Cryptocurrency trade Kraken have as we speak launched an anonymised, mixture evaluation of the composition of hundreds of thousands of Australian wallets on the Kraken platform. This evaluation reveals how Kraken’s Australian purchasers usually tend to maintain new memecoins, comparable to PEPE and WIF, in comparison with the trade’s international shopper base, alongside different portfolio tendencies.
Importantly, the evaluation accommodates no particular person or particular shopper information, it’s an evaluation of buying and selling exercise and an averaged abstract of complete holdings to create hypothetical ‘common consumer’ wallets.
Buying and selling volumes: Bitcoin maintains standing as most actively traded asset whereas Solana surges in AU
Over a 12 month interval, assessed between Could 2023 to Could 2024, Bitcoin remained probably the most actively traded cryptocurrency by Australian purchasers on the Kraken trade, constituting 27.07% of all buying and selling volumes from Australia – a determine barely above the worldwide common exterior Australia (26.46%).
Equally, Solana (SOL) exhibits considerably larger buying and selling exercise amongst Australians, making up 10.02% of buying and selling volumes in comparison with 7.81% for non-Australian purchasers. This renewed curiosity steered Kraken to introduce a brand new SOL/AUD buying and selling pair in June 2024, catering on to Australian buyers’ demand.
Ethereum is available in third, making up 9.66% of buying and selling volumes for Australian purchasers, in comparison with 9.93% globally.
Australian Enthusiasm for Rising Crypto Belongings
Australian buyers have an attention-grabbing level of divergence in relation to meme cash of their portfolios. Aussies usually tend to spend money on newer meme cash, comparable to PEPE, WIF, and BONK, which diverges from international tendencies that favour extra established meme cash like DOGE and SHIB.
Whereas some Aussie purchasers could also be embracing the enjoyable and unpredictable nature of those belongings, many might truly be responding to important adjustments out there. A examine by crypto information aggregator CoinGecko discovered that the highest memecoins outperformed each different class of crypto belongings throughout Q1 of 2024, whereas many different non-meme cash lagged behind because of provide unlocks and damaging sentiment surrounding low-float tokens. Memecoins are historically perceived as an unserious asset class, however acceptance of their essential function in crypto portfolios has grown all through this market cycle, as evidenced by rising institutional adoption.
Notably, 2.65% of Australian Kraken purchasers maintain PEPE, which is sort of double Kraken’s international shopper common of 1.49%. The WIF token can be in 1.58% of Australian shopper’s in comparison with the worldwide common of 0.45%. Lastly, BONK additionally sees the next adoption fee in Australia (1.50%) versus 0.67% globally.
While DOGE and SHIB stay common globally (at 12.40% and 5.49% of purchasers, respectively), Australian purchasers present solely average engagement with these cash, with AU consumer ratios for DOGE at 6.65% and SHIB at 3.89%.
Portfolio worth: Ethereum nonetheless dominates down below
Ethereum dominates the cryptocurrency portfolios of Australian purchasers, which accounts for 49.31% of the typical AU crypto asset stability. This determine contrasts with the worldwide common of 29.24%.
| Asset | AU Stability Ratio | International(ex-AU ratio) |
| Ethereum | 49.31% | 29.24% |
| Bitcoin | 26.13% | 39.73% |
| Solana | 5.43% | 5.53% |
| Polka Dot | 3.28% | 2.37% |
Nevertheless, when analyzing what number of particular person Australian purchasers maintain every cryptocurrency (versus the above which is a mean abstract of complete holdings), a extra balanced image emerges:
| Asset | Australian Person Ratio | International (ex-AU) Person Ratio |
| Bitcoin | 35.68% | 35.17% |
| Ethereum | 29.79% | 29.47% |
| Cardano | 11.88% | 15.57% |
| Polkadot | 11.83% | 12.96% |
| Solana | 11.79% | 10.54% |
| Ripple | 10.56% | 14.93% |
Jonathon Miller, Managing Director of Kraken Australia and Remainder of World mentioned, “Australia continues to be a vibrant and significant marketplace for Kraken. The introduction of recent buying and selling pairs comparable to SOL/AUD is a direct response to the calls for of our Australian prospects, and we’ll proceed to adapt our choices to the distinctive wants of every market.
It’s nice to see the keenness Australians are displaying in direction of new meme cash, that are a enjoyable and more and more common a part of the crypto ecosystem. Australians aren’t any stranger to venturing off the crushed monitor, a trait helpful when navigating this ever-evolving asset class. It’s no shock to me that fellow Aussie purchasers stay forward of the curve and attentive to the most recent crypto market tendencies.”
