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Cryptocurrency exchange Kraken said Tuesday that it had conducted an analysis of millions of Australian wallets and discovered trends in trading behavior and asset preferences.
According to the analysis, Bitcoin remains the most actively traded cryptocurrency by Australian users, accounting for 27% of all domestic trading volume between May 2023 and May 2024, slightly higher than the global average of 26%.
Solana (SOL) also received attention, accounting for 10% of trading volume compared to 7.8% of global volume.
In response, Kraken launched the SOL/AUD trading pair in June 2024.
Jonathan Miller, Managing Director of Kraken Australia, said the launch of new trading pairs like SOL/AUD was a direct response to the needs of Australian customers, and that Kraken would continue to adapt its products to suit the needs of each market.
Ethereum ranked third, accounting for 9.6% of Australian customer transaction volume, slightly lower than the global share of 9.9%.
According to a recent analysis by comparison site Finder, the country’s preference for digital assets remains high, with 17.7% of its 26 million population owning cryptocurrencies. That’s significantly higher than the global average of 11.4%, according to Finder.
Mimecoin
According to Kraken’s analysis, there is growing interest in a new meme coin among Australian investors.
About 2.65% of Kraken customers in Australia hold PEPE, which is almost double the global average of 1.5%, the exchange said.
Similarly, Dogwifhat (WIF), a Solana-based meme coin, is held by 1.58% of users in Australia, compared to 0.45% globally, while BONK is held by 1.5%, compared to 0.67% globally.
This is in contrast to the global trend that favors more established memetic coins such as Dogecoin (DOGE) and Shibu Inu (SHIB). DOGE is held by 6.65% of Australians and SHIB by 3.89%, both below global levels.
Ethereum is the largest holding in Australian clients’ portfolios, accounting for 49.3% of the average cryptocurrency balance, significantly higher than the global average of 29.25%.
Individual asset holders include 35.6% of Bitcoin, 29.8% of Ethereum, 11.8% of Solana, 11.88% of Cardano, and 11.83% of Polkadot.
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