Over the past year, the value of WIF has increased by over 900%. PEPE has also experienced a significant increase of approximately 500% during the same period.
Kraken, a renowned cryptocurrency exchange, has released an intriguing report that claims that Australian investors are enthusiastic about trading Bitcoin. It also observed the increasing demand for newer meme currencies in the region, such as Bonk (BONK), Dogwifhat (WIF), and Pepe (PEPE).
Kraken data from millions of Australian accounts formed the basis of the report. It encompasses the trading period from May 2023 to May 2024.
In Australia, Bitcoin comprises 27.07% of all trading volumes. This figure is slightly higher than the global average of 26.46%, suggesting a robust local interest in the world’s largest cryptocurrency.
Australia’s regulatory environment that is conducive to cryptocurrency trading has likely played a role in the increase in trading activity. VanEck and DigitalX, a blockchain-focused asset manager, have recently received approval from the country’s financial regulators to introduce their spot Bitcoin ETFs.
Solana became the second most traded cryptocurrency in Australia, accounting for 10.02% of the trading volume. The observed rate of 7.81% among non-Australian Kraken users is significantly lower than this. According to Jonathon Miller, the managing director of the exchange, the introduction of new trading pairings, such as SOL/AUD, is a direct response to the demands of our Australian consumers.
At 9.66% of the Australian trading volume, Ethereum was the third most traded digital asset, which is in close proximity to the global average of 9.93%.
Kraken reported a significant interest in newer meme coins among Australian investors, in addition to mainstream cryptocurrencies. Holdings of meme tokens such as Pepe, WIF, and BONK have experienced a significant increase.
In accordance with the data, approximately 2.65% of Australian users possess PEPE, which is nearly twice the global average of 1.49%. Similar to the global average of 0.45%, 1.58% of Australian investors possess WIF. Miller claims that:
“I am delighted to observe the enthusiasm that Australians are demonstrating toward new meme currencies, which are an enjoyable and gaining popularity component of the crypto ecosystem. A trait that is advantageous when navigating this ever-changing asset class is the fact that Australians are not opposed to venturing off the established track.”
In general, the meme coin market has experienced significant growth during this bull cycle. The market capitalization of meme coins has reached $42.3 billion, with a trading volume of $4.9 trillion, according to data from CoinMarketCap.
Over the past year, the value of WIF has increased by over 900%, and it is currently trading at approximately $1.72. PEPE has also experienced a significant increase of approximately 500% during the same period.
Also Read: Senate pushes DOD to analyze blockchain for national security
Wallets