Africa Takes the Lead in Adopting Solana with a Trading Volume of 117 Billion Heres Why

Coin World Report:
Cryptocurrency trading reaches $117 billion in Africa. Solana leads the application of cryptocurrency on the African continent, encouraging a future centered around cryptocurrencies.
After a slow start in adoption and usage of cryptocurrencies, the cryptocurrency market in Africa has started to grow, and how it has grown!
According to Chain Analysis, cryptocurrency adoption in Africa is projected to grow to $117.1 billion by 2023 and reach a historic high of $45.1 billion in 2024.
Chimera Home shared these developments on X (formerly known as Twitter) and stated,
“The higher interest rates in the United States have stimulated the adoption of cryptocurrencies in Africa, as economic instability has led many to seek financial alternatives. Cryptocurrency trading in Africa has reached $117.1 billion, with Bitcoin dominating, but stablecoins are becoming increasingly popular.”
Currently, over 6 million Kenyans, over 5 million South Africans, and over 22 million Nigerians own or use cryptocurrencies.
With young people increasingly adopting cryptocurrencies for asset ownership, this number is expected to rapidly increase in the next two years.
Solana’s Adoption in Africa
As the cryptocurrency market continues to grow in Africa, Solana [SOL] has emerged as a driving force behind this sustained growth.
According to a post shared by CryptoRollerCoaster on X, Solana is now partnering with a crypto farm in Nigeria to increase the application of cryptocurrencies in Africa. The X page states,
“Solana collaborates with Flincap to drive the adoption of cryptocurrencies in Africa, enhancing accessibility and providing scalable blockchain solutions.”
The Chief Marketing Officer of Flincap stated that the growth of the cryptocurrency industry in Africa is faster than expected.
Solana is at the forefront of this growth, demonstrating strength and resilience, and the SOL community is shaping the cryptocurrency landscape on the African continent.
Oladotun Akangbe explained that the development of the cryptocurrency industry in Africa is due to its ability to address various challenges affecting the market.
Paul Gedeon shared the recent increase in the number of Sol adopters on his X page and said,
“Solana is making waves in the African cryptocurrency market. The strength and growth of its community are driving technological adoption across the entire African continent. Much praise for the resilience and growth of the Solana community in Africa.”
What drives the adoption of cryptocurrencies in Africa?
One of the most significant driving factors for cryptocurrency adoption in Africa is the weakness of local currencies, which are prone to volatility and constant depreciation.
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Many cryptocurrency users on the African continent are aware of the issue of inflation and therefore seek to securely store their money without losing its value.
As a result, cryptocurrency adoption in Africa has surged by 1,200%, with a large part of it being citizens deciding to save in stablecoins.