Top Altcoins Trending in Nigeria as Traders Shift Beyond Bitcoin, Ethereum

Nigerian traders are shifting focus as the broader crypto market navigates recent headwinds. While Bitcoin, Ethereum, and stablecoins remain the primary pillars of local trading activity, there is a growing appetite for a few altcoins.

To better understand this trend, BeInCrypto spoke with Ayotunde Alabi, Country Manager at Luno Nigeria, a regional branch of the global crypto exchange Luno, which operates in over 40 countries. Alabi highlighted some altcoins gaining traction recently on Luno and what their popularity reveals about Nigeria’s evolving crypto culture.

The Sandbox (SAND)

According to Alabi, SAND, The Sandbox’s native utility token, is one of the altcoins that has recently gained traction in the region.

“SAND is gaining traction as interest in metaverse gaming and NFTs continues to grow,” Alabi noted.

This is a particularly interesting trend, given the broader global decline in interest in NFTs and metaverse assets. Over the past 30 days, NFT sales volume has plunged by over 21%, and total NFT transactions completed are down 26% during the same period.

Total NFT Sales Volume. Source: CryptoSlam

Moreover, SAND’s price performance has remained lackluster over the past few days. At press time, the altcoin trades at $0.25, down 7% over the past week. On the daily chart, its Relative Strength Index (RSI) is below the 50-neutral line, confirming the low demand for the altcoin.

The RSI indicator measures an asset’s overbought and oversold market conditions. 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.

At 39.22 and falling, SAND’s RSI hints at falling demand. If this continues, the token’s price could fall to $0.21.

SAND Price Analysis. Source: TradingView

However, a rebound in demand could send its price upward to $0.41. 

Aura

The Solana-based culture token AURA is another altcoin trending in Nigeria. Over the past week, the token’s price has skyrocketed by more than 19,000%, fueled by speculative momentum. 

In Nigeria, Alabi confirmed that AURA has seen a notable surge in trader interest, “driven largely by DeFi speculation.” This rally reflects how Nigerian traders are increasingly drawn to high-upside assets tied to emerging narratives, even amid broader market uncertainty.

At press time, AURA trades at $0.17, bucking the broader market dip to record a 12% rally over the past day. On Friday, the token briefly traded at an all-time high of $0.21.

During that period, its trading volume is up 85% to reach $65 million, suggesting that the price rally is backed by significant demand.

When an asset’s price and trading volume both rise, it signals strong conviction from market participants. This indicates that AURA’s rally is driven by genuine buying interest rather than low-liquidity price spikes. This makes the uptrend more sustainable.

If demand soars, the token’s price could revisit its all-time high and climb past it. 

AURA Price Analysis. Source: TradingView

On the other hand, if selloffs resume, AURA’s price could fall below $0.16, to trade at $0.13.

Bittensor (TAO)

TAO, the native token of Bittensor — a decentralized network for training AI models on the blockchain — is also on the list of top trending altcoins in Nigeria. Alabi told BeInCrypto that TAO was “one of the most popular new coins on Luno in May.”

As global excitement around artificial intelligence intensifies, Nigerian traders are positioning themselves in assets that offer exposure to this paradigm shift by holding TAO.

At press time, the altcoin exchanges hands at $367.4. Impacted by the broader market drawdown, TAO is down 10% over the past day.

On the daily chart, its negative Balance of Power (BoP) highlights the fall in demand. As of this writing, it stands at -0.56. The BOP indicator measures the strength of an asset’s buyers against the sellers. When its value is negative, sellers are in control, and downward pressure dominates the price action.

If this trend continues, TAO’s price could slip further to $304.8.

TAO Price Analysis. Source: TradingView

Conversely, if buying resumes, the token could climb to $389.6.

Stablecoins Still Reign

While SAND, AURA, and TAO are among the trending altcoins in Nigeria, stablecoins like USDT and USDC remain the cornerstone of the country’s crypto strategy. 

“Today, stablecoins account for over 40% of Nigeria’s crypto inflows, underlining their growing role in financial planning, international trade, and treasury management across the region,” Alabi noted.

He added that Nigerian individuals and businesses are increasingly turning to these dollar-pegged assets as a stable store of value, a hedge against inflation, and a reliable means for cross-border transactions.

Looking ahead, Nigeria’s crypto market is poised for transformative growth over the next 6 to 12 months. Alabi notes that with the upcoming Investments and Securities Act (ISA 2025), exchanges like Luno can expand listings and collaborate more with traditional finance. 

“Another major milestone on the horizon is the potential listing of Nigeria’s first regulated naira stablecoin, the cNGN. Though traction has been modest so far, its adoption on more established exchanges could accelerate as use cases for local payments, on-chain payroll, and FX hedging emerge. We also anticipate increased interest in multi-chain stablecoins and real-world asset tokens, especially as inflation continues to impact naira-denominated savings,” Alabi stated.