Bitcoin (BTC) – Official Tender in the Central African Republic
Bitcoin remains the most popular and valuable cryptocurrency globally, largely due to its rising value, which has contributed to its adoption in Africa. Most businesses accepting cryptocurrencies in Africa prefer Bitcoin, a trend also seen among retail investors. Recently, the Central African Republic became the second country in the world to officially make Bitcoin legal tender, according to BBC. Furthermore, Nigeria ranks as the top country worldwide in Google searches for “Bitcoin” and “Crypto.”
Ethereum (ETH) – Expanding Rapidly
Ethereum (ETH) holds the second-largest market capitalization among cryptocurrencies. Its widespread use in Africa is driven by the Ethereum network’s capabilities, particularly its smart contract features that support decentralized applications and platforms. These innovations have given rise to sectors like decentralized finance, play-to-earn games, and NFTs. Ethereum’s use cases continue to contribute to its popularity in Africa, with its native token, ETH, seeing increasing demand as its value rises.
Solana (SOL) – Low Fees for NFTs
Like Ethereum, the Solana network supports smart contracts. However, Solana has become particularly popular in Africa for NFT trading. Africa is one of the leading regions globally for NFT activity, and this trend is expected to grow. A Finder AU survey shows that Nigerians are the most likely to buy NFTs, with 21.7% planning to buy and 13.7% already owning NFTs. Solana’s native cryptocurrency, SOL, became widely popular in 2021, largely due to NFT trading. Though SOL’s value has decreased, it remains a favored choice for African NFT traders due to its low transaction fees.
BNB Coin – Affordable Transaction Fees for Tokens
BNB is the native coin of the BNB Chain (formerly Binance Smart Chain), a blockchain created by Binance. Binance is one of the most used cryptocurrency exchanges in Africa, and its popularity has helped grow BNB’s adoption. Additionally, BNB holders enjoy lower trading fees on the Binance platform. Since the launch of the Binance Masterclass Education Series, Binance has educated over 541,000 Africans about cryptocurrency, offering both online and offline events for French-speaking Africans.
Dogecoin (DOGE) – Leading Meme Token
Dogecoin’s rise in 2021, fueled by the meme coin craze and endorsements from figures like Elon Musk, helped it secure a spot among the top ten cryptocurrencies globally. It has become one of the most popular cryptocurrencies in Africa, despite its 89% decline from its peak. Dogecoin remains a favorite in Africa, with many investors holding the token in anticipation of a price recovery. Several gambling sites in Africa accept Dogecoin, and it’s expected that more crypto casinos will adopt DOGE in the future.
Shiba Inu (SHIB) – Second Most Popular Meme Token
Shiba Inu, another token that gained traction during the meme coin boom, was launched in 2020. Its low price made it an attractive option for investors who couldn’t afford higher-value cryptocurrencies like Bitcoin and Ethereum. Although Shiba Inu has experienced a significant drop in value recently, it remains popular among African crypto enthusiasts.
Cardano (ADA) – Strategic Partnerships with African Countries
Cardano (ADA) is currently the sixth-largest cryptocurrency by market capitalization. It’s considered one of the main alternatives to Ethereum, with smart contract capabilities. While ADA has not reached Ethereum’s value, it has gained substantial popularity in Africa, largely due to its partnerships with countries such as Ethiopia, Tanzania, and Kenya. These partnerships aim to help these countries adopt blockchain technology for various purposes, further boosting the demand for ADA tokens. The low value of ADA also makes it an attractive option for many African investors.
Tether (USDT) – Stablecoin with the Highest Volume
Stablecoins like Tether (USDT) are integral to the cryptocurrency ecosystem due to their ability to maintain a stable value. USDT has become the most widely used stablecoin in Africa. Pegged to the US dollar, it serves as a useful medium for foreign exchange, especially in countries where accessing US dollars through official channels is challenging. It is also commonly used by retail investors across the continent.
USD Coin (USDC) – The Safest Stablecoin?
USD Coin (USDC) has gained popularity in Africa, particularly among crypto traders. Like Tether, USDC is pegged to the US dollar, ensuring that its value remains stable at $1. Traders use it to bridge between volatile cryptocurrencies, and some individuals use USDC to store value in US dollars, bypassing the challenges posed by traditional financial institutions.
Dash (DASH) – Still Popular
Dash was one of the first cryptocurrencies accepted by merchants in Africa. While it doesn’t boast a large market capitalization like the other cryptocurrencies on this list, it remains a popular choice across the continent.
Top 5 African Countries for Crypto
Оңтүстік Африка: South Africa is introducing new crypto regulations and is often seen as a pioneer in the African crypto space.
Маврикий: Mauritius offers crypto-friendly legislation, with no taxes on crypto transactions to date.
Нигерия: Despite a ban in 2021, Nigeria’s crypto sector is thriving. Nigeria has also topped global searches related to crypto, with Bloomberg reporting that the Nigerian Bourse may soon adopt a blockchain-enabled exchange, though the timeline remains uncertain.
Кения: Kenya leads in daily peer-to-peer transaction volumes in Africa. Many Africans view peer-to-peer crypto transfers as cheaper alternatives to other deposit methods, although some e-wallets and credit card options for purchasing crypto have no additional exchange fees.
Сейшел аралдары: Seychelles is a preferred jurisdiction for crypto exchanges, offering minimal regulation and a streamlined process for obtaining crypto licenses, making it easier than many other regions.
