🚀🌟 Turkey is redefining the crypto landscape with a surge in meme tokens crushing Bitcoin in trading volume!
The Turkish crypto market is booming: more than half of Turks now invest in cryptocurrencies. This mass adoption is reflected in the growing use of the Turkish Lira (TRY), which ranks fourth among the most traded fiat currencies in crypto.
Turkey has seen a dramatic rise in stablecoins and meme tokens, propelled by record inflation. In 2024, USDT-TRY dominated trading on Binance with an impressive volume of $22 billion, eclipsing the PEPE-USDT pair which reached $4 billion. Meme tokens have even surpassed Bitcoin in terms of trading volume, proving that Turkish investors are turning to more speculative assets to navigate through economic turmoil and maximize profits.
This trend is also evident on BTCTurk, where BTC-USDT and BTC-TRY dominate Bitcoin trading. Ongoing economic woes, marked by double-digit inflation and a severe devaluation of the Lira, have intensified the appetite for cryptos. Despite bold monetary policies and a rapid depreciation of the Lira, the quest for stability and profit has driven the adoption of cryptos.
In this context, Binance has firmly established itself as one of the two major platforms for Turkish traders. With a reduced fee policy and a zero-fee campaign for BTC-TRY trading between July 2022 and March 2023, Binance has maintained its leading position by introducing 61 new TRY pairs in 2024, for a total of more than 200.
Although other platforms like Gate.io, KuCoin, and OKX are looking to gain a foothold in the Turkish market, their combined market share remains less than 1%. 🚀💥
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