Samantha from Sacramento

Signed up at Bet Solino Casino 2 minutes ago.

» Try Bet Solino Casino too
Do not show again

Over the last few years, the use of cryptocurrencies has grown significantly in Africa. Today, Crypto Lists will look into the growth among African countries and tokens.

According to Arcane Research, African countries such as Nigeria, Kenya, Egypt, Mauritius, Uganda, Ghana, Seychelles and South Africa are among the leading nations for crypto adoption worldwide.

With crypto adoption in Africa positioned to double in the coming years, one might wonder which cryptocurrencies are most used on the continent. This article discuss the 10 most popular coins and tokens in Africa, along with the top 5 countries in Africa for investing, set up your business or growing your crypto network.

Bitcoin (BTC) – Official tender in CAR

For obvious reasons, Bitcoin is the most popular and valuable cryptocurrency in the world. Much of crypto adoption globally has been due to the rise in the value of BTC. That also helped its popularity in Africa. Most businesses that accept cryptocurrencies for payments in Africa opt for Bitcoin, and the same applies to retail investors. Recently, the Central African Republic (CAR) became the second country in the world to make Bitcoin a legal tender, writes BBC. Meanwhile, Nigeria is the #1 country worldwide in terms of the number of people searching for “Bitcoin” and “Crypto” keywords on Google.

Ethereum (ETH) – Growing fast

Ether or ETH has the second largest market cap among cryptocurrencies. It is one of the most used in Africa due to the Ethereum network. Ethereum smart contract capabilities allow for developing decentralized applications and platforms within its ecosystem. This has led to the emergence of decentralized finance, play-to-earn, non-fungible tokens, and several other sectors on Ethereum. All the use cases of Ethereum contribute to its appeal in Africa. Since ETH is its native token, it has grown popular on the continent. The rising value of ETH further helps this.

Solana (SOL) – Low fees for NFTs

Similar to Ethereum, the Solana network has smart contract capabilities. But the NFT trading has made its native cryptocurrency popular in Africa. The continent is one of the top destinations for NFT trading globally, which will likely increase this year. A recent survey by Finder AU shows that Nigerians are the most likely to buy NFTs, with 21.7% are planning to buy and 13.7% of nigerians already own NFTs. Nigeria and South Africa already have a sizable percentage of their population interested in digital assets. The Solana coin, which is currently the ninth largest cryptocurrency by market cap, rose significantly in value in 2021 due to NFT trading. Although SOL value has declined, it’s still a popular African choice, especially for NFT traders since the transaction fees are so low on Solana’s blockchain.

BNB Coin – Low transaction fees for tokens

BNB is the native token of BNB Chain (formerly Binance Smart Chain), the blockchain network created by Binance. Binance exchange is one of the most widely used exchanges in Africa. Its widespread usage means that BNB, which is associated with it, has also grown in popularity. It also helps that the trading fees on Binance are lower for those holding BNB in their portfolio compared to those that don’t. Since the launch of the Binance Masterclass Education Series, Binance has educated over 541,000 Africans about cryptocurrency. Some of these events have been held both offline and online for French-speaking Africans.

QR code to visit Binance
Info symbol Get Binance

Rating: 9.27/10
Number of instruments: 1429+ instruments

Description: Ready for trading with a renowned worldwide crypto exchange? Do like millions of Africans. Try Binance Exchange today!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.!

Dogecoin (DOGE) – Number one meme token

The meme coin boom in 2021 catapulted Dogecoin to the top ten cryptocurrencies globally. With that and numerous tweets about it from Elon Musk, Doge has risen to become one of the most popular cryptocurrencies in Africa. While it is already down 89% from its peak, Doge is still popular among Africans, with many holding and looking forward to when it will peak again. Several gambling sites in Africa accept Dogecoin and soon there are likely also some more crypto casinos allowing DOGE.

Shiba Inu (SHIB) – Number two meme token

Another token that benefited from the meme coin boom was Shiba Inu. Launched in 2020, just when the bull market was about to start, Shiba Inu’s low price made it attractive to crypto investors who couldn’t afford more valuable cryptocurrencies such as Bitcoin, Ethereum, etc. However, Shiba Inu has seen its value drop significantly over the last few months.

Cardano (ADA) – Partnerships with African countries

ADA is currently the sixth largest cryptocurrency by market. Cardano’s network is considered one of the alternatives to Ethereum due to its smart contract capabilities. While the token has not been able to reach ETH levels in value, it has enhanced its popularity in Africa. This is mostly due to Cardano’s partnership with African countries such as Ethiopia, Tanzania, and Kenya. With the network helping African countries adopt blockchain technology for various purposes, the use of its tokens is also likely to increase. Many Africans find the low value per token of ADA compelling, and giving a low entry barrier for many.

Rating: 9.17/10
Supply: 34,159,599,616 / 44,999,999,488
Release date: January 15, 2015

Description: How much do you know about Cardano? See the latest facts, news and find the best exchanges for Cardano here!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

Tether (USDT) – The highest volume among stablecoins

Stablecoins play an integral role in the crypto ecosystem. Unlike regular cryptocurrencies that are volatile, stablecoins maintain the same value. Tether (USDT) is a stablecoin with the highest volume and has become very popular in Africa. Since it’s pegged to the US dollars, many use it as a means of foreign exchange, especially in countries where it is much harder to access US dollars through official sources. It’s also the go-to currency for many retail investors on the continent.

USD Coin (USDC) – the safest stablecoin?

The USD Coin has grown popular in Africa, especially among crypto traders. Like USDT, it is pegged to the US Dollar, which means its value is always $1. Traders use it as a bridge when switching from one volatile cryptocurrency to another. Those who also want to save in US dollars sometimes use USDC to avoid the challenges of traditional financial institutions.

Dash (DASH) – Still quite popular

Dash cryptocurrency was one of the first virtual assets to be accepted by merchants in Africa. While it doesn’t have a large market cap like the other cryptocurrencies on this list, it’s quite popular on the continent.

Top 5 African Countries for Crypto

South AfricaNew laws for cryptocurrencies are coming to South Africa, an African country that often been seen as a pioneer for crypto.

Mauritius – The popular island in the Indian ocean got a crypto friendly legislation. There is also no tax for crypto transactions in Mauritius yet.

Nigeria – The country’s crypto sector is thriving, despite a ban in 2021. Bloomberg wrote that Nigeria is the most curious nation one the planet when it comes to queries related to invest and buy crypto. In 2023, it seems like the Nigerian Bourse is about to adopt a blockchain-enabled exchange according to Bloomberg – but how far they come is yet unclear.

Kenya – When it comes to the highest levels of daily peer to peer transaction volume, Kenya stands our as the winner. Many Africans expects the peer to peer crypto transfers to be way cheaper than other deposit methods, but in reality both e-wallets and credit cards to buy crypto can have zero additional exchange fees.

Seychelles – For crypto exchanges looking for a jurisdiction that allow customers from all over the world, Seychelles and Bahamas usually stands out. While the regulation is minimal and exchanges only have to pay a small fee and do some paper exercise, it’s not harder to get a crypto license in Seychelles than it is to get a bank account in Malta, rather the opposite – way easier.

In Conclusion
The high rate of adoption of crypto in Africa is due to reasons such as inflation in several countries, inadequate banking infrastructure, international settlements, etc. Although the adoption is projected to increase, there are several challenges ranging from three low internet penetration, regulators’ resistance, and poor electricity.

by Our Certified Author
Cardano Newsflash
    Slots Paradise is a beautiful bitcoin casino for Canada, eh!Slots Paradise is a beautiful bitcoin casino for Canada, eh!
    Thursday, 11 Apr 2024 8:49 am
    If you're based in Canada you're going to be excited about today's latest casino review. Although it's not the newest casino around (see all) we hae to say we're not sure how this one flew under the radar. Slots Paradise (review) has a 3-stage welcome bonus for new players that totals 5500 USDT and if you're lucky and manage to win then you can withdraw instantly within 5 minutes! It doesn't get much better than that. If you want to try a crypto casino that's got a few years of positive feedback under its beautifully designed belt then look no further than Slots Paradise and register right here or browse the review...
    Read the full newsflash

    Deposit in Dai and gamble in Cardano on BetFreeDeposit in Dai and gamble in Cardano on BetFree
    Wednesday, 28 Feb 2024 7:08 am
    Do you want to gamble with crypto and use coins that you'd normally use for other purposes? Imagine a site where there isn't just the standard Bitcoin and Ether deposits but Dai and Cardano too? You don't need to imagine it, since it's right here on BetFree (review) - which is a brand new BTC casino site launched just last week. It's very easy to sign up to, taking under a minute and only requiring an email verification code. Wanna try it? We don't blame you. Sign up now and start playing on this cool new casino...
    Read the full newsflash

    Feel that va va voom on Vavada with a 1000 USDT welcomeFeel that va va voom on Vavada with a 1000 USDT welcome
    Tuesday, 20 Feb 2024 9:14 am
    With a beautifully designed site and games coming thick and fast from 40+ providers, boredom is likely never on the cards when it comes to Vavada Casino (review), a 2017 powerhouse site that we simply couldn't not review for you all. It's got a great range of games to try - obvious really, given the number of developers - alongside a small suite of promos and a large collection of tournaments. If that sounds up your street then it likely is, so why not sign up today and see if our review matches your real-life experience...
    Read the full newsflash

    Solis Bet: a new Cardano casino with a juicy welcome bonus!Solis Bet: a new Cardano casino with a juicy welcome bonus!
    Thursday, 31 Aug 2023 11:46 am
    There are exciting new crypto casinos popping up all the time, but at Crypto Lists we like to think we've got a pretty discerning eye and only review the best ones. One that we published today is the awesome Solis Bet (review). One thing we really liked with Solis was that you can deposit with Cardano (ADA). So, in simple terms it's a Cardano casino, a flourishing niche and one that sits alongside others including Solana casinos. And, there are 2000 games for you to enjoy from developers like BGaming, which is really cool because new casinos often don't have any big names. If you sign up now, you can get a welcome bonus worth up to 1250 EUR. So, what are you waiting for? Try Solis Bet now and get your hands on some tip-top prizes and play some great...
    Read the full newsflash

    Live luxuriously on a plush Cardano casino with Rollers VIPLive luxuriously on a plush Cardano casino with Rollers VIP
    Wednesday, 23 Aug 2023 7:42 am
    Do you want to live like James Bond, cavorting with luscious ladies on live casinos, sipping martinis while the roulette wheel spins? Then you might just be in luck since Rollers VIP (casino review) is freshly published on Crypto Lists. It combines the look and feel of many high-end Bitcoin casinos with payment methods such as Ether, Tron, and Cardano, otherwise known as ADA. You'll find over 70 different game studios provding thousands of titles covering video slots to live Baccarat. Whatever it is you're looking for, you'll find it at Rollers. So, if you want to channel your inner 007, sign up now and see if it deserves to be "Licensed to Thrill". Yep, we've got plenty more...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
Keep up to date with

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
* indicates required
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top