The Kraken team analyzed the activity of user addresses from Australia. From May 2023 to May 2024, Bitcoin accounted for about 27.07% of all trading volume. This is slightly higher than the exchange’s global average of 26.46%.
The second most popular cryptocurrency in Australia was SOL, which accounted for 10.02% of the total trading volume, while the percentage for users from other countries was 7.81%.
ETH came in third place, accounting for 9.66% of the total trading volume in Australia. The global figure was 9.93%.
The authors of the report noted that Australian investors are more open to new memecoins, including Pepe, Wif, and Bonk, than established meme tokens like Doge. Pepe is owned by 2.65% of Australian users, nearly double the global average of 1.49%. Wif is held by about 1.58% of Australian investors, compared to the global average of 0.45%.
“We are introducing new trading pairs such as SOL/AUD to meet the needs of local traders. It is great to see Australians’ enthusiasm for fun meme coins that are becoming a popular part of the ecosystem. Australians are off the beaten track, and this trait will be beneficial to the development of cryptocurrency as an asset class,” said Jonathon Miller, CEO of Kraken Australia.
Miller previously spoke about the growing interest in cryptocurrencies from retail investors. However, the spread of digital assets in Australia is hampered by the lack of clear regulations for the industry.
Source: Bits
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