The 10 Cryptocurrencies Saudi and GCC Investors Were Buying Most This Month
What this article covers
The 10 most traded crypto assets on Raseed in May 2026, ranked by number of trades
What each coin is, what drove trader interest in May, and verified market context
Why USDT dominated trading volume and what that tells us about GCC investor behaviour
Key risk warnings every GCC crypto investor should understand
How Saudi and GCC investors can trade crypto on a regulated platform
Every month, Raseed users across Saudi Arabia, the UAE, Kuwait, Bahrain, Qatar, and Oman buy and sell cryptocurrency directly from the same platform they use for US stocks. The combination of a regulated, GCC-focused platform with access to both equity and crypto markets makes Raseed's trading data a uniquely useful lens on what GCC investors are actually doing with their capital.
May 2026 was a volatile but active month for crypto markets. Bitcoin opened the month near $83,800, declined through a correction period, and was trading around $73,000 by late May, a move driven by a combination of Bitcoin ETF outflows, geopolitical tensions around the US-Iran conflict pushing oil above $100 per barrel, and broader risk-off sentiment. Despite the headwinds, trading activity on Raseed remained robust, with 189 unique crypto assets traded across 4,027 filled orders.
The following 10 crypto assets recorded the highest number of executed trades by Raseed users in May 2026. This is real platform data, not editorial picks or analyst recommendations. If you are new to crypto investing from Saudi Arabia, our guide to investing in Bitcoin and crypto from Saudi Arabia covers the fundamentals before diving into individual assets.
The 10 Most Traded Crypto Assets on Raseed — May 2026
The Story Behind the Numbers: What May 2026 Data Reveals
USDT Led With 916 Trades — Here Is Why That Matters
The most revealing number in this entire dataset is not Bitcoin or Solana, it is USDT. Tether (USDT/USD) was traded 916 times in May with a total volume of $622,231, more trades than Bitcoin, Solana, XRP, and TON combined. And critically, 738 of those 916 trades were buys.
What does that tell us? A large number of GCC investors were moving into stablecoins during May 2026. When markets are uncertain and May was uncertain, with Bitcoin falling from $83,800 to $73,000, experienced crypto traders park capital in stablecoins rather than exiting crypto entirely. USDT holds the value of the US dollar while keeping funds inside the crypto ecosystem, ready to redeploy into Bitcoin, Solana, or other assets when the trader decides market conditions have improved.
Key Insight: The dominance of USDT trades in May is a sign of increasingly risk-aware GCC crypto behaviour — investors managing risk through stablecoin parking rather than withdrawing from the market entirely. This is a strategy used by experienced crypto traders globally.
What Each Asset Is — and Why It Was Active in May 2026
Bitcoin (BTC) — 455 Trades, $104,173 Volume
Bitcoin is the world's largest cryptocurrency by market capitalisation and the original digital currency, created in 2009. It has a hard cap of 21 million coins, with approximately 1.32 million BTC remaining to be mined as of 2026. In May 2026, Bitcoin opened near $83,800 and spent much of the month in a correction phase, trading between $73,000 and $81,000. The correction was driven primarily by approximately $1.26 billion in Bitcoin ETF outflows over six consecutive days in late May 2026, alongside broader risk-off sentiment tied to oil price volatility. Despite the monthly decline, US spot Bitcoin ETFs had accumulated a net 4,500 BTC year-to-date in 2026, confirming that institutional interest remained intact through the dip. The buy-to-sell ratio of 316 buys versus 139 sells shows that Raseed users were predominantly buying Bitcoin during May's dip, a classic accumulation-on-weakness pattern. Our guide on how to invest in Bitcoin and crypto from Saudi Arabia explains how Saudi investors can access Bitcoin safely through a regulated platform.
Solana (SOL) — 246 Trades, $35,364 Volume
Solana is a high-performance Layer 1 blockchain designed for speed, low cost, and developer accessibility. It processes transactions at sub-second speed at a fraction of a cent per transaction. In May 2026, Solana was trading around $82 at month-end, above a key support zone, after a broader market correction that saw the asset pull back significantly from its 2025 highs. Despite the price pressure, Solana continued to attract developer activity and institutional interest, with new Solana ETFs from Bitwise and Grayscale launching in early 2026, drawing direct comparisons to the early Bitcoin ETF era. Solana also continued to lead blockchain ecosystem revenues through DeFi activity and meme coin trading on its network.
The 190 buy orders versus 56 sells shows Raseed users were net buyers of SOL through May, treating the correction as a buying opportunity rather than a reason to exit. This buy-on-dip behaviour is an indication of continued investor interest from GCC investors who followed Solana through its 2025 volatility.
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XRP — 162 Trades, $186,671 Volume
XRP is the digital asset native to the XRP Ledger, developed by Ripple. It is designed for fast, low-cost cross-border payments and has been adopted by a growing number of financial institutions globally. XRP's trading volume on Raseed in May ($186,671) was the second highest of all assets despite being ranked fourth by trade count, reflecting larger average trade sizes compared to Solana and TON. In May 2026, XRP was trading in a range around $1.12 to $1.13 following a period of consolidation. The US regulatory environment for XRP improved significantly through 2025 following Ripple's legal clarity in the US, which supported institutional adoption. The near-equal buy-sell split (79 buys vs 83 sells) suggests traders were actively taking profits as well as entering new positions, typical behaviour for a range-bound asset.
Toncoin (TON) — 147 Trades, $21,102 Volume
Toncoin is the native cryptocurrency of The Open Network, a Layer 1 blockchain built to integrate directly with Telegram's 950 million users. May 2026 was a significant month for TON. On May 4, 2026, Telegram founder Pavel Durov announced on X that Telegram would replace the TON Foundation as the primary driving force behind the TON blockchain and would become the network's largest validator. The announcement triggered a 26% surge in Toncoin in 24 hours, with the price jumping from approximately $1.32 to $1.73 on May 5. By May 7, TON had reached $2.89, representing a more than 110% gain from its April 28 close. The Catchain 2.0 upgrade completed in April 2026 also contributed, reducing transaction fees to $0.0005 per transaction and bringing block finality to 0.6 seconds. The extraordinary 122 buy orders versus just 25 sells reflects GCC investors aggressively buying into the Telegram announcement news.
GCC Relevance: Telegram has enormous penetration across Saudi Arabia and the GCC — making TON particularly relevant to GCC investors who use Telegram daily. TON Pay 2.0's launch in Q2 2026 enables instant payments directly inside Telegram, a use case with direct practical value for the region.
Dogecoin (DOGE) — 115 Trades, $213,615 Volume
Dogecoin is the world's original meme coin, launched in 2013 as a parody of Bitcoin. It has evolved into a major cryptocurrency with genuine market liquidity and brand recognition. Dogecoin's trading volume on Raseed in May ($213,615) was the highest of any asset except USDT, despite ranking sixth by trade count. This means DOGE trades were significantly larger on average than other assets, suggesting more experienced traders were taking larger positions. In May 2026, DOGE had been declining, falling more than 15% over the two weeks prior to month-end and breaking below the $0.10 psychological support level, with the coin trading around $0.099 by late May. Despite the price weakness, a new 21Shares Dogecoin ETF had listed on Nasdaq in January 2026, backed by the Dogecoin Foundation, adding structural legitimacy to the asset. The relatively balanced 63 buys versus 52 sells suggests some traders were selling into weakness while others were buying the dip.
Cryptocurrency carries significantly higher volatility than most other investment classes. Before increasing exposure to meme coins or speculative assets, read our guide on crypto trading risks every GCC investor should understand.
Ethereum (ETH) — 105 Trades, $42,748 Volume
Ethereum is the world's second-largest cryptocurrency and the foundational smart contract platform for DeFi, NFTs, stablecoins, and most of the on-chain financial infrastructure. In May 2026, ETH was trading around $1,631, down significantly from its 2025 highs but maintaining its position as the dominant smart contract blockchain by total value locked. The 77 buy orders versus 28 sells on Raseed mirrors the broader market pattern of GCC investors accumulating ETH at lower prices during the May correction. Ethereum's importance to the broader crypto ecosystem means it frequently moves in correlation with Bitcoin, when BTC corrects, ETH typically follows, and when BTC recovers, ETH historically sees amplified returns.
BOOK OF MEME (BOME) — 76 Trades, $564 Volume
BOOK OF MEME (BOME) is a Solana-based meme coin launched in March 2024. It is a high-risk, speculative asset whose price is primarily driven by meme sentiment, community momentum, and broader crypto risk appetite. BOME's trading volume of just $564 across 76 trades reflects its very low per-trade value, traders are typically placing very small positions. The near-equal 37 buys versus 39 sells suggests active short-term speculation rather than directional conviction. BOME's performance is highly correlated with the broader meme coin sector and with Solana's ecosystem activity.
Fetch.ai — ASI Alliance (FET) — 50 Trades, $11,127 Volume
FET is the token of the Artificial Superintelligence Alliance, a merged entity combining Fetch.ai, SingularityNET, and Ocean Protocol into a unified AI and decentralised data economy ecosystem. The merger was one of the most significant structural developments in the AI crypto sector in 2025. FET is used to access autonomous AI agents that operate on the network, enabling machine-to-machine transactions and automated AI tasks. In May 2026, FET was trading around $0.222, significantly below its 2024 highs but the project's alignment with AI themes that dominated broader market attention in 2025-2026 kept it relevant among GCC investors following the AI investment narrative.
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Pepe (PEPE) — 50 Trades, $3,018 Volume
Pepe is an Ethereum-based meme coin inspired by the Pepe the Frog internet meme, launched in April 2023. It became one of the most discussed meme coins of 2023-2024 and maintains an active community. Like BOME, Pepe's low average trade value ($60 per trade) indicates small speculative positions rather than meaningful portfolio allocations. PEPE price moves are driven almost entirely by meme market sentiment and broader crypto risk appetite, when Bitcoin rises and market optimism increases, capital rotates into high-beta meme coins like PEPE; when sentiment turns negative, PEPE typically falls more sharply than larger, more established assets.
What May 2026 Crypto Trading Data Tells Us About GCC Investors
GCC investors used stablecoins strategically. USDT's dominance, 916 trades representing $622,231 in volume, is the most important signal in this dataset. It shows that GCC investors on Raseed are not simply speculating. They are actively managing risk by rotating into stablecoins during uncertainty. This is a mark of maturing crypto behaviour in the region.
Bitcoin and Ethereum were bought on dips. Both BTC and ETH recorded far more buy orders than sell orders in May despite declining prices. BTC showed 316 buys vs 139 sells, ETH showed 77 buys vs 28 sells. GCC investors were treating the May correction as an accumulation opportunity, not a signal to exit.
TON's Telegram connection resonated strongly. TON's extraordinary 122-to-25 buy-to-sell ratio, by far the most skewed in the dataset, reflects GCC investors responding aggressively to Telegram's announcement. Given Telegram's deep penetration across Saudi Arabia and the wider GCC, the Telegram-TON story has particular relevance in this market.
Meme coins attracted speculative interest but small capital. BOME and PEPE both made the top 10 by trade count but contributed negligible volume ($564 and $3,018 respectively). GCC investors are engaging with meme coins in small, speculative positions, testing the category without meaningful capital allocation. For context on the difference between speculative crypto trading and longer-term crypto investing, see our guide on crypto trading risks every GCC investor must understand.
Important Risk Warning
⚠ Risk Warning: Cryptocurrency is a highly volatile asset class. All 10 assets in this list can lose substantial value rapidly. Meme coins (BOME, PEPE) and smaller altcoins carry the highest risk and are driven primarily by speculation and sentiment rather than fundamentals. Even major assets like Bitcoin and Solana experienced significant declines in May 2026. Past trading activity on Raseed does not indicate future performance. Never invest more in cryptocurrency than you can afford to lose entirely.
For a balanced approach to building wealth across both crypto and traditional investments, our portfolio diversification guide and guide to crypto Shariah compliance for GCC investors are essential reading.
Raseed is a DFSA-regulated platform where Saudi and GCC investors can trade crypto and US stocks from one account. → Create your free account now — takes less than 5 minutes →
Frequently Asked Questions
How is this most traded list calculated?
This ranking is based on the total number of filled, non-internal crypto orders executed on the Raseed platform during May 2026. It reflects genuine investor-initiated trades only.
Why was USDT the most traded asset?
USDT (Tether) is a stablecoin pegged to the US dollar. Traders use it to preserve capital during market volatility without leaving the crypto ecosystem. The high USDT trading volume in May 2026 reflects active risk management by GCC investors during a period of Bitcoin correction.
Can Saudi and GCC investors legally trade crypto on Raseed?
Yes. Raseed is regulated by the DFSA (Dubai Financial Services Authority) and the FSA Seychelles, providing a compliant, regulated environment for crypto trading. Raseed also holds an FSA Seychelles licence (Licence No. SD152 via Fullerverse SC Limited).
Is crypto halal for Muslim investors?
This is a widely debated question in Islamic finance. Many scholars have issued permissible rulings for Bitcoin and certain established cryptocurrencies, while others maintain reservations. Our dedicated guide on is crypto halal — what GCC investors need to know covers the major scholarly positions in detail.
Will Raseed publish a monthly crypto trading data report?
Yes. This report will be published monthly, giving GCC investors regular insight into the crypto assets generating the most activity on the Raseed platform.
Related Articles on Raseed Learn
How to Invest in Bitcoin and Crypto from Saudi Arabia · Is Crypto Halal? What GCC Investors Need to Know
Crypto Trading Risks Every GCC User Must Understand · Top 5 Cryptocurrencies to Watch in 2026 — GCC Guide
5 Steps to Diversify Your Portfolio · What Is Market Volatility?
Disclaimer: This article is for informational and educational purposes only and does not constitute investment advice or a recommendation to buy or sell any cryptocurrency. Cryptocurrency trading involves significant risk of loss. Data reflects Raseed platform activity for May 2026. Market data sourced from publicly available sources including CoinMarketCap, CoinDesk, Fortune, and CryptoTimes. Past trading activity is not indicative of future performance.