Aussies Embrace Crypto Diversity: Bitcoin Leads, Meme Coins Flourish

Highlights:

• Cryptocurrency exchange Kraken has undertaken an analysis revealing that Australian crypto investors are ahead of the pack in embracing novel meme coins.
• Additionally, this analysis underscores that Australian investors allocate a significantly higher percentage of their portfolios to ETH compared to their international peers.
• Unsurprisingly, Bitcoin was found to dominate trading volume in Australia as it does in the rest of the world.

As the Olympic Games commence in Paris, an anonymous assessment of Australian cryptocurrency holdings, unveiled by Kraken earlier this month, has disclosed that Aussies have already secured the gold medal in that most prestigious of endeavours—FOMOing into new meme coins.

Kraken’s analysis underscores that Australians have eagerly embraced the influx of meme coins such as dogwifhat (WIF), PEPE, and BONK, surpassing the global pace. Furthermore, it also found that Australians are big hodlers of Ethereum compared to the global average and that the most actively traded cryptocurrencies in Australia are Bitcoin and Solana.

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• Kraken Data Shows Aussies Love Memes
• ETH Dominates Holdings, Bitcoin Leads in Trading Volume

Kraken Data Shows Aussies Love Memes

Kraken’s analysis delved into the cryptocurrency holdings and trading patterns of its Australian clients, comparing them with its global user base. Its insights are based on anonymous, aggregated data of all user accounts which was used to create a hypothetical profile of an ‘average Australian Kraken user.’

A pivotal discrepancy identified by Kraken lies in the Australian crypto investors’ avid embrace of newer meme coins, setting them apart from their global peers. Globally, the spotlight remains on established meme coins like DOGE and SHIB, but in Australia, the gap in ownership between old and new is significantly bridged.

The ownership rates of newer meme coins by Aussie Kraken users compared to global users is:

• PEPE: 2.65% of Aussie Kraken users vs 1.49% globally
• WIF: 1.58% of Aussie users vs 0.45% globally
• BONK: 1.50% of Aussie users vs 0.67% globally

Whereas the ownership rates of the more established meme coins is much lower in Australia compared to global rates:

• DOGE: 6.65% of Aussie users vs 12.40% globally
• SHIB: 3.89% of Aussie users vs 5.49% globally

Commenting on these observations earlier this month to The Block, Jonathon Miller, Managing Director of Kraken Australia, remarked:

“It is great to see the enthusiasm Australians are showing towards new memecoins, 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.”

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ETH Dominates Holdings, Bitcoin Leads in Trading Volume

Regarding the cryptocurrencies held by Australian investors, Kraken’s analysis revealed that ETH reigns supreme, comprising 49.31% of the hypothetical average Australian crypto investor’s portfolio—markedly surpassing the global benchmark of 29.24%. Bitcoin, while still holding a prominent position as the second most held crypto by value at 26.13%, lags behind the global figure of 39.73%. Solana and Polkadot occupy the subsequent spots in the top four.

Unsurprisingly, Bitcoin leads the trading volume in Australia, accounting for 27.07% of total trades, marginally surpassing the global average of 26.46%. Solana follows closely in second place, contributing 10.02% of Australia’s trading volume, significantly outpacing its global share of 7.81%. ETH ranks third with 9.66% of trading volume, slightly underperforming the global rate of 9.93%.

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