Millions of cryptocurrency investors in Turkey have a habit of closely monitoring market developments. Recently, the investments made by Turkish users have been drawing a lot of attention from various exchanges. In the past 24 hours, there has been a noticeable increase in transactions involving the Turkish lira (TRY) pair. So, which cryptocurrencies have been the most popular on Turkish exchanges?
Finding the altcoins traded by Turkish investors can be done in a couple of ways. Some investors prefer to constantly monitor the order books of local exchanges on multiple screens in order to get an accurate picture of the volumes. Others find it easier to visit 21milyon.com, a website that provides all the necessary data for investors to keep track of volume situations on local exchanges.
According to data from 21milyon.com, the total transaction volume on local exchanges in the past 24 hours amounted to $404,464,407.40, which is equivalent to 13,099,793,227.00 TL. The top altcoin on the list was Tether, a stablecoin pegged to the US dollar. It seems that Turkish investors have been accumulating Tether with the intention of making significant investments. In second place is Bitcoin, the undisputed leader of the market, with a 24-hour trading volume of over 1,347 billion TL.
What stands out in the list is the dominance of meme coins. PEPE, BONK, and FLOKI, which gained popularity in the past year, are ranked 3rd, 4th, and 5th, respectively. They are followed by LUNC, the biggest disappointment of 2022, and XPR, which is currently under scrutiny by the SEC. AI-focused projects also make an appearance on the list, indicating that Turkish investors are keen on investing in AI tokens in anticipation of a potential bull run.
It’s important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.