A comparison of the assets held in the wallets of Nobitex users at two points in time in 2021 and 2022 shows that in the difficult year of cryptocurrencies, the trading strategy of Iranians has undergone significant changes. Of course, Dogecoin has been the most popular digital currency among Iranians in both years, but the second and third positions have undergone changes.
According to the information published in the 2022 Nobitex report, 18% of the cryptocurrency assets in the wallets of users of this platform are related to Dogecoin, and this memecoin has been at the top of the attention of Iranian investors in the cryptocurrency market like last year.
According to Nobitex’s annual report, Tether with a 14% share and Bitcoin and Ethereum each with an 11% share are the next most popular cryptocurrencies and have the largest share of Iranian investors’ cryptocurrency portfolio.
The high popularity of Dogecoin
If we compare the data of 2022 and 2021 of this cryptocurrency platform, we realize that Dogecoin has been in the hearts of Iranians since ancient times, but in other cases, we see the migration of users from cryptocurrencies such as Bitcoin and Ethereum to the stablecoin Tether.
In 2021, after Dogecoin with a 17% share, Bitcoin and Ethereum each with a 14% share had the highest position in the cryptocurrency portfolio of Iranians. Meanwhile, at the end of 2022, Tether was ranked second after Dogecoin with a share of 14%.
A comparison of the composition of the portfolio of assets held in the wallets of Iranian investors in the cryptocurrency market at the end of 2021 and the end of 2022 shows that in the difficult year of cryptocurrencies, the trading strategy of Iranians has undergone significant changes, and in the meantime, only Dogecoin is in the same place as usual, i.e. The first rank is the largest share of the assets portfolio.
Bitcoin and Ethereum; Lost positions
According to the Nobitex annual report, in 2022 we have seen a three percent decrease in the share of Bitcoin and Ethereum in the portfolio of Iranian investors, which can be partly related to the decrease in the price of market leader coins, and the other part may be due to the reluctance of Iranians to hold Long term Bitcoin and Ethereum. So that every Iranian has probably sold an average of 22% of his Bitcoin and Ethereum assets in 2022 and converted them to other cryptocurrencies.
Welcome to the amazing Tether
Among the different cryptocurrencies, Tether has changed its position the most in the portfolio of Iranian investors in the cryptocurrency market. In 2021, about seven percent of the wallets of Nobitex users were allocated to Tether, but this figure reached 14 percent at the end of 2022, which shows that the share of Tether in the cryptocurrency portfolio of Iranians has almost doubled.
This is the issue that has made Tether to the second place after Dogecoin as the most popular cryptocurrency among Iranians. Stablecoin, whose value is equivalent to one dollar, is not an investment for people in other countries, but as it turns out, the situation is different in Iran. The significant growth of the dollar rate in the second half of 2011 has not been ineffective in increasing the desire to hold Tether.
Of course, it should also be noted that the owners of Tether are sometimes those who sold their cryptocurrency assets in a bearish market and are waiting for an opportunity to re-enter the market and buy other cryptocurrencies.
Cardano and Shiba are looking for a share of the Iranian portfolio
At the end of 2021, Eda Cardano was among the four popular cryptocurrencies of Iranians. A fast network with a widely used cryptocurrency that accounted for 11% of Iranians’ cryptocurrency investment portfolio, but after a year its downgrade caused Cardano to hand over its position to Shiba, another popular memecoin of Iranians.
According to the report published by Nobitex, Cardano’s share of the cryptocurrency asset portfolio of users of this platform has decreased from 11% to 5%. This has made Shiba overtake Cardano and become the fifth most popular cryptocurrency after Dogecoin, Tether, Bitcoin and Ethereum with a 9% share of users’ asset portfolio at the end of 2022.
How did Tron beat its competitors?
At the end of 2021, Tron did not have much of a place in the portfolio of Iranian cryptocurrency assets and stood in tenth place with a share of three percent, but at the end of 2022, the situation has changed.
As Nobitex’s annual report shows, Tron has been able to move up to the eighth place after Polkadat and Binancecoin and is among the few cryptocurrencies whose share of Iranians’ crypto asset portfolio will increase in 2022.
Apart from Tron, only Tether and Dogecoin have achieved such a score in 2022. A topic that shows that Nobitex users often bought Tether, Doge and Tron last year and started selling other cryptocurrencies including Bitcoin and Ethereum.
You can see the full Nobitex report from 2022 here.