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Sujit Kumar
Jul 9, 2024
by Sujit Kumar

Kraken Reveals Australian Crypto Trading Trends and Preferences

Australian Crypto Trading Trends

Table of contents

  1. Solana Gains Popularity
  2. Ethereum's Market Position
  3. Rising Interest in Memecoins
  4. High Crypto Adoption in Australia
  5. Conclusion
Kraken, a prominent crypto exchange, has conducted an in-depth analysis of millions of Australian wallets, uncovering significant trends in trading behavior and asset preferences. The study, covering May 2023 to May 2024, revealed that Bitcoin remains the most actively traded cryptocurrency among Australian users, accounting for 27% of all trading volumes. This figure slightly surpasses the global average of 26%.

Solana Gains Popularity

Solana (SOL) has shown notable growth in the Australian market, making up 10% of trading volumes compared to the global average of 7.8%. Responding to this demand, Kraken introduced a SOL/AUD trading pair in June 2024. Jonathan Miller, Managing Director of Kraken Australia, emphasized that the introduction of new trading pairs like SOL/AUD is driven by customer demand, with Kraken continually adapting its offerings to meet market needs.

Ethereum's Market Position

Ethereum holds the third spot among Australian traders, contributing 9.6% of trading volumes, which is slightly below the global rate of 9.9%. Despite this, Ethereum dominates Australian crypto portfolios, representing 49.3% of the average crypto asset balance, significantly higher than the global average of 29.25%.

Rising Interest in Memecoins

Kraken's analysis also highlighted a growing interest in memecoins among Australian investors. Approximately 2.65% of Australian Kraken clients hold PEPE, nearly double the global average of 1.5%. Similarly, Solana-based meme coin Dogwifhat (WIF) is held by 1.58% of Australian users, compared to 0.45% globally, and BONK by 1.5% versus 0.67% globally. This interest contrasts with global trends that favor more established memecoins like Dogecoin (DOGE) and Shibu Inu (SHIB), with DOGE held by 6.65% of Australians and SHIB by 3.89%.

High Crypto Adoption in Australia

The analysis by comparison site Finder indicates that 17.7% of the Australian population, out of 26 million, owns crypto. This adoption rate is significantly above the global average of 11.4%, highlighting Australia's strong preference for digital assets.

Conclusion

Kraken's findings underscore the dynamic nature of the Australian crypto market, with Bitcoin leading the way, Solana gaining traction, and memecoins becoming increasingly popular. As Kraken continues to adapt its offerings to meet market demands, Australia's crypto landscape is set to evolve further.

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Australian Crypto Trading Trends
Kraken Reveals Australian Crypto Trading Trends and Preferences
Sujit Kumar
Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.