- CryptoManiasks study shows Turkey has the second highest crypto-related search.
- Turkish residents have an obsession with crypto.
- Crypto has served as a hedge against inflation in the country and helped cushion the effect of the Lira devaluation.
CryptoManiaks, a cryptocurrency education platform, released its report showing Turkey’s obsession with crypto. The report highlights that it is in second place for crypto-related searches, only behind Netherlands. Similarly, it retains the top spot for Dogecoin-related searches.
The report also highlighted that many countries are still optimistic about crypto and pursuing crypto-related information.
Turkish Residents Prefer Dogecoin
According to the CryptoManiaks study, Turkey and the Netherlands retain the two top spots and account for the highest population searching for crypto-related terms. The study reveals that the Netherlands has 8.2%, while Turkey has 5.5% of its population searching for crypto-related information.
Significantly, the European country accounts for 4.7 million searches making it the country with the highest numbers.
Furthermore, the study analyzed a combined number of searches for a select set of popular cryptocurrencies. It combined them into a percentage of the population of each country. After that, it calculated the percentage of locals searching per month.
The survey revealed that Turkey came second in the overall searches. However, the country came first in searches related to the memecoin Dogecoin with 812,000 monthly searches. Ether is the third most searched crypto token in the country. However, the number of searches for Dogecoin is almost three-times that of Ether.
This unprecedented search for Dogecoin in the last 12 months leaves industry players in a dilemma. A spokesperson at CryptoManiaks commented on the DOGE’s curiosity. He said,
Dogecoin’s popularity has surpassed Ethereum in many countries.”
Similarly, he revealed that,
Dogecoin now has nearly 2 million more monthly searches”.
Furthermore, other countries that ranked behind Netherlands and Turkey include Germany, Canada, and the Czech Republic. Intriguingly, the United States and the United Kingdom were not ranked in the top spot. The study showed that the US ranked 15th with 1.9% while the UK ranked 12th with 2.6%.
Similarly, cryptocurrencies such as Bitcoin (BTC), Solana (SOL), and BNB were included in the search terms.
Crypto Adoption in Turkey
Turkey residents consider crypto as “basically a savior.” In the country, crypto represents freedom from inflation. According to Paribu, a Turkish crypto exchange, at least eight million people are engaging in crypto in the country.
Similarly, the Turkish Government has a friendly stance on crypto. Recently, President Recep Erdogan highlighted the benefits of blockchain technology— while advising young people in the country to invest in cryptocurrency instead of gambling.
Similarly, Paribu, one of the largest exchanges in Turkey, revealed in its 2022 research report that its daily trade volume stands at $145 million. The report added that local enthusiasm about crypto remains strong in the country.
Conclusively, cryptocurrency has saved Turkish citizens from sky-high inflation and steep devaluation of the Lira fiat.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.