Aussies still prefer Bitcoin, but not as much: Kraken

Aussies Still Prefer Bitcoin, But Not As Much: Kraken



Crypto exchange Kraken said on Tuesday that it had conducted an analysis of millions of Australian wallets to reveal changes in trading behavior and asset preferences.

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

Solana (SOL) has gained significant strength, including trading volumes of 10% compared to 7.8% globally.

In response, Kraken introduced the SOL/AUD trading pair in June 2024.

Phemex

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

Ethereum is in third place, with a transaction volume of 9.6% for Australian customers, which is slightly lower than the global rate of 9.9%.

A recent analysis by comparison site Finder shows that the country's choice of digital assets is high. 17.7% of the population owns crypto out of 26 million. This is higher than the global average of 11.4 percent, according to Finder.

Memecoins

Analysis by Kraken also revealed a growing interest in emerging memecoins among Australian investors.

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

Similarly, Solana-based meme coin Dogwifhat (YF) is held by 1.58% of Australian users, 0.45% globally, and BONK at 1.5% and 0.67% globally.

This contrasts with global trends favoring more established memecoins such as Dogecoin (DOGE) and Shibu Inu (SHIB), with DOGE at 6.65% of Australians and SHIB at 3.89%, both lower than their global counterparts.

Ethereum, meanwhile, has 49.3% of the average crypto asset balance, which represents the portfolios of Australian customers, 29.25% higher than the international average.

Individual asset owners include 35.6% for Bitcoin, 29.8% for Ethereum, 11.8% for Solana, 11.88% for Cardano and 11.83% for Polkadot.

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