Bitget Research Institute: Middle East | Rising Star in Crypto Market

Written by: Research Institute

Summary

• The Middle East iscryptocurrencyThe emerging market has an average daily number of people participating in transactions in the region of about 500,000.

• Regulatory environmentThe UAE has the most friendly cryptocurrency policy, while the cryptocurrency policies of most other Middle Eastern countries have gradually improved, from early explicit prohibitions to gradual compliance;

• On-chain preference, Middle Eastern users are interested in participating in decentralized projects, are familiar with DEX on-chain tools, and are willing to participate in the metaverse, games, and on-chain task platforms. The growth rate of on-chain users has increased significantly in recent years;

• Trading PreferenceInstitutional users in the Middle East mainly invest in core crypto assets such as BTC, while retail investors have a wider range of interests and are willing to participate in the hype of Meme coins;

• CentralizationexchangePreference, the past year has been centralizedexchangeTraffic in the Middle East is showing a fluctuating upward trend. Middle Eastern users are more concerned about centralizedexchangeThe usage demand is obviously higher than that of decentralized exchanges;Decentralized Exchanges, Middle Eastern users mainly use decentralized exchanges such as Uniswap and Pancakeswap, which are the top public chain exchanges;most commonly usedwalletThey are TrustWallet, Metamask, Phantom, Coinbase Wallet, and Bitget Wallet;

• Finally, based on the above analysis, Bitget Research Institute made five predictions for the future trend of the Middle East crypto market.

beginning

The Middle East has a long and glorious history. It was once one of the centers of civilization in the ancient world. Its unique culture, science and trade traditions have left a profound impact on human history. Faced with the rise of cryptocurrency, Middle Eastern countries are unwilling to lag behind and quickly make up for their shortcomings in policies and industries, becoming a rising star in cryptocurrency.

Although the popularity of cryptocurrency in the Middle East is not high at present, its growth rate is very impressive. Currently, the way most Middle Eastern users participate in the cryptocurrency market is to invest in cryptocurrency directly through centralized exchanges.

Through in-depth market research, this article provides a panoramic introduction to the current status of the Middle East crypto market, which not only helps Middle Eastern users find their own ecological positioning and communities with similar interests, but also helps Web3 project teams and crypto institutions better understand and develop the Middle East market.

1. Overall market situation

1. Regional Overview

According to information from Wikipedia, there are 18 countries in the Middle East. Considering the activity level of cryptocurrencies, this article will focus on six countries: UAE, Saudi Arabia, Egypt, Morocco, Algeria, and Jordan.

In terms of the overall volume and acceptance of cryptocurrencies, the Middle East does not rank high in the world. The Middle East and North Africa are expected to account for 2.3% and 3.5% of the global cryptocurrency market in 2023.The total amount of cryptocurrency received in 2018 accounts for about7.2%.However, due to its open policy and rapid development, it remains an extremely important part of the crypto world.According to Chainalysis' 2023 Adoption Index data ranking, Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the UAE ranked 20th, 35th, 47th, 57th, 66th, and 78th respectively.

It is worth noting thatThere are significant differences in the acceptance of centralized platforms and decentralized applications in different countries in the Middle EastEgypt, Algeria, and Jordan’s rankings in DeFi are much lower than their rankings in centralized platforms; Saudi Arabia and the UAE’s global rankings in DeFi use are significantly stronger than their rankings in centralized platforms; Morocco’s data is relatively balanced, with all five aspects of the Adoption Index ranking in the top 20 globally.

In addition, it can be noted that the UAE’s P2P trading ranking is after the global top 100, which may indicate that the UAE is less dependent on P2P in terms of fiat currency deposits and withdrawals, and has more convenient deposit and withdrawal methods.

2. Encryption policy and human impact

2.1 Encryption policies in Middle Eastern countries

Due to their different economic development levels and cryptocurrency penetration rates, Middle Eastern countries have different attitudes towards cryptocurrency regulation. This section introduces the similarities and differences in regulatory policies of Middle Eastern countries from the perspectives of "regulatory-friendly", "policy-shifting" and "strong regulation". From the surveyed countries, the country with "regulatory-friendly" cryptocurrency is the UAE, the countries with "policy-shifting" are Saudi Arabia, Jordan, Egypt and Morocco, and the Middle Eastern countries with "strong regulation" include Algeria.

[Regulatory-friendly]

The representative of the Middle Eastern countries with friendly cryptocurrency regulation is the UAE. The UAE cryptocurrency policy involves the following aspects:

• United Arab EmiratesThe financial regulator is the Central Bank of the United Arab Emirates, which is responsible for supervising and managing the financial market. On March 9, 2022, Dubai issued Law No. 4 on Virtual Asset Regulation, establishing a new regulatory agency called the Virtual Asset Regulatory Authority (VARA). VARA's scope of authority includes supervising virtual asset service providers throughout Dubai. In addition, the UAE has established a financial autonomous region, RAK DAOThrough various means, we can create various cryptocurrency-friendly areas to attract cryptocurrency companies, talents and funds.

【Policy Shift Type】

The Middle Eastern countries where cryptocurrency policies are shifting include Saudi Arabia, Egypt, Jordan, and Morocco, mainly in the following aspects:

• Saudi Arabia: In 2018, the Saudi government declared the use of Bitcoin illegal, citing the potential risks of other cryptocurrency transactions. Despite this, the country's cryptocurrency market has continued to grow. By September 2022, the Saudi Central Bank hired technology entrepreneur Mohsen Al Zahrani as the so-called "Crypto Sheikh" to lead the digital transformation of the central banking system. In addition, Saudi Arabia has expressed its interest in fostering Web3 andBlockchainThe company is interested in diversifying its economy through gaming projects. One of these projects is a collaboration with The Sandbox to explore the virtual universe.

• Egypt: In 2018, Egypt's main Islamic lawmaker, Dar al-Ifta, issued a religious decree classifying Bitcoin commercial transactions as illegal. But in 2019, the Central Bank of Egypt (CBE) announced that it was working on a draft law that would simply prohibit the creation, trading or promotion of cryptocurrencies without permission, a statement that revealed the CBE's changing views on digital currencies and cryptocurrencies. In 2020, the Egyptian Parliament enacted the Central Bank and Banking Law to help the digital transformation of Egypt's banking and financial sectors.

• Jordan: The Central Bank of Jordan (CBJ) has issued legislation prohibiting all banks, money changers, financial entities and payment service providers from facilitating any cryptocurrency transactions. Jordan recently stated that it wouldBlockchainThe Central Bank of Jordan has stated that it encourages banks and financial institutions to explore and utilize technology under the premise of complying with relevant laws and regulations.BlockchainThe development of technology and digital assets.

• Morocco: In 2017, the Moroccan government announced that cryptocurrency transactions were banned in Morocco; in June 2022, the Central Bank of Morocco prepared to draft a cryptocurrency regulatory bill; in January 2023, the Central Bank of Morocco announced the relevant content of the cryptocurrency draft, including "cryptocurrency-related definitions".

[Strong supervision type]

Algeria is a Middle Eastern country with strong cryptocurrency regulation. Its cryptocurrency policy covers the following aspects:

• Algeria: Algeria’s 2018 financial law prohibits the use of any cryptocurrency. It states: The purchase, sale, use and possession of so-called virtual currencies are prohibited. Virtual currencies are characterized by electronic products that lack physical support.

2.1 Humanistic influence of Middle Eastern countries

Middle Eastern Muslim countries vary in their policies and attitudes toward cryptocurrencies, but generally speaking, their regulation is influenced by Islamic law.

From the perspective of Islamic law, Islamic law has a series of regulations on financial activities, such as prohibiting usury, prohibiting gambling, prohibiting transactions involving illegal and immoral behavior, etc. Since the cryptocurrency market has experienced high volatility and uncertainty, Muslims are not recommended to participate in crypto transactions with large fluctuations from the perspective of Islamic tradition. However, cryptocurrencies, especially assets represented by Bitcoin, have gradually become compliant in recent years, and the attitude of Muslim countries towards cryptocurrencies has begun to change.

Some Muslim countries are also working to develop regulations that adapt to modern financial technologies and innovations, and to a certain extent accept and support the development of cryptocurrencies.例如，阿联酋的迪拜计划发展成为Blockchain和加密货币创新中心，这表明这些中东国家对这些新兴技术持开放态度.

3. Market size

February 2023, the entireDAU of cryptocurrency traders in the Middle East on centralized cryptocurrency exchanges Approx. 33Ten thousand peopleWith the approval of BTC Spot ETF and the continuous rise of the total market value of cryptocurrency,2024Year2In the month, the number of cryptocurrency exchanges in the Middle EastDAU Reach about 50Ten thousand people.

In February 2024, the DAU of cryptocurrency trading in centralized exchanges in several countries in the Middle East was roughly in the range of 100,000 to 150,000. It is worth noting that the population of the UAE and Morocco is about one-third of that of Saudi Arabia and Egypt, but their DAU of cryptocurrency trading is not much different from that of Saudi Arabia and Egypt. This reflectsThe popularity and usage of centralized cryptocurrency exchanges in the UAE and Morocco are significantly higher than those in Saudi Arabia and Egypt.

In the past year, among the Middle Eastern countries, Morocco had the fastest year-on-year increase in the number of trading users, with an increase of 1,48%, followed by the UAE and Egypt, with an increase of about 70%. However, Saudi Arabia's data in February 2024 was the same as in February 2023, mainly because three of the five largest centralized exchanges experienced a decline in traffic. This phenomenon may also be caused by Saudi Arabia's earlier traffic growth cycle than other countries. Multiple information sources show that Saudi Arabia is the country with the highest year-on-year growth in cryptocurrency transactions in the world from 2022 to 2023.

2. Characteristics of local cryptocurrency users

1. User trading habits

1.1 Overall Profile of Users in the Middle East

Image: Word cloud of cryptocurrency user habits in the Middle East

Source: Google Hot Words

Middle Eastern users are open to cryptocurrency transactions and project interactions, and generally have the following characteristics:

• High reliance on CEX: Middle Eastern users rely more on CEX than DEX, with nouns such as Exchange appearing in the word cloud;

• Transferring money through cryptocurrency: The popularity of using cryptocurrency for money transfers among Middle Eastern users is relatively high, mainly due to the rapid depreciation of legal currencies in several Middle Eastern countries and the low penetration rate of traditional banks;

• Pay attention to Meme coins: Middle Eastern users are enthusiastic about hyping Meme coins, pay attention to the market's Heat Map, and have the ability to quickly grasp the heat of the crypto market;

• Focus on traditional finance: Blackrock has become a hot search term for Middle Eastern users, indicating that Middle Eastern users are concerned about the impact of BTC ETF and traditional finance on the crypto market.

1.2 Transaction and interaction habits of users in the Middle East

[United Arab Emirates]

According to a research survey by financial services company Holborn Assets, users in the UAE are increasingly interested in using cryptocurrencies. 29% of users believe that cryptocurrencies are a more convenient way to hold assets, 34% of users are cryptocurrency traders, and 22% of users use them for daily payments. As an investment attribute,UAE users are most willing to invest in BTC,ETH,BTCCalled by UAE users“Digital Gold",72%User investmentBTC.

In terms of interaction habits, UAE users are good at using the trading and lending functions of DEX and are familiar with on-chain operations. In addition, UAE users pay attention to the latest things in the crypto market and are interested in RWA, Metaverse,AI, cross-chain bridge and other projects have attracted much attention.

【Saudi Arabia】

According to the Chainalysis report, Saudi Arabia's regional cryptocurrency trading volume increased by 12% between 2023 and 2022. Saudi Arabian users invest in the spot of core cryptocurrencies such as BTC and ETH to achieve more diversified assets. In addition, Saudi Arabian institutional users are increasingly interested in investing in cryptocurrencies.

In terms of interaction habits, the proportion of Saudi Arabian users using on-chain DEX is lower than the world average, but users in the region have shown interest in metaverse applications and NFTs. For example, Sandbox announced a partnership with Saudi Arabia to launch a virtual universe.

【Egypt】

According to Triple-A survey data, the popularity of cryptocurrency in Egypt is relatively low. As of 2022, only 2.95% in Egypt have held cryptocurrency. In terms of transactions, Egyptian users mainly hold BTC, and the core reason is to cope with the depreciation of the Egyptian legal currency. In addition, 2/3 of Egyptian users do not have traditional bank accounts, and some users use cryptocurrency for domestic and international remittances.

Due to the small number of user samples in [Algeria], [Morocco], and [Jordan], the summary results may have large errors and no specific summary is made.

2. Popular sectors and projects

(1) Popular Projects & Popular Sections

Traffic of popular projects by UAE users (Q1 2024)

[UAE]:The main projects and sectors that UAE users participate in are DEX,Web3Mission Platform andNFTTrading platform.The mainstreamTokenMarket websites such as dextool, dexscreener, poocoin, birdeye, etc. are relatively popular; DEX trading platforms pancakeswap and uniswap are more popular among UAE users; in terms of NFT, Opensea and magiceden are relatively popular; Web3 task platform galxe is relatively popular.

Traffic of popular projects of Saudi users (Q1 2024)

Saudi Arabia:Saudi users participate in DEXtrade,Web3Mission platform,NFTEnthusiasm is high in the trading and gaming sectors.NFT transactions are mainly conducted on Opensea and Magiceden platforms; on the other hand, a small number of users use Sandbox and Axie, and Web3 task platforms are mainly concentrated on galxe and zealy.

Traffic of popular projects by Egyptian users (Q1 2024)

【Egypt】:Egyptian users on Web3game,DEXtrade,NFTAnd the task platform has a high level of participation.Sweat Economy is quite popular in Egypt, which shows that the M2E model is quite popular in Egypt; in terms of DEX, it is mainly market websites and PancakeSwap; in terms of games, in addition to Sandbox, the recently popular Pixels has also received a certain amount of attention in Egypt.

Traffic of popular projects by Moroccan users (Q1 2024)

Morocco:Moroccan users participate in NFT,DEXThe transaction participation rate is high.NFT transactions are mainly conducted on Opensea and Magiceden platforms; on the other hand, a small number of users use Sandbox and Sweat Economy.

(2) In the past three months, the most concerned topic among Middle Eastern users is cryptocurrency

See what Middle Eastern users are interested in through Google Search:

The ranking of hot words related to Crypto searched by Middle Eastern users on Google Search

According to the search popularity of cryptocurrency-related terms among Middle Eastern users on Google, in the past three months (January 5, 2024 - April 5, 2024), the focus of users in the Middle East has mainly focused on:

(1)BOME:

The hype of Solana meme coins lasted throughout Q1, and the Middle East was no exception. BOOK OF MEME (BOME), released by Pepe Meme artist Darkfarm, swept all social platforms. After its launch, the 24-hour transaction volume on the chain exceeded US$250 million, and it was quickly listed on major exchanges. However, SLERF, which is also highly discussed, did not make the list in any of the Middle Eastern countries. To a certain extent, it means that the transactions of Middle Eastern users mainly occur on the top few centralized exchanges, and there is still a lot of room for development in the use of DEX.

(2)RWA(ONDO):

BlackRock announced the launch of its first public blockchainToken化基金，巨头的入场焕发了RWA赛道的第二春，RWA可能仍将是本轮牛市最重要的叙事之一。中东各国对「RWA」热词本身的搜索量高，但是上榜代币却只有ONDO一个，GFI、MKR等均为上榜。结合ONDO也是Bitget研究院西欧市场调研报告中的“西欧地区2024年初Google Search加密货币相关词汇搜索排名榜第5名”，可以看出ONDO或为本轮RWA炒作的旗舰代币之一。

(3)Device mining, mobile phone mining type tokens (ICE,DePIN,Grass,PI):

Users in the Middle East seem to be very interested in Mining Crypto, with three projects in this field making the list:

(a) A cloud computing and network sharing project without token issuance, Wynd Network’s flagship product Grass;

(b) Mobile mining and Layer 1 project ICE, which was recently launched;

(c) Pi Network (PI), an early mobile mining project that was launched in 2018.

3. Local social media

The main battlefields for local communities in Arab countries are Twitter and Youtube, with Telegram being used less frequently. Arabic is the main language used, but English content is also spread to a certain extent.

In terms of discussion content, each country has different understanding of blockchain and different areas of interest. Saudi Arabia, Egypt, and the United Arab Emirates have a certain user base, and the content is very extensive. They have a certain habit of exposing and posting orders on exchanges, and they are very fast in tracking hot crypto altcoins. Exchange hot coins (such as ENA) are highly discussed. However, Morocco, Algeria, and Jordan have a small user base and basically do not have many local bloggers. The content of interest mainly depends on the content producers of the other three countries.

3. Competition landscape and advantages of each platform

1. Centralized Exchanges

Overall, visits to centralized exchanges from Middle Eastern countries have shown a clear upward trend over the past year.The User Visits (UV) data of the UAE and Morocco reached 60% and 71% respectively, and the data of Egypt increased by 25% year-on-year; while the traffic of Saudi Arabia showed a slight decline, which may be related to the fact that its fastest growth cycle of user volume is earlier than that of other countries. (As mentioned above, multiple sources show that Saudi Arabia is the country with the highest year-on-year growth in cryptocurrency transactions from 2022 to 2023)

The traffic gap between important countries in the Middle East to centralized exchanges is not largeEven though there is a clear gap in total population, the monthly UVs visiting centralized exchanges in the UAE, Morocco, Egypt, and Saudi Arabia are all between about 700,000 and 1 million.

Middle Eastern countries are highly dependent on global centralized exchanges.andM2The absolute value of traffic volume rankedTop 10BeyondThis may be related to the low number of tradable assets and poor trading depth in local exchanges, as well as the fact that many global centralized exchanges also have convenient local currency deposit and withdrawal channels.

Note: (1) Due to the lack of Saudi Arabia's Mobile Web data in February 2024, only Desktop data is presented. If it is assumed that the traffic structure of Saudi Arabia and the UAE is similar, the total UV of Saudi Arabia's Web, Desktop + Mobile is approximately 874,721; (2) Data for Algeria and Jordan could not be collected and are not shown here.

2. Decentralized Exchanges

Users in the Middle East frequently use decentralized exchanges, and their main usage habits are concentrated on leading decentralized exchanges on public chains such as Solana, BSC and Ethereum, such as Uniswap, Pancakeswap, Raydium, etc. Some users also use decentralized exchange aggregation products, such as 1inch and Jupiter.

Most users log in to these decentralized exchanges directly, and some log in through Google search, social media links, and market website jumps. This shows that Middle Eastern users pay more attention to brand awareness when using decentralized exchanges, and once they form a habit of using them, they will have a certain degree of loyalty to the brand.

U.S. and Saudi Arabia users’ use of decentralized exchanges

United Arab Emirates

DEX Competition Landscape

The UAE has a high proportion of decentralized exchanges among the Middle Eastern countries, among which UniSwap, PancakeSwap, 1inch, etc. are decentralized exchange products that are used by users. From the perspective of various public chains, the traffic of the top DEXs is relatively high, and active public chains include BSC, ETH, SOLANA, COSMOS, etc. The trading habits of the UAE are gradually shifting from DEX to aggregated products.

DEX traffic entry

UAE users mainly log in to decentralized exchange websites through direct search. It is worth noting that Google search is also a common entry point for UAE users to enter decentralized exchanges. CMC, as a cryptocurrency information and news website, also has a large amount of traffic and conversion volume.

Saudi Arabia

Summary of DEX competition landscape

The transaction proportions of Saudi users on UniSwap, PancakeSwap, and Raydium are not much different, indicating that Saudi users have great interest in assets on BSC, ETH, and SOLANA. The other public chains are all head decentralized exchanges that perform well, such as TraderJoe and Osmosis.

DEX traffic entry

In terms of search and conversion, Saudi users mainly enter decentralized exchanges through direct login, Google search, social media conversion, and cryptocurrency information website conversion. Saudi users use Twitter at a relatively high rate.

Usage of decentralized exchanges by users in Egypt and Morocco

Egypt and Morocco

DEX competition landscapeXiaobai NavigationKnot

Egyptian and Moroccan users have quite different trading preferences. Egyptian users prefer pancakeswap, while Moroccan users prefer jupiter. The rest of the public chains are all top decentralized exchanges that perform well. It is worth noting that Egyptian users use astroport more frequently, indicating that users pay more attention to the cosmos ecosystem project. Moroccan users' trading interests are mainly concentrated on the Solana chain.

DEX traffic entry

In terms of search and conversion, users in Egypt and Morocco are similar to users in other countries. They mainly enter decentralized exchanges through direct login, Google search, social media conversion, and cryptocurrency information website conversion. Among them, coingecko is more popular among Moroccan users, and coinmarketcap is more popular among Egyptian users.

Algeria, JordanDue to the small number of user samples, the summary results may have large errors and no specific summary is made. Its users' usage habits of DEX are similar to those of other neighboring Middle Eastern countries.

3.wallet

Web3walletDownloads in the Middle East (January 1, 2024 - March 31, 2024)

(Note: Some well-known wallets, such as Binance Wallet and its centralized exchanges, share the same APP and cannot extract traffic separately, so they are not shown in the above table)

In terms of wallet usage, Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet are the top 5 wallets in the Middle East.

Like most other regions, Trust Wallet and MetaMask occupy the first and second positions. Trust Wallet, as a wallet launched in 2017, has a good first-mover advantage. Its simple and easy-to-use design conforms to the user habits in the Middle East. MetaMask also has a good first-mover advantage. Most EVM-compatible public chain projects generally consider giving priority support, which makes these two wallets very popular in the Middle East.

Recently, due to the popularity of the Solana ecosystem, Phantom, as the most popular native wallet of the Solana network, has seen a significant increase in downloads, ranking third. In addition, rumors have been circulating on social media that Phantom may issue coins. In anticipation of airdrops, many users also tend to use Phantom wallets to participate in Solana ecosystem projects.

Coinbase Wallet, which ranks fourth, is backed by Coinbase. Although users in the Middle East cannot use the Coinbase exchange, Coinbase Wallet can be used normally. In May 2023, Coinbase CEO Armstrong said in an interview with Bloomberg that they might turn their attention to the UAE to build a bridge between Europe and Asia. Therefore, Coinbase Wallet is backed by the authority of Coinbase.SafetyIt has become the choice of many users in the Middle East.

Bitget Wallet is updated and iterated very quickly. It currently supports more than 90 public chains. At the same time, the innovative liquidity aggregation algorithm in Swap brings users a smooth trading experience. It also supports on-chain changes, smart market recommendations and other functions to assist users in capturing hot projects. Some time ago, Bitget Wallet also launched the BWB airdrop plan, and is currently actively carrying out points activities, which is favored by many users in the Middle East. In terms of NFT, Bitget Wallet's NFT market is the first platform that supports the use of any cryptocurrency to purchase NFT. Insights into user needs and rapid support have made it the fifth download ranking in the Middle East.

Summarize

The Middle East has a long and glorious history and was once one of the centers of civilization in the ancient world. Faced with the rise of globalization in the crypto market, Middle Eastern countries have re-examined cryptocurrencies with an open and embracing attitude, making the Middle East the fastest growing region in the world in terms of cryptocurrency penetration. This report mainly investigates the cryptocurrency market in the six Middle Eastern countries defined by the United Nations from three aspects: "overall market situation", "characteristics of local cryptocurrency users", and "competitive landscape and advantages of various platforms".

From the overall market situation, the total volume and acceptance of cryptocurrencies in the Middle East are in a rapid growth stage. The "daily active users" of users in the six Middle Eastern countries on centralized exchanges are about 500,000, among which the UAE has the highest cryptocurrency penetration rate in the Middle East.

From the perspective of regulation and cultural influence, most of the countries surveyed are Muslim countries. Influenced by Islamic rules, the crypto policy in the early days mainly restricted their citizens from participating in the crypto market to protect the rights and interests of local investors. However, as core assets such as Bitcoin gradually become compliant, they have become important alternative asset targets. The policies of Middle Eastern countries represented by the UAE have gradually embraced cryptocurrencies, and the UAE has become one of the most cryptocurrency-friendly countries in the world.

Middle Eastern users are open to cryptocurrency transactions and interactions with on-chain projects, and generally have the following characteristics:

• The general reliance on CEX is high;

• In areas where traditional banking services are not widely used, users will transfer money through cryptocurrencies;

• Pay attention to Meme coins and grasp the hot assets in the market;

In terms of competition and platform advantages, global centralized exchanges provide more diverse and comprehensive services and still occupy the majority of the market share. The data of decentralized exchanges is not very different, and the usage habits are concentrated on Solana, BSC and Ethereum, the leading decentralized exchanges of public chains. In terms of wallets, Trust Wallet, MetaMask, Phantom, Coinbase Wallet and Bitget Wallet are the top 5 wallets in the Middle East.

Finally, after a thorough market survey by Bitget Research Institute, we expect the following developments to occur in the Middle East market by 2024 for readers’ reference:

• The UAE is an important base for the Middle East market. It will not only become a central hub for cryptocurrency talent, capital, and crypto companies in the Middle East, but its influence on cryptocurrencies around the world will become increasingly stronger;

• As the cryptocurrency market warms up and the popularity of cryptocurrency among Middle Eastern users increases, the DAU participating in cryptocurrency transactions in the Middle East market will continue to rise from 330,000 in 2023 to around 700,000 by the end of 2024.

• The penetration rate of Middle Eastern users participating in various on-chain applications has increased significantly. "Airdrop" and "on-chain mining" may become hot words on social media, and the interest in the DePin track has only increased;

• The hype of Meme coins continues to rise, and the DEX ecosystem of the leading public chains continues to become a window for Middle Eastern users to hype Memes;

• Wallets with transaction aggregation functions will be favored by more Middle Eastern users.

The article comes from the Internet:Bitget Research Institute: Middle East | Rising Star in Crypto Market

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