Aussie investors still favor bitcoin while newer memecoins gain popularity: Kraken

Australian Investors Embrace Bitcoin and Emergent Memecoins

Kraken, a cryptocurrency exchange platform, has revealed insights into the trading preferences of Australian investors. According to a recent analysis spanning millions of Australian wallets, bitcoin remains the most traded digital currency between May 2023 and May 2024.

Bitcoin's dominance in Australia is slightly above the global average, accounting for 27.07% of all trading volumes. Solana, with 10.02%, emerged as the second most traded crypto in the country, surpassing its global share of 7.81%. Ether, ranked third, captured 9.66% of Australian trading volume, compared to 9.93% globally.

Commenting on the findings, Jonathon Miller, managing director of Kraken for Australia and the rest of the world, stated that the introduction of trading pairs like SOL/AUD caters directly to customer demand. He also acknowledged the enthusiasm for memecoins among Australians, describing them as "a fun and increasingly popular part of the crypto ecosystem."

Furthermore, the analysis indicates a higher propensity for Australian investors to hold newer memecoins. Approximately 2.65% of Australian users possess Pepe, double the global average of 1.49%. Similarly, 1.58% of Australian investors hold Wif, significantly exceeding the global average of 0.45%.