In this article, we will be taking a look at the 10 countries leading the meme coin craze in 2023. To skip our detailed analysis, you can go directly to see the 5 countries leading the meme coin craze in 2023.
When people hear the term "cryptocurrency", they hear Bitcoin. In the past couple of years, due to the surge in price of Ethereum, it has also, along with Bitcoin, started to be known by the wider population. However, the truth is, there are hundreds of cryptocurrencies out there, and more being released each month. Some of the more popular ones include Moreno, which promises a higher level of privacy in transactions and which many claim to fulfil the true purpose of cryptocurrencies, while others include Loopring, Atom, Solana, XRP and Cardano.
In 2020, cryptocurrencies started to see a significant increase in values, led by Bitcoin, but it was in 2021 that exponential gains were seen, with Bitcoin breaking the $68,000 barrier in November 2021. This led to a lot of people getting attracted to invest their savings in cryptocurrency, especially as altcoin (generally refers to any crypto currency other than Bitcoin or Ethereum) saw their prices increase many times, earning speculators a small, or in some cases, a large fortune.
However, just as more and more people started investing in cryptocurrency, the market faced a turbulent 2022, and Bitcoin closed at a little over $16,000, lost over 75% of its total value in a year. Many altcoins fared even worse, often losing more than 90% of their total value, as major scams, such as the FTX debacle, led to many losing confidence in cryptocurrency. However, building on the unpredictability of investing in cryptocurrencies, out of nowhere, Bitcoin gained nearly 60% in value YTD May 2023 while Ethereum gained 48% in the same time. Many believe this to be a good time to invest in cryptocurrency including Forbes, citing the U.S. banking crisis (you can learn more about it in the biggest bankruptcies in American history), a likely recession and inflation cooling off as reasons why the cryptocurrency has seen its price jump this high.
Right now, the U.S. Securities and Exchange Commission, together with other regulators, has initiated a strong crackdown on the cryptocurrency industry, which could have a negative impact on cryptocurrencies as an asset, and could impact some of the biggest cryptocurrency exchanges and crypto companies including Binance and Coinbase Global, Inc. (NASDAQ:COIN). This has come as a result of several major cryptocurrency scams including the collapse and subsequent bankruptcy of FTX, which at one point was among the largest cryptocurrency exchanges in the world. This collapse also reminded investors of an important concept; since there is little to no regulation in the cryptocurrency industry, it is very easy to lose out on your earnings, and if your holdings are in an exchange, then you don't technically own them. Therefore, it is very important to keep any investments in cryptocurrencies in cold wallets, which can only be accessed by the owner. With that in mind, you might want to consider taking a look at the 10 best crypto hardware wallets in 2023, which can help in guiding a decision.
In the midst of this entire uncertain scenario, and an even more confusing industry, emerged meme coins. A meme coin refers to a cryptocurrency which was created based on an existing Internet meme or has some other funny characteristics which appeal to the general population, thus increasing its popularity, especially by the countries leading the meme coin race in 2023. Perhaps the most well-known meme coin out there is Doge Coin, which was perhaps also the first known creation of a meme coin in 2013. Released initially as a joke, its surge in online popularity led to it having a market capitalization of $85 billion in November 2021, though its fall was just as dramatic. While Reddit had a significant hand in its extreme popularity, Elon Musk, the current owner of Twitter and CEO of Tesla, also tweeted in the coin's favor, which would have a crucial impact on the coin's price. Another very popular meme coin is Shiba Inu, which was only created in August 2020 and reached its peak in October 2021.
It is important to note that while investing in and talking about meme coins may seem like fun and games, many people do seriously invest significant savings in such coins in the hope of getting 1000x returns and living a comfortable life after. Unfortunately, these coins don't really have any intrinsic value other than the popularity ascribed to them, and hence, small events can cause massive changes in prices. Many meme coins have also been used in pump and dump schemes, where popular Internet personalities encourage people to buy a meme coin while holding a large majority of total supply, and then selling at a peak, leaving those who invested in such coins bearing massive losses.
Where cryptocurrency lands in the long run may have a lot to do with potential regulation of the industry. Trust in an unregulated industry is already low, and the recent spate of scams and major collapses including Celsius and FTX have led to many regulators considering imposing rules and regulations on the crypto industry. Those against such a move believe that will be against the very reason that cryptocurrency was established; to move away from centralization towards decentralization and greater privacy and anonymity. Proponents of regulation, on the other hand, believe that an industry still reeling from the damage caused by major scandals can earn greater trust and acceptance by the general population, thereby increasing its usage.
Currently, some countries don't tax any capital gains at all, and crypto gains in these countries are also tax-free. However, there are other crypto-friendly countries such as El Salvador have not imposed any tax on capital gains, in a bid to attract more people towards cryptocurrency and obtain greater crypto investment from abroad as well.
While meme coins appeal to people everywhere regardless of geographic locations, the 10 companies who lead the meme coin craze in 2023 have an even greater interest, with just the top 3 countries accounting for more than 50% of all meme coin fans globally. Unsurprisingly, these are also countries with large populations, thereby accounting for a greater fanbase. A study conducted by CoinGecko, based on each country's page view share for the biggest meme coins by market cap, forms the basis of our rankings. So, let's now take a look at the countries ensuring that meme coins do not die, starting with:
10. Morocco
Percentage of total meme coin views: 1.22%
One of the countries leading the meme coin craze in 2023 is Morocco, even though cryptocurrency is illegal in the country. In May 2023, an 18-month sentence was handed down to a man who used Bitcoin to purchase a Ferrari.
9. Malaysia
Percentage of total meme coin views: 1.55%
A London-based crypto exchange named Luno announced in early 2023 that would reduce its workforce by around 35%, a decision which was expected to impact its workforce in Malaysia as well. Luno is also one of the best crypto exchanges in the country, with other major exchanges including Kraken, Huobi and Sinegy.
8. Canada
Percentage of total meme coin views: 2.37%
According to The Motley Fool, the largest crypto exchange in Canada is WealthSimple Crypto, which admittedly, could have come up with a less red-flag name. Other exchanges include Coinberry, and Crypto.com. According to some sources, Canada is likely to tight rules further for crypto exchanges.
7. New Zealand
Percentage of total meme coin views: 3.54%
New Zealand has the lowest population among all the countries in our list, which just shows how significant its interest in crypto is. In September 2022, Binance opened offices in New Zealand after it received regulatory approval, which shows that the country is open to becoming a hub for cryptocurrency and its supporters.
6. Australia
Percentage of total meme coin views: 3.66%
The popularity of crypto spans across the world, which is why Australia is one of the countries leading the meme coin craze in 2023. Recently, a digital artist based in Australia created another meme coin, mainly using Chat GPT-4, and saw its market cap skyrocket to over $77 million. The country is also attempting to introduce crypto regulation, but it is likely to be delayed at least until the second half of 2024. Another recent development in the crypto space in the country has been the cancellation of Binance's financial services license in April 2023.
