Meme coin has been the hype recently as most meme crypto related projects have gone up significantly even reaching more than 1,000% gain in less than a week.
The craze has been giving traders confidence to double down on their position in the hopes that their holding will increase significantly.
Although this might not always be true, the statement is somewhat valid, as the trend usually keeps on repeating where meme coins usually go up when the market becomes positive, even just a little.
This has managed to create a trend in some countries more than others, where meme coin volume significantly increased there.
In this article we will be talking about the top 10 countries that have the most meme coin volume in 2023, especially after the surge that happened in the last quarter.
Top 10 Countries with The Largest Meme Coin Volume
The data is taken from a Coingecko research that was done in 2023, which saw ten countries having the most significant transaction volume regarding meme coins.
From the graph above, it can be seen that the United States is the number one leading volume in meme coin transactions, which is not a surprise as the US is already the biggest contributor to crypto volume overall.
The US has significant value due to the fact that there are multiple whales and institutional investors that were already trading crypto before the industry became this big.
Also the fact that most transactions are done in US Dollars is one of the things that contributed to the status of why the US is the leading market in crypto.
Following the US is India, with the second largest trading volume for meme coins making 20.31% of the overall market share of meme coin transactions.
According to data from The Economic Times interest around the speculative manner of crypto in India is huge, which is why the transaction volume on meme coins are high.
Surprisingly, most of the trading is done on local exchanges as crypto traders in India prefer to use the local exchanges instead of global exchanges, which usually have more options of meme coins.
Although the data might need to be fact checked again, it is a clear sign that India supports its local crypto business which can be a good sign of adoption, even though most come for the speculative nature.
The third spot is followed closely by the UK, which is surprising since the regulations are strict around crypto in that country.
The fourth and fifth spot is filled by the Philippines and Nigeria which is not much of a surprise considering these countries are famous for their participation in new projects especially GameFi projects which tends to create new meme coin in that sector.
Australia and New Zealand are also growing fond of meme coins as crypto adoption started to continue rising in both of those countries.
Canada, Malaysia, and Morocco, are the three most unexpected ones as it sits on the eighth, ninth, and tenth spot with the overall market share of meme coin trading volume around 2%.
What was the most traded meme coin
Funny enough, there is one crypto that stands out in these top 10 countries which is SHIB from the project Shiba Inu.
SHIB has become the number one most traded meme coin in these countries according to the data from Coingecko.
It is no surprise that SHIB has is the number one most traded meme coin in these countries has the meme coin has given significant profit for its holders.
For example, during February 26th, 2024 until March 5th, 2024, the meme coin rose around 380% in just a short amount of time.
In the early days of 2023, which was around January 2023 until February 2023, the meme coin rose almost 100% in just two months even though it was still in the bear market.
This is evidence of why the meme coin popularity has risen and will continue to rise, as most traders capitalise on the volatility of the category.
But lately the SHIB dominance has fallen as there are more and more meme coins being created every day, giving huge profits and losses to traders.
According to Coingecko, the three most popular meme coin sectors in the crypto space are the AI related meme coins, Solana related meme coins, and cat themed meme coins.
This has shifted the narrative from dog related meme coins like SHIB, but that does not mean the doggy sector of the meme coin is done.
Most of these meme coins rose significantly when the market became positive, especially when Bitcoin went up.
So to capitalise on this on the next bullish trend, traders can closely follow the movement of cryptocurrencies with big market capitalisation so that it can be used as a compass to start trading meme coins.
