A survey by CoinGecko, which examined the top 15 meme coins by market value at the beginning of May 2023, placed Morocco as the tenth most popular country in the world regarding meme coins.
The research emphasizes how Dogecoin was responsible for 61.1% of Morocco’s interest in meme coins and focuses on the developing meme coin frenzy in 2023.
Nigeria, which is located in fifth place on the list, is the other African nation to grab the attention alongside Morocco, which is ranked tenth.
The question is, what are these meme coins?
Meme coins, as defined by Investopedia, are popular currencies that occasionally feature humorous or animated memes and are supported by passionate online traders and followers. Meme coins may be entertaining, but they are also extremely hazardous investments that may or may not have any real value.
A cryptocurrency like Bitcoin or Ethereum, but notably distinct from either of these well-known coins, Dogecoin is the source of 61.1% of Morocco’s interest in meme coins.
Dogecoin, which derives its name from a once-famous meme, was initially developed at least in part as a humorous prank for cryptocurrency fans, explained Forbes.
Morocco and Crypto, a strong relationship despite legislative ban:
Despite the country’s ban on Bitcoin and other cryptocurrencies, Morocco ranked 14th on the Chainalysis 2022 Global Crypto Adoption Index.
The rating unveiled the countries where the majority of people are investing most of their money in cryptocurrencies.
Morocco was placed in the 14 place, making it the second African country on the list after Nigeria.
The country is now moving towards licensing the trading platforms within the framework of the law.
Despite the impressive numbers, 62% of Moroccans do not know what Bitcoin is.
A Sunegria survey previously showed that only 38% of Moroccans know about cryptocurrency.
And with a percentage of 51%, over half of the people between the ages of 18 and 24 do know what Bitcoin is.
The rate drops among those aged between 25 and 34 who know about Bitcoin at 38%.
When it comes to elders, 15% aged over 65 years know about Bitcoin.
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