KARACHI: One in every 10 crypto investors in Pakistan prefers to receive or pay salaries in virtual currency, according to a survey conducted by KuCoin, a global cryptocurrency exchange.
Titled “Into the cryptoverse: understanding Pakistani crypto investors 2023,” the survey results released on Thursday showed there’s growing adoption and interest in digital assets in Pakistan — a potentially large market based on the Global Crypto Adoption Index by Chainalysis that ranked the country sixth in 2022.
Pakistani crypto investors are driven by diverse motivations like future aspirations (69 per cent), wealth accumulation (44pc), convenience (49pc) and value storage against currency depreciation (33pc).
The survey sheds light on different use cases for cryptocurrencies in Pakistan, with trading (46pc) being the most common. It was followed by HODLing (30pc), a practice that involves purchasing and holding cryptocurrency while refusing to sell it despite swings in price.
Other use cases include peer-to-peer money transfers (29pc) and buying non-fungible tokens (22pc), which are digital assets that are recorded on a blockchain and can only be transferred by the owner.
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“This indicates the potential for mainstream adoption and the diverse ways in which crypto assets are being utilised in the country,” according to the commentary by KuCoin on the survey that was conducted by a third party on its behalf. The survey was conducted from May 5 to May 12 using SurveyMonkey Audience and involved 500 adult crypto investors.
Its demographics reveal that 66pc of crypto investors are male, with Gen Y (aged 26-39) being the largest age group of investors (47pc), followed by Gen Z (aged 18-25) with a share of 35pc.
The majority of crypto investors (66pc) have an annual household income of less than Rs5 million. Additionally, 30pc of new investors have begun investing in crypto within the past three months. “This suggests that as crypto adoption grows, a significant portion of crypto investors in Pakistan come from households with moderate to lower income levels, highlighting the accessibility and appeal of cryptos to a diverse range of income groups,” it noted.
A significant portion (40pc) of crypto investors in Pakistan have invested less than Rs30,000 or $100, the survey showed. “This is particularly evident among Gen Z (48pc) [as] it implies that a large number of investors, especially the younger generations, are starting with smaller investments, potentially due to limited financial resources or a cautious approach towards cryptocurrency,” it said.
The State Bank of Pakistan doesn’t recognise crypto assets, which are digital currencies in which transactions are verified and recorded by a decentralised system. Yet rough estimates by stakeholders suggest the annual trading volume of these digital assets in the country is somewhere between $18 billion to $25bn.
One cryptocurrency sector that has been gaining significant traction in recent times is the AI and big data space. According to a recent tweet by Santiment, a leading cryptocurrency analytics platform, the top 100 AI and big data projects have collectively grown their market caps by an impressive 22% in the past week.
As the AI and big data sectors continue to boom, three projects have emerged as front-runners, seeing major growth and attracting the attention of investors and traders alike. These projects are Openfabric AI (OFN), Aleph.im (ALEPH), and Akash Network (AKT).
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Openfabric AI (OFN)
Openfabric AI, a project focused on developing AI-powered solutions for various industries, has been the top performer in the AI and big data sectors over the past week. Additionally, with a 78% growth in its market cap, OFN has quickly become a coin to watch for potential double-digit gains.
Currently trading at $0.616, OFN has seen a 24-hour low of $0.5515 and a high of $0.6484, indicating strong momentum and investor interest.
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Also read: Cryptocurrency: Top 3 Coins To Buy Now For 10X Gains In 2024
Aleph.im (ALEPH)
Aleph.im, a decentralized cloud computing platform that aims to provide a secure and scalable infrastructure for dApps and decentralized storage, has also seen significant growth in the past week.
With a 64% increase in its market cap, ALEPH has become another top contender in the AI and Big Data sector. In addition, trading at $0.261, ALEPH has recorded a 24-hour low of $0.2435 and a high of $0.2807.
Akash Network (AKT)
Akash Network, a decentralized cloud marketplace that enables developers to deploy and scale their applications, has seen a 49% growth in its market cap over the past week.
Currently trading at $5.13, AKT has experienced a 24-hour low of $4.88 and a high of $6.52, showcasing strong volatility and potential for significant price movements.
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Also read: Shiba Inu or Dogecoin: Which Meme Coin To Buy For 10X Gain?
The AI and Big Data sector within the cryptocurrency space is experiencing a major boom, with projects like Openfabric AI, Aleph.im, and Akash Network leading the charge. As the sector continues to see advancements and speculative support from traders looking to gain exposure to artificial intelligence, these coins may be worth watching for potential double-digit gains.
The cryptocurrency market is a mix of new and old crypto coins that hail from a variety of startups and endeavors. In the middle of such a diverse set of crypto coins, exchange-based tokens are also paving their path ahead; however, the limelight on such coins has often been overshadowed by major market players like Bitcoin and Ethereum.
To outline the excellent price progress that these coins have been making this bull season, here are our top three cryptocurrency exchange token picks to explore and interact with to extract maximum profits.
Also Read: Cryptocurrency: 3 Meme Tokens To Choose Over ADA For 10x Returns
Top Three Exchange-Based Cryptocurrency Tokens Set to Deliver 50x Profits This Bull Season
Image Source: WatcherGuru
Binance Coin (BNB)
Binance Coin, popularly referred to as BNB, is the primary token of the Binance cryptocurrency exchange. The token was initially launched to simplify trading on Binance. However, with time, the BNB ecosystem expanded its use case, where the token now boasts its blockchain coupled with a variety of apps that use BNB for day-to-day trading and functioning. With such diverse use cases available for BNB, the token is poised to deliver lucrative profits.
According to CoinCodex, BNB may spike by 68% this bull season to trade at $1,021.
“Binance Coin is forecasted to trade within a range of $604.37 and $1,021.78. If it reaches the upper price target, BNB could increase by 68.63% and reach $1,021.78.”
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At press time, the token is sitting at $605, up 0.3% in the last 24 hours.
Cronos (CRO)
Cronos is the primary token of the Cronos blockchain, developed by the notable cryptocurrency exchange crypto.com. Per CoinMarketcap, “CRO owners can stake their coins on the Crypto.com Chain to act as a validator and earn fees for processing transactions on the network. Additionally, CRO coins can be used to settle transaction fees on the Cronos Chain. When it comes to trading use cases, the Crypto.com app allows users to earn token rewards for select listings by staking CRO.”
According to CoinCodex, CRO may also rise and see new price milestones by the end of the current bull season. This may help investors expand their token offerings and include exchange-based tokens, which can be a robust inclusion for securing long-term profits.
“Cronos may trade within a range of $ 0.109954 and $ 0.173514. If it reaches the upper price target, CRO could increase by 32.55% and reach $0.173514.
At press time, CRO is stable, trading at $0.1311.
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Also Read: Cryptocurrency: 3 Coins To Explore Over XRP For Bullish Returns
Uniswap (UNI)
Uniswap is another leading cryptocurrency exchange known for using a set of decentralized smart contracts to execute trades. The token UNI helps the exchange simplify its trading mechanism by acting as a token protocol facilitating automated trading of decentralized finance (DeFi) tokens.
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According to CoinCodex, UNI may spike by a staggering 377% by the end of 2024, tripling consumer profits into millions.
“Uniswap may rise and hit $38.40. If it reaches the upper price target, UNI could increase by 377.74% and reach $38.40.”
Mantle’sMNT/USD price has decreased 3.27% over the past 24 hours to $1.18. This is contrary to the coins performance over the past week where it has experienced an up-trend of 10.0%, moving from $1.08 to its current price.
The chart below compares the price movement and volatility for Mantle over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
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The trading volume for the coin has tumbled 34.0% over the past week along with the circulating supply of the coin, which has fallen 0.16%. This brings the circulating supply to 3.26 billion, which makes up an estimated 52.49% of its max supply of 6.22 billion. According to our data, the current market cap ranking for MNT is #29 at $3.86 billion.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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