In 2024, the cryptocurrency market in the UAE saw a significant surge in user interest, reflected in a substantial increase in app downloads.
Significant Increase in Downloads
According to data from the analytics platform AppsFlyer, downloads of the top 49 cryptocurrency apps in the UAE rose from 6.2 million in 2023 to 15 million in 2024, marking a 41% increase. This trend was particularly noticeable in the second half of the year, with monthly installs exceeding 1 million, peaking at 2.8 million in December.
Political and Marketing Influences
Experts at AppsFlyer attribute this growth to key developments in the cryptocurrency sector that spurred user interest and engagement. One major factor was Trump's pro-crypto stance following the U.S. presidential election. However, while adoption increased, retaining users proved challenging: 60% of crypto app traffic in 2024 was driven by aggressive marketing efforts, but many users failed to remain engaged. An analysis revealed that one in five crypto apps on Android devices was uninstalled within 30 days.
Regulatory Pressure and Market Manipulation
The UAE has emerged as a key market for crypto adoption, drawing regulatory scrutiny. Recently, the UAE-based firm CLS Global admitted to market manipulation and fraud after an FBI sting operation. The firm confessed to inflating trading volumes of NexFundAI (NEXF), a fake token created by the FBI, through wash trading to mislead investors about its popularity, leading to criminal charges disclosed in September 2024.
The rise in cryptocurrency app popularity in the UAE underscores the broadening interest in the crypto market globally. Despite challenges in maintaining user engagement and increased regulatory oversight, the market remains a vital part of the international cryptocurrency economy.
