In the last week of July, there was a noticeable retreat across the cryptocurrency market, and Bitcoin (BTC) is trading within a narrow adjustment range. These quiet results weakened the overall market sentiment, causing many altcoins to decline.
Despite the cautious atmosphere, retail interest in Nigeria, one of the most active cryptocurrency markets in Africa, remains strong. According to on-chain and social media data, the most popular altcoins in Nigeria in the last week of July are Bonk (BONK), Sui (SUI), and Pepe (PEPE).
BONK
According to Ayotunde Alabi, CEO of Luno Nigeria, the Solana-based meme coin Bonk is one of the most popular assets this week in Nigeria. Due to the recent increase in demand for meme assets, Bonk's value has risen by over 150% in the past 30 days.
Alabi told BeInCrypto that Bonk's rising popularity might be related to a broader altcoin rally. However, its attraction among Nigerian investors is also due to its low price and potential for appreciation. In an oversold market with many major coins, low-priced tokens like Bonk provide speculative traders with early entry and potential momentum opportunities.
"While interest may be based on broader altcoin momentum, investors may be drawn to low price entry points and long-term growth potential," Alabi noted.
This meme coin is currently trading at $0.00003 and has risen 7% in the past 24 hours. If buying pressure continues, Bonk could extend its rally to $0.000038. Successfully breaking this resistance could help the altcoin recover its year-to-date high of $0.000040.
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Meanwhile, if demand weakens, Bonk's price could drop to $0.000034.
SUI
This week, the Layer-1 (L1) coin Sui is another popular altcoin among Nigerian traders. According to Alabi, Sui's resilience and increased visibility in Nigeria are related to the expansion of its ecosystem and growing institutional validation.
With major companies like Grayscale and Vanek supporting the token through new investment vehicles, the CEO mentioned that Nigerian investors are paying more attention to its long-term potential.
He added that the increase in Sui's total value locked (TVL) last month indicates growing capital confidence and adoption of network infrastructure. According to defillama, this currently stands at $2.148 billion and has increased by 25% since early July.
This TVL rise reflects increased market participation, suggesting more users and developers are actively engaging with the Sui ecosystem.
Sui is currently trading at $3.99. If network activity remains high, demand for Sui coin could increase, pushing the price to $4.09. Breaking this level could trigger a move to $4.29.
Sui Price Analysis. Source: TradingView
However, if profit-taking continues, the coin's value could drop to $3.68.
PEPE
Despite a slight retreat last week, Pepe continues to attract Nigerian traders' attention. According to Alabi, this coin has benefited from a broader meme coin revival and has recorded approximately an 18% increase over the past 30 days.
He explained that the strong performance of more established tokens like Dogecoin (DOGE), which rose about 30% during the same period, helped renew market confidence in smaller meme coins like Pepe.
Pepe is currently trading at $0.000012 and has risen 5% in the past 24 hours. If buying pressure intensifies, this meme coin's rally could reach $0.000014.
Conversely, if sellers regain the upper hand, the price could drop to $0.0000107.
