While the cryptocurrency market has recorded significant growth all over the world, the crypto market in Turkey has also experienced significant growth in recent years.
According to a study by Kaiko, more than half of the country's population invests in crypto.
The research results revealed that the increase in cryptocurrency investments was largely driven by macroeconomic factors such as high inflation, currency devaluation, and a young and largely unbanked population.
The research also stated that Turkish Lira (TRY) is the fourth most used fiat currency in the crypto market, while stablecoins and memecoins emerged as the favorites of Turkish investors, even surpassing Bitcoin (BTC).
Accordingly, it was stated that TL ranks fourth in transaction volume since 2022, after the US Dollar, Korean Won and Euro.
Stablecoins and Memecoins Surpassed Bitcoin!
In its report, Kaiko stated that Turkey's inflationary conditions have greatly increased the use of stablecoins in recent years.
At this point, Kaiko stated that USDT-TRY was the largest trading pair in terms of volume on Binance in 2024 and the volume reached over 22 billion dollars, while PEPE-USDT was the largest pair after USDT-TRY with 4 billion dollars.
Kaiko also noted that the majority of memecoins have surpassed Bitcoin in trading volume this year, “which indicates that Turkish traders are turning to riskier crypto assets to hedge and speculate against currency volatility.” said.
Binance Domination in Turkey!
Binance has become one of the two largest trading platforms for Turkish investors thanks to high liquidity and low fees.
While it is considered that the zero fee campaign is behind this success, its wide range of altcoins made it the primary choice of investors.
At this point, Binance offers a wide variety of TRY-denominated trading pairs and has been aggressively listing new pairs for the last few years despite the 2022 crypto bear market. In 2024 alone, Binance listed 61 new TRY trading pairs, bringing the total number of TRY trading pairs to over 200.
*This is not investment advice.