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Australians still prefer Bitcoin, but not by much: Kraken

Australians still prefer Bitcoin, but not by much: Kraken
Australians still prefer Bitcoin, but not by much: Kraken

Crypto exchange Kraken announced on Tuesday that it had conducted an analysis of millions of Australian wallets, revealing changing trends in trading behavior and investment preferences.

According to the analysis, Bitcoin remains the most actively traded cryptocurrency by Australian users, accounting for 27% of total trading volume in the country between May 2023 and May 2024, slightly above the global average of 26%.

Solana (SOL) has also gained traction, accounting for 10% of trading volume compared to 7.8% globally.

In response, Kraken launched a SOL/AUD trading pair in June 2024.

Jonathan Miller, Managing Director of Kraken Australia, said the launch of new trading pairs such as SOL/AUD was a direct response to demand from Australian clients and Kraken will continue to tailor its offering to the needs of each individual market.

Ethereum ranks third, accounting for 9.6% of trading volume for Australian clients, slightly below the global rate of 9.9%.

According to a recent analysis by comparison site Finder, the country’s preference for digital assets remains high. Of 26 million people, 17.7% of the population owns cryptocurrencies. This is well above the global average of 11.4%, according to Finder.

Memecoins

Kraken’s analysis also revealed growing interest among Australian investors in new memecoins.

About 2.65% of Australian Kraken customers hold PEPE, almost double the global average of 1.5%, the exchange said.

Similarly, 1.58% of Australian users own the Solana-based meme coin Dogwifhat (WIF), compared to 0.45% globally, and 1.5% own BONK versus 0.67% globally.

This contrasts with global trends that favor more established memecoins such as Dogecoin (DOGE) and Shibu Inu (SHIB). 6.65% of Australians own DOGE and 3.89% own SHIB, both below their global counterparts.

Ethereum now dominates Australian clients’ portfolios, accounting for 49.3% of the average crypto asset holding, well above the global average of 29.25%.

Among individual asset holders, 35.6% is Bitcoin, 29.8% is Ethereum, 11.8% is Solana, 11.88% is Cardano, and 11.83% is Polkadot.

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