furthermore, Nigeria stands out as the only African nation among the top 25, with a 3.85% share.
“Top 10 Degen countries but government won’t let us even do the crypto in peace. There’s a huge crypto market in Nigeria, but I believe a lot of people just shy away or wade into it a little because of all the governmental FUD,” an X user Fructose of Web3, said.
In Europe, France leads the EU with a 4.4% share of global interest in on-chain trading. The Netherlands and Poland are also prominent, with shares of 3.02% and 2.41%, respectively. Altogether, six EU member states are among the top 25 degen countries globally.
The analysis shows that 18 out of the 25 most crypto degen countries are members of the G20, highlighting the economic significance of these countries in speculative crypto trading.
The allure of small market capitalization crypto stems from the potential for high returns. However, these investments are fraught with risks, including the threat of rug pulls. In such schemes, developers can abruptly abandon a project, potentially reducing the coin’s value to zero.
Read more: What Is a Rug Pull? A Guide to the Web3 Scam
As global interest in cryptocurrency continues to grow and diversify, these insights are vital for understanding the patterns of speculative trading across different regions.