TapSwap: Over 11 Million Nigerians Flock to Telegram Amid Cryptocurrency Boom

Telegram Surges with 13.8 Million New Users, 11.6 Million from Nigeria

Telegram has reports an influx of 13.8 million new users since last Thursday, with a significant 11.6 million of these users coming from Nigeria. This surge has been confirmed by Telegram CEO Pavel Durov and is largely driven by burgeoning cryptocurrency mining activities on the platform.

The primary catalyst for this influx is the launch of Notcoin (NOT), a new cryptocurrency on the TON blockchain. Notcoin, which debuted on May 16, 2024, has captivated users with its innovative mining process accessible via a Telegram mini-app. The cryptocurrency launched at $0.0144, quickly reaching a market cap of about $766 million according to Blockonomi and Decrypt.

Nigerians, renowned for their Enthusiasm for Crypto, have rapidly adopted Telegram to mine and trade Notcoin. The success of Notcoin has spurred broader interest in other cryptocurrencies available for mining on Telegram, underscoring the Nigerian populace’s eagerness to embrace new financial technologies that offer tangible profit potential.

Despite the Nigerian government’s cautious stance on cryptocurrencies, the youth have enthusiastically adopted these digital assets. The economic benefits are evident, with many individuals seeing significant profits from Notcoin’s launch. However, this rapid rise in interest has also raised concerns about potential scams, as the cryptocurrency boom can attract fraudulent schemes posing as legitimate mining projects, as highlighted by Blockonomi and Decrypt.

As more Nigerians explore the world of Telegram-based cryptocurrencies, the broader implications for both local and global financial landscapes remain to be seen. The resilience and adaptability of Nigerian crypto enthusiasts suggest that even stringent regulations may not stifle the burgeoning market.

Moving Forward

With Notcoin setting the stage, other digital tokens on Telegram are likely to experience increased mining activity. This trend could further cement Telegram’s role as a major player in the cryptocurrency space. Nevertheless, users are advised to exercise caution and thoroughly research any mining projects they engage in to avoid falling victim to scams.

TapSwap: Over 11 Million Nigerians Flock to Telegram Amid Cryptocurrency Boom

Telegram Surges with 13.8 Million New Users, 11.6 Million from Nigeria

Moving Forward

Post written by: Kayefi

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