Nigerian traders are changing their focus as the broader crypto market navigates recent headwinds. Bitcoin, Ethereum, and Stubcoin continue to be key pillars of local trading activities, but some altcoins have a growing appetite.
To better understand this trend, Beincrypto spoke with Ayotunde Alabi, country manager at Luno Nigeria, a global crypto exchange local branch that operates in more than 40 countries. Arabi highlighted the popularity of some altcoins that have recently gained traction at Luno and their evolving crypto culture in Nigeria.
Sandbox
Sandbox’s native utility token, Sandbox, is one of the altcoins that recently gained traction in the region, according to Arabi.
“As the interest in the metaverse game and the NFTS continues to grow, the sand is gaining traction,” Arabi pointed out.
This is a particularly interesting trend given the wider decline in interest in NFTs and metaverse assets. Over the past 30 days, NFT sales have plummeted by more than 21%, while NFT transactions totals have fallen by 26% over the same period.
What’s more, Sand’s price performance has still shined over the past few days. At press time, Altcoin has declined 7% over the past week, trading at $0.25. Daily charts show that its relative strength index (RSI) is below the neutral line of 50, confirming that AltCoin is in low demand.
The RSI indicator measures the market conditions for asset acquisitions and overselling. Values above 70 suggest that the asset is being bought and paid for a fall in price, while values below 30 indicate that the asset is being sold and may witness a rebound.
Drops at 39.22, Sand’s RSI suggests a decline in demand. If this continues, the token price could drop to $0.21.
However, rebound demand could send prices up to $0.41.
aura
Solana-based Cultural Token Aura is another altcoin trend in Nigeria. Over the past week, token prices have skyrocketed by more than 19,000%, driven by speculative momentum.
In Nigeria, Arabi confirmed that the aura has seen a marked surge in trader interest. The rally reflects the way Nigerian traders are increasingly attracted to high-upside assets tied to new narratives, even amid wider market uncertainty.
At the press conference, Aura trades for $0.17, beating the dip in the broader market, recording 12% rally in the past day. On Friday, the token was easily traded at a record high of $0.21.
During that period, its trading volume rose 85% to $65 million, suggesting that the price rise is backed by high demand.
When both the price of the asset and the volume of the transaction rises, a strong conviction from market participants is shown. This shows that Aura’s gatherings are driven by genuine purchase interest rather than spikes at low-liquid prices. This makes the uptrend more sustainable.
If demand spikes, the token price can be revisited and passed by its highest ever high.
Meanwhile, if selling resumes, the Aura price could fall below $0.16 and trade at $0.13.
Bitensar (Tao)
Tao is a native token of Bittensor, a distributed network for training AI models on blockchains, and is on the list of Nigeria’s top trending Altcoins. Arabi told Beincrypto that Tao is “one of Luno’s most popular new coins in May.”
As global excitement around artificial intelligence intensifies, Nigerian traders are placing themselves in assets exposed to this paradigm shift by retaining Tao.
At press, the Altcoin will be replaced for $367.4. Tao has declined 10% over the past day, impacted by a wider market drawdown.
On the daily charts, its negative power balance (BOP) highlights a decline in demand. At the time of writing, it is at -0.56. The BOP indicator measures the strength of the asset’s buyer against the seller. If that value is negative, the seller is controlled and downward pressure controls the price action.
If this trend continues, Tao’s price could slip to an additional $304.8.
Conversely, if you purchase a resume, your token could rise to $389.6.
Stablecoins still govern
Sand, Aura and Tao are one of the trending altcoins in Nigeria, while stubcoins like USDT and USDC are the cornerstones of the country’s crypto strategy.
“Today, Stablecoins account for more than 40% of Nigeria’s crypto inflows, highlighting their growing role in financial planning, international trade and financial management across the region,” Alabi noted.
He added that Nigerian individuals and businesses are increasingly looking at these dollar-covered assets as a reliable means of value steady storage, hedging against inflation and cross-border transactions.
Going forward, Nigeria’s crypto market is undergoing transformative growth for the next six to 12 months. Alabi points out that future investment and securities laws (ISA 2025) allow exchanges like Luno to expand the list and cooperate more with traditional finance.
“Another major milestone on the horizon is the potential list of CNGN, Nigeria’s first regulated naira stable coin. Towing has been modest so far, but adoption in more established exchanges could accelerate the adoption of local payments, on-chain salaries and auxiliary equipment for FX hedges astect stublerco astect. Inflation continues to save Naira religiously,” Arabi said.
Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Although Beincrypto is committed to accurate and unbiased reporting, market conditions are subject to change without notice. Always carry out your research and consult with an expert before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
