Aussies Love Memes: Kraken Data Shows Australians Have Secured the Gold Medal in FOMOing into New Memecoins

As the Olympics get underway in Paris, an anonymised analysis of Australians crypto holdings released by Kraken earlier this month has found that

Kraken has released an anonymised analysis of Australians' crypto holdings This analysis revealed that compared to the rest of the world, Aussies have been eager adopters of the new wave of memecoins, including DogWifHat (WIF), PEPE and BONK. 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.

The analysis also showed that Aussies are more likely to own newer memecoins like DogWifHat (WIF), PEPE and BONK, compared to global Kraken users. For example, 31.86% of Aussies own WIF, compared to just 11.06% of global users. Similarly, 21.63% of Aussies own PEPE, compared to just 5.18% of global users. And 18.03% of Aussies own BONK, compared to just 3.88% of global users.

On the other hand, the ownership rates of the more established memecoins like DOGE and SHIB are much lower in Australia compared to global rates. For example, only 38.98% of Aussies own DOGE, compared to 59.06% of global users. And only 26.83% of Aussies own SHIB, compared to 45.06% of global users.

Kraken Australia’s Managing Director Jonathon Miller told The Block earlier this month that the analysis is based on anonymous, aggregated data of all user accounts, which is then used to create a hypothetical profile of an ‘average Australian Kraken user’.

“We're looking at what cryptocurrencies are being held and traded by our Australian customers in comparison to our global customers. So, this is an analysis of the holdings and trading behaviour of the average Australian Kraken user, compared to the average global Kraken user,” Miller said.

“The analysis is based on anonymous, aggregated data of all user accounts, which is then used to create a hypothetical profile of an ‘average Australian Kraken user’. This profile is then used to compare the ownership and trading rates of different cryptocurrencies by Australian users, versus global users.”

“We're able to see the top 10 cryptocurrencies that are being owned and the top 10 that are being traded, and then also drill down into some of the specific trends that we're seeing in the market,” he added.

“So, for example, we can see that there's a lot of interest in memecoins among Australian users, and we can also see that there's a preference for newer memecoins, like WIF, PEPE and BONK, over the older memecoins, like DOGE and SHIB.”

“We're also seeing that Ethereum is being held at a much higher rate by Australian users compared to the global average, and that Bitcoin is still the most actively traded cryptocurrency in Australia,” Miller concluded.

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