Kraken: Aussies Favor Bitcoin and New Meme Coins

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As a researcher with a background in cryptocurrencies and finance, I find Kraken’s report on Australian crypto trading activity particularly intriguing. Having closely followed the market trends and regulatory developments Down Under, I can attest to the strong local interest in digital assets.

Expert: Kraken, a well-known cryptocurrency exchange, has released an intriguing finding. According to their report, investors based in Australia exhibit a strong affinity for trading Bitcoin. Moreover, there’s a rising interest in relatively new meme coins such as Pepe (PEPE), Dogewifhat (WIF), and Bonk (BONK) within the Australian market.

As a crypto investor, I can tell you that the insights in this report are derived from an extensive analysis of over millions of Australian Kraken wallets. The timeframe for this study spans from May 2023 until May 2024.

Bitcoin Dominates

In Australia, Bitcoin holds a significant market share, accounting for approximately 27.1% of total cryptocurrency trading volumes. This percentage is greater than the worldwide average of 26.5%, implying a robust local appetite for the leading digital currency.

As a crypto investor, I’m thrilled about the bullish outlook for Australia’s digital currency market. The country’s favorable regulatory climate has undoubtedly fueled this trading momentum. Notably, financial regulators here have given the green light to reputable players like VanEck and DigitalX to introduce their Bitcoin Spot ETFs. This approval marks a significant milestone in bringing more institutional investors into the crypto fold.

Solana and Ether Follow Suit

Solana ranks as the second most actively traded cryptocurrency in Australia, accounting for approximately 10.02% of the total trading volume. This figure surpasses the 7.81% share held by Solana among Kraken users residing outside of Australia. According to Jonathon Miller, managing director of the exchange, this trend is driven by the increased demand from Australian customers and is reflected in new trading pairs like SOL/AUD being introduced as a result.

As an analyst, I’d put it this way: Ethereum accounted for nearly 10% of the digital asset trading activity in Australia, with a volume share similar to the global standard of approximately 10%.

Meme Coin Frenzy

Among Australian investors on the Kraken platform, there’s been a significant rise in popularity for meme coins beyond the well-known cryptocurrencies. Specifically, tokens such as Pepe, WIF, and BONK have experienced a spike in ownership.

Based on the available data, approximately 2.65% of Australian users can be found among the PEPE holders, which represents nearly double the worldwide average of 1.49%. Meanwhile, around 1.58% of Australian investors have invested in WIF, surpassing the global average of 0.45%. According to Miller’s findings.

Australians exhibit great excitement for the emergence of new meme coins in the crypto sphere, reflecting their knack for exploring uncharted territories – a valuable skill in managing the dynamic nature of this innovative investment class.

The meme coin sector has experienced significant growth during this bull run, according to data from CoinMarketCap. The total market capitalization for meme coins now stands at $42.3 billion, while their daily trading volume has surpassed the $4.9 trillion mark.

Over the past year, WIF‘s value has experienced a remarkable increase of over 900%, reaching roughly $1.72 in current market price. Likewise, PEPE has undergone a significant surge, growing around 500% during the same timeframe.

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2024-07-09 14:57