Top 3 most popular altcoins in Nigeria this week

The price of Bitcoin is gradually climbing to a new all-time high (ATH) this week, which has boosted the positive bounce back trend in the global crypto market, and Nigeria is no exception.

On Luno – one of the leading exchanges in this region, the excitement is clearly reflected in the increased trading volume of assets such as Dogecoin (DOGE), Ankr (ANKR) and Aave (AAVE) — each coin has attracted significant attention from Nigerian investors in the past week.

Dogecoin (DOGE)

In an interview, CEO Ayotunde Alabi of Luno Nigeria stated that although Bitcoin still dominates global media coverage, Dogecoin (DOGE) quietly maintains its position on the list of the most traded assets on Luno Nigeria, indicating strong interest from local traders.

Alabi believes that the recent surge in DOGE trading in Nigeria is directly related to Elon Musk's unexpected establishment of the America Party.

"The hypothesis put forward is that Elon Musk unexpectedly launched the America Party with policies friendly to Bitcoin and innovative technology. Due to Musk's previous connection with Dogecoin — although largely symbolic or fleeting, some investors may be hoping for the price increase of this coin in the new political context."

At the time of writing, DOGE is trading at $0.202, up 24% in the past week. On the daily chart, the relative strength index (RSI) of DOGE reached 64.86 and is continuing to rise, indicating strong buying pressure.

The RSI indicator is used to measure the level of overbought or oversold conditions of an asset in the market, ranging from 0 to 100. A value above 70 indicates that the asset is overbought and may adjust downward, while a value below 30 reflects an oversold condition and may bounce back.

The current RSI of DOGE confirms that there is a bridge supporting this price increase. If the positive trend continues, the price could extend its increase and surpass $0.206 or even $0.22.

DOGE Price Analysis | Source: TradingViewHowever, if the sell-off intensifies, DOGE could drop to $0.175.

Ankr (ANKR)

Ankr (ANKR) is one of the most关注的 altcoins and is attracting the attention of traders in Nigeria this week. According to Alabi, ANKR has quietly entered the top 10 most traded assets on Luno Nigeria since the beginning of July. This is largely due to the recent price increase, which has risen 19% since the beginning of the month.

The growing appeal of ANKR seems to be linked to the core value that the project brings — "reducing barriers in Web3 development by eliminating the need to build complex crypto infrastructure." The CEO stated that such an approach is very suitable for Nigerian investors as they begin to explore beyond traditional altcoins.

Notably, ANKR also recorded trading volume in Nigeria higher than Cardano (ADA) last week, reflecting the positive trend that this coin is experiencing.

If this upward trend continues and trading volume remains high, ANKR could very well aim for the milestone of $0.017 in the short term.

ANKR Price Analysis | Source: TradingViewOn the other hand, the resurgence of negative sentiment could nullify bullish prospects. In that case, the price may drop to 0.015 dollars.

Aave (AAVE)

Alabi said that the DeFi token AAVE is an altcoin attracting the attention of traders in Nigeria. According to him, this is due to the increasing level of access to DeFi in the region.

"As the adoption of DeFi begins to gain popularity in Nigeria, AAVE is increasingly appearing on the list of most traded assets on Luno, indicating that investors are starting to take an interest in real-world DeFi applications — particularly those projects that have a proven track record of effectiveness," the CEO shared.

At the time of writing, AAVE is trading at $300.06, up 12.5% over the past 7 days. If the accumulation trend continues, this altcoin could rise to $325.41 in the next trading session.

AAVE Price Analysis | Source: TradingViewConversely, the price of the token could drop to $290.8 if the bears regain dominance.

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