Nigeria experienced two memecoin trading booms, first in 2021 fueled by Elon Musk’s Dogecoin promotion, and later in 2024, sparked by Solana’s Pump.fun and politically themed coins. Despite CBN restrictions, significant P2P trading occurred. However, experts attribute the decline in memecoin popularity to liquidity fragmentation, trader fatigue, and a shift towards stable crypto careers. Influencers’ motives also contributed to losses. The overall crypto market downturn further dampened enthusiasm. Nigerians are now seeking better information and employment within the crypto industry, signaling a move away from risky memecoin trading.
Where are the Degens? Revisiting Nigeria’s dying memecoin culture
