Key Points
- Australian investors show a strong inclination towards Bitcoin and emerging meme coins according to a report by Kraken.
- Bitcoin, Solana, and Ethereum are the most traded cryptocurrencies in Australia, with meme coins also gaining popularity.
According to a report by well-known cryptocurrency exchange Kraken, Australian investors have a strong preference for trading Bitcoin.
The report also highlighted an increasing demand for new meme coins such as Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) in Australia.
Bitcoin’s Market Dominance
Bitcoin represents 27.07% of all trading volumes in Australia, a figure slightly higher than the global average of 26.46%.
This suggests a strong local interest in Bitcoin, the world’s largest cryptocurrency.
The crypto-friendly regulatory environment in Australia has likely played a role in this trading activity.
Recently, the country’s financial regulators approved VanEck and DigitalX, a blockchain-focused asset manager, to launch their spot Bitcoin ETFs.
Popularity of Solana and Ethereum
Following Bitcoin, Solana and Ethereum are the next most traded cryptocurrencies in Australia.
Solana accounts for 10.02% of the trading volume, significantly higher than the 7.81% observed among non-Australian Kraken users.
Jonathon Miller, the managing director of Kraken, stated that the introduction of new trading pairs like SOL/AUD was a direct response to the demands of their Australian customers.
Ethereum, on the other hand, made up 9.66% of the Australian trading volume, closely matching the global average of 9.93%.
Emergence of Meme Coins
In addition to mainstream cryptocurrencies, there was a notable interest in newer meme coins among Australian investors according to the Kraken report.
Meme tokens such as Pepe, WIF, and BONK have seen a surge in holdings.
Data shows that approximately 2.65% of Australian users hold PEPE, nearly double the global average of 1.49%.
Similarly, 1.58% of Australian investors hold WIF, compared to a global average of 0.45%.
Miller commented on this trend, saying, “It is great to see the enthusiasm Australians are showing towards new meme coins, which are a fun and increasingly popular part of the crypto ecosystem. Australians are no strangers to venturing off the beaten track, a trait useful when navigating this ever-evolving asset class.”
The meme coin market has gained significant momentum in the current bull cycle.
Data from CoinMarketCap shows that the market cap for meme coins has reached $42.3 billion, with a trading volume of $4.9 trillion.
WIF has seen its value increase by more than 900% over the past year, currently trading around $1.72.
Similarly, PEPE has surged by approximately 500% during the same period.
