Australians Love Bitcoin, PEPE, WIF, and BONK: Kraken Report

WIF has seen its value soar by more than 900% over the past year. Similarly, PEPE has surged by approximately 500% during the same period.

The Australian crypto market has seen a surge in meme coin demand, with tokens like Pepe (PEPE), Dogwifhat (WIF), and Bonk (BONK) gaining popularity among investors in the country, according to a report by major cryptocurrency exchange Kraken.

The report, which is based on data from millions of Australian wallets on Kraken, covers the trading period from May 2023 to May 2024. It highlights the growing interest in newer meme coins in the region.

“We’ve seen a huge appetite for meme coins among Australian investors, with some of the newer tokens like PEPE, WIF, and BONK being traded heavily on the exchange,” Jonathon Miller, managing director of Kraken, told CoinDesk in an email.

The report also notes that Bitcoin (BTC) and other mainstream cryptocurrencies continue to dominate the Australian crypto market.

“Bitcoin still accounts for the largest share of trading volumes in Australia, followed by Solana and Ethereum,” Miller added.

Bitcoin Dominates Australia’s Crypto Market

Bitcoin accounts for 27.07% of all trading volumes in Australia, according to the Kraken report. This figure is slightly higher than the global average of 26.46%, indicating a strong local interest in the world’s largest cryptocurrency.

Australia’s crypto-friendly regulatory environment has likely contributed to this trading activity. Financial regulators in the country have recently approved VanEck and blockchain-focused asset manager DigitalX to launch their spot Bitcoin ETFs.

Solana, Ether Gain Prominence

Solana (SOL) emerged as the second most traded crypto in Australia, making up 10.02% of the trading volume. This is much higher than the 7.81% observed among non-Australian Kraken users.

“The introduction of new trading pairs such as SOL/AUD is a direct response to the demands of our Australian customers,” Miller said.

Ethereum (ETH) was the third most traded digital asset, constituting 9.66% of the Australian trading volume, which is close to the global average of 9.93%.

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