Kraken: Aussies Favor Bitcoin and New Meme Coins

UTC by Anisha Pandey · 2 min read
Kraken: Aussies Favor Bitcoin and New Meme Coins
Photo: Depositphotos

WIF has seen its value soar by more than 900% over the past year. Similarly, PEPE has surged by approximately 500% during the same period.

Renowned cryptocurrency exchange Kraken has come up with an interesting report that states that Australian investors love to trade Bitcoin. It also noted the growing demand for newer meme coins like Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) in the region.

The report is based on data from millions of Australian wallets on Kraken. It covers the trading period from May 2023 to May 2024.

Bitcoin Dominates

Bitcoin accounts for 27.07% of all trading volumes in Australia. This figure is slightly higher than the global average of 26.46%, indicating a strong local interest in the world’s largest cryptocurrency.

Australia’s crypto-friendly regulatory environment has likely contributed to this trading activity. Financial regulators in the country have recently approved VanEck and blockchain-focused asset manager DigitalX to launch their spot Bitcoin ETFs.

Solana and Ether Follow Suit

Solana emerged as the second most traded crypto in Australia, making up 10.02% of the trading volume. This is much higher than the 7.81% observed among non-Australian Kraken users. Jonathon Miller, managing director of the exchange, states, “The introduction of new trading pairs such as SOL/AUD is a direct response to the demands of our Australian customers.”

Ethereum was the third most traded digital asset, constituting 9.66% of the Australian trading volume, which is close to the global average of 9.93%.

Meme Coin Frenzy

In addition to mainstream cryptocurrencies, Kraken reported a notable interest in newer meme coins among Australian investors. Meme tokens like Pepe, WIF, and BONK have seen a surge in holdings.

As per the data, around 2.65% of Australian users hold PEPE, nearly doubling the global average of 1.49%. Similarly, 1.58% of Australian investors hold WIF, compared to a global average of 0.45%. Miller states:

“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.”

In general, the meme coin market has gained major momentum in this bull cycle. Data from CoinMarketCap reveals 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 soar by more than 900% over the past year, currently trading around $1.72. Similarly, PEPE has surged by approximately 500% during the same period.

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