Top 3 Altcoins Trending in Nigeria This Week

Bitcoin’s gradual climb to a new all-time high this week has prompted a bullish rebound across the global crypto market, and Nigeria is no exception. 

On Luno, one of the leading crypto exchanges in the region, this renewed enthusiasm is evident in the surge in trading volumes for assets like Dogecoin (DOGE), Ankr (ANKR), and Aave (AAVE)—each of which has captured the attention of Nigerian investors this week.

Dogecoin (DOGE)

In an exclusive interview with BeInCrypto, Ayotunde Alabi, CEO of Luno Nigeria, stated that while top coin Bitcoin dominates global headlines, DOGE has quietly held its ground on Luno Nigeria’s list of top-traded assets, maintaining strong interest among local traders.

Alabi ties the recent surge in DOGE trading among Nigerian investors directly to Elon Musk’s surprise launch of the America Party.

“Speculation may have been fuelled by Elon Musk’s unexpected launch of the America Party, where he signalled pro-Bitcoin and other innovation-forward policies. Given Musk’s past ties to Dogecoin, even if mostly symbolic or in passing, some investors may be eyeing the asset’s potential rise as this political situation develops,” he said.

At press time, DOGE trades at $0.197, up 18% over the past week. On the daily chart, its Relative Strength Index (RSI) is 64.86 and climbing, indicating strong buy-side pressure.

The RSI indicator measures an asset’s overbought and oversold market conditions. It ranges between 0 and 100. Values above 70 suggest that the asset is overbought and due for a price decline, while values under 30 indicate that the asset is oversold and may witness a rebound.

DOGE’s RSI confirms the demand backing its rally, and if this continues, the meme coin’s price could extend its rally above $0.206.

DOGE Price Analysis. Source: TradingView

However, if selloffs gain traction, DOGE could fall to $0.175.

Ankr (ANKR)

ANKR is one of the trending altcoins that has gained traction among Nigerian traders this week. Alabi told BeInCrypto that the altcoin has quietly secured a spot among the top 10 most-traded assets on Luno Nigeria since early July.

This can be attributed to its price rally, with the token climbing 19% since the beginning of the month.

ANKR’s increasing traction appears to be tied to its clear value proposition—“lowering the barrier to Web3 development by removing the need for complex crypto infrastructure.” The CEO noted that this approach resonates with Nigerian investors, who have begun to explore beyond the more traditional altcoins. 

Notably, ANKR registered higher local trading volumes than Cardano (ADA) last week, reflecting the bullish bias that it enjoys, Alabi said. 

If this bullish trend persists and trading volume remains high, ANKR could climb toward $0.017 in the near term.

ANKR Price Analysis. Source: TradingView

On the other hand, a resurgence in negative sentiment could invalidate this bullish outlook. In that scenario, its price could fall to $0.015.

Aave (AAVE)

Alabi identifies decentralized finance (DeFi) token AAVE as another trending altcoin that has attracted the attention of Nigerian traders. According to him, this is due to the gradual uptick in DeFi penetration in the region.

“With DeFi adoption slowly gaining traction in Nigeria, AAVE’s increasing presence on Luno’s top-traded list suggests investors are warming up to real-world applications of decentralised finance, especially those with a proven track record, the CEO told BeInCrypto.

As of this writing, AAVE trades at $316.95, up 17% in the past seven days. If accumulation continues, the altcoin could climb to $325.41 over the next trading session.

AAVE Price Analysis. Source: TradingView

Conversely, the token’s price could drop to $290.80 if the bears regain dominance.