At the beginning of 2024, there was a lot of excitement about an impending bull run in the cryptocurrency market, drawing in various participants, including newcomers, established institutions, and investors.

Numerous events, such as the introduction of spot Bitcoin ETFs in the US, Bitcoin reaching a new ATH of $73K, Ethereum's Dencun upgrade, memecoin frenzies, Bitcoin halving, and Hongkong ETFs, captured the community's attention. Among these events, risk-loving traders known as "crypto degens" were keen on finding opportunities to profitably invest in the market.

CoinGecko conducted a study to identify the top countries with the highest percentage of crypto degens. The research found that 18 nations, which are part of the G20, dominated the list of countries with a significant interest in on-chain speculation.

Nation Leading in Crypto Degen Interest

Analyzing data from various decentralized exchange trackers over a 12-month period, CoinGecko discovered that 77.8% of on-chain speculation interest was contributed by the top 25 crypto degen countries. The United States ranked first, with over 16.8% of global on-chain speculation interest, showing a particular interest in altcoins with smaller market caps. The US was also the first country to introduce spot Bitcoin ETFs, despite ongoing legal battles between its regulatory body, the SEC, and several crypto entities like Ripple, Binance, and Coinbase.

Following the US, the United Kingdom (UK) captured a 6.2% interest share, focusing mainly on memecoins or "shitcoins." The Philippines came in third with 5.07% interest, while France, along with five other European Union countries, featured in the top 25 list. Indonesia and Nigeria secured the fifth and sixth positions respectively. China did not make it to the list of top countries, while Russia and Ukraine were placed in the latter segment of the top 25.

Memecoins Dominate as Highly Speculated Crypto Assets

The first quarter of 2024 saw a surge in memecoins, with coins like PEPE, DOGWIFHAT (WIF), and BONK reaching new ATHs in March. This led to significant gains for traders and investors. New memecoin projects were introduced during this period, attracting the interest of degens and users alike. Memecoins held the largest share of global on-chain speculation interest, with "memecoins" being the most searched term in March according to Google Trends. However, as bearish trends emerged, interest in memecoins waned.