Amid the crypto cosmos, Nigerian traders, like moths to a flame, are fluttering their wings towards the lesser-known altcoins, leaving the well-trodden paths of Bitcoin and Ethereum. While the pillars of crypto trading remain steadfast, a subtle yet significant shift is afoot, drawing attention to a few select altcoins.
To unravel this enigma, BeInCrypto engaged in a tête-à-tête with Ayotunde Alabi, the Country Manager at Luno Nigeria, a branch of the global crypto exchange Luno, which has its tendrils in over 40 countries. Alabi, with the sagacity of a seasoned observer, shed light on the altcoins that are gaining momentum on Luno and what their ascension reveals about Nigeria’s evolving crypto tapestry.
The Sandbox (SAND)
According to Alabi, SAND, the native utility token of The Sandbox, is one of the altcoins that has recently captured the imagination of the region.
“SAND is gaining traction as interest in metaverse gaming and NFTs continues to grow,” Alabi noted, with a hint of amusement at the global decline in NFT fervor.
Indeed, while the world at large has grown weary of NFTs and metaverse assets, with NFT sales volume plummeting by over 21% and total transactions down 26% in the past 30 days, Nigeria’s SAND enthusiasts remain undeterred. The altcoin, however, has not been immune to the market’s whims, trading at $0.25, a 7% drop over the past week. Its RSI, a measure of market sentiment, hovers below the 50-neutral line, suggesting a tepid demand. If this trend persists, SAND might find itself at $0.21, a rather unglamorous fate for a token once touted as the key to the metaverse. 🗝️
Yet, a sudden surge in demand could propel SAND to $0.41, a glimmer of hope for the beleaguered token. 🌟
Aura
The Solana-based culture token AURA, a veritable phoenix in the crypto world, has seen its price soar by more than 19,000% over the past week, a meteoric rise fueled by speculative fervor. Alabi confirmed that AURA has garnered significant attention from Nigerian traders, “driven largely by DeFi speculation.” This rally, amidst broader market uncertainty, underscores the Nigerian trader’s penchant for high-upside assets tied to emerging narratives.
At press time, AURA trades at $0.17, a 12% rally over the past day, and briefly touched an all-time high of $0.21 on Friday. The token’s trading volume has surged by 85% to $65 million, a clear indication of robust demand. When both price and volume rise in tandem, it signals a market with strong conviction, making AURA’s rally more sustainable. If the momentum continues, AURA could surpass its all-time high and climb even higher. 🚀
Conversely, if the selloffs resume, AURA’s price could dip below $0.16, settling at $0.13. A rollercoaster ride, indeed. 🎢
Bittensor (TAO)
TAO, the native token of Bittensor, a decentralized network for training AI models on the blockchain, has also found its way into the hearts of Nigerian traders. Alabi revealed that TAO was “one of the most popular new coins on Luno in May,” a testament to the growing excitement around artificial intelligence. Nigerian traders, ever the forward-thinkers, are positioning themselves in assets that offer exposure to this paradigm shift.
At press time, TAO trades at $367.4, down 10% over the past day, mirroring the broader market drawdown. The token’s negative Balance of Power (BoP) of -0.56 highlights the waning demand. If this trend continues, TAO’s price could slip to $304.8. However, a resurgence in buying could push the token to $389.6, a tantalizing prospect for the AI enthusiasts. 🤖
Stablecoins Still Reign
While SAND, AURA, and TAO are the new darlings of the Nigerian crypto scene, stablecoins like USDT and USDC remain the bedrock of the country’s crypto strategy. Alabi noted, with a touch of pride, that “stablecoins account for over 40% of Nigeria’s crypto inflows, underlining their growing role in financial planning, international trade, and treasury management across the region.”
“Nigerian individuals and businesses are increasingly turning to these dollar-pegged assets as a stable store of value, a hedge against inflation, and a reliable means for cross-border transactions,” Alabi added, painting a picture of a nation embracing the stability of stablecoins in an otherwise volatile market.
Looking ahead, Nigeria’s crypto market is poised for transformative growth over the next 6 to 12 months. With the upcoming Investments and Securities Act (ISA 2025), exchanges like Luno can expand listings and forge deeper ties with traditional finance. The potential listing of Nigeria’s first regulated naira stablecoin, the cNGN, could also accelerate adoption, especially as use cases for local payments, on-chain payroll, and FX hedging emerge. The future, it seems, is both bright and stable. 🌈💰
“We also anticipate increased interest in multi-chain stablecoins and real-world asset tokens, especially as inflation continues to impact naira-denominated savings,” Alabi concluded, leaving one to ponder the endless possibilities that lie ahead in Nigeria’s crypto odyssey.
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2025-06-13 21:15