Cryptocurrency exchange Kraken reports that Australian investors are a favorite of trading Bitcoin. But newer meme coins, including Pepe and Dogwifhat, are also gaining traction among Australian investors.
Bitcoin is the favorite of investors in Australia
In an analysis Tuesday of millions of Australian exchange wallets, Kraken said bitcoin was the most traded currency between May 2023 and May 2024. Bitcoin accounted for about 27.07% of total trading volumes in Australia during that period, slightly higher than the global average of 26.46%.
Solana is the second most traded cryptocurrency in Australia, accounting for 10.02% of total trading volume during the period, compared to 7.81% for non-Australian users. Ethereum came in third, accounting for about 9.66% of Australian trading volume, compared to 9.93% globally, according to the analysis.
“Introducing new trading pairs like SOL/AUD is a direct response to demand from our Australian customers,” said Jonathan Miller, Managing Director of Kraken Australia and Global. “It’s great to see the enthusiasm Australians are showing for new meme coins, which are an increasingly fun and popular part of the crypto ecosystem. Australians are not afraid to go off the beaten path, which is a useful trait when navigating an ever-changing asset class.”
The report also found that Australian investors are more likely to own newer memecoins, including Baby, Wave, and Punk, rather than other memecoins like Doge.
The report said about 2.65% of users in Australia own Pepe, nearly double the global average of 1.49%, while about 1.58% of Australian investors own Wif, compared to a global average of 0.45%.
