Despite stringent regulatory oversight, crypto trading in Nigeria continues to flourish. Between July 2023 and June 2024, Nigeria recorded approximately $59 billion in crypto trading volume, ranking second globally in crypto adoption, according to Chainalysis.
This makes it imperative to consistently keep a close eye on the assets trending in the region to gain insight into how traders are moving. Today, EDGEN, OVER, and LA take the spotlight as the top three trending cryptocurrencies in Nigeria.
LayerEdge (EDGEN)
The recently launched EDGEN token tops the list of trending altcoins in Nigeria today. EDGEN is the native token of LayerEdge Network, which offers a scalable and decentralized infrastructure for validating zero-knowledge proofs built on the security foundation of the Bitcoin network.
The token trades at $0.014, down 12% in the last 24 hours. This decline comes amid a wave of selloffs following the project’s June 2 airdrop, as recipients move to cash in on their tokens, creating downward pressure on the price.
During the review period, EDGEN’s trading volume is up 61%, confirming the sell-off surge. At press time, this totals $41.28 million.
When an asset’s price drops while trading volume surges, it signals strong selling pressure. This combination suggests that many EDGEN traders are offloading the asset, triggering a broader price decline.
If this continues, EDGEN’s value could fall to $0.012.
On the other hand, if profit-taking stalls and demand climbs, the token’s value could close today above $0.016.
OverProtocol (OVER)
Layer-1 (L1) coin OVER is another altcoin trending in Nigeria today. OVER powers OverProtocol, an L1 network enabling individuals to run full nodes directly on their computers.
At press time, the altcoin trades at $0.059, down 6% over the past 24 hours. Despite the dip, technical indicators suggest that overall market sentiment remains bullish.
For example, readings from the token’s BBTrend indicator show it posting a tall green histogram bar during the current session, suggesting that buying momentum remains strong. This divergence between the token’s price and this indicator signals that its recent price decline is merely a temporary pullback within a larger uptrend.
If buying strengthens and OVER resumes its rally, it could rebound toward $0.063.
However, if selloffs intensify, the token’s value could break below the support floor at $0.0592 and fall toward $0.0542.
Lagrange (LA)
LA is the governance token of the Lagrange Prover Network, a zero-knowledge (ZK) infrastructure project. It currently trades at $1.44 and is a trending altcoin in Nigeria today.
The token is down by a modest 1% over the past day amid the broader market decline. At its current value, the altcoin holds above the $1.45 support floor. If demand weakens, this floor could break, giving way to further declines toward $1.35.
However, if demand returns to the market, LA’s price could correct upward to $1.56.
Disclaimer
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