Bitcoin Leads, Memecoins Gain Traction Among Australian Crypto Traders: Kraken

Australian crypto investors show higher than average trading volumes for Bitcoin and Solana, with increasing adoption of emerging memecoins.

Key Insights

  • Bitcoin remains the most traded cryptocurrency in Australia, accounting for 27.07% of trading volume, slightly higher than the global average of 26.46%.
  • Solana and Ethereum follow as the second and third most traded cryptocurrencies in Australia, with Solana showing notably higher popularity compared to global figures.

SYDNEY (MarketsXplora) – Australian cryptocurrency investors are showing a strong preference for Bitcoin while also embracing newer memecoins, according to a recent analysis by cryptocurrency exchange Kraken.

The study, which examined millions of Australian wallets on the platform between May 2023 and May 2024, revealed that Bitcoin remained the most traded cryptocurrency, accounting for 27.07% of all trading volumes in Australia. This figure slightly surpasses the global average of 26.46%, Kraken said in a statement on Tuesday.

Solana emerged as the second most traded crypto asset among Australian users, constituting 10.02% of all trading volume, significantly higher than the 7.81% observed for non-Australian users. Ethereum secured the third position, making up 9.66% of Australian trading volume, compared to 9.93% globally.

Jonathon Miller, managing director of Kraken Australia and rest of world, noted the exchange’s response to local demand.

“The introduction of new trading pairs such as SOL/AUD is a direct response to the demands of our Australian customers,” Miller said.

The report also highlighted a growing trend among Australian investors towards newer memecoins. Approximately 2.65% of Australian users hold Pepe tokens, almost double the global average of 1.49%. Similarly, 1.58% of Australian investors hold Dogwifhat (WIF) tokens, significantly higher than the global average of 0.45%.

Miller added,

“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 stranger to venturing off the beaten track, a trait useful when navigating this ever-evolving asset class.”

Samson Ononeme

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