CoinMarketCap: Read what our contributors have to say. This content is provided by the community. DYOR!
Aussie investors still favor bitcoin while newer memecoins gain popularity: Kraken
Market Musing-g

Aussie investors still favor bitcoin while newer memecoins gain popularity: Kraken

TokenInsight
By TokenInsight
8 months ago
2 mins read
Aussie investors still favor bitcoin while newer memecoins gain popularity: Kraken
Reported by The Block: The global crypto exchange said that bitcoin remained the most traded crypto in Australia between May 2023 and May 2024.
The popularity of newer memecoins, such as Pepe and Wif, is on the rise, the exchange found.

Cryptocurrency exchange Kraken said that Australian investors prefer to trade bitcoin, while newer memecoins, including Pepe and Dogwifhat, also gained traction among Australian users.

In a Tuesday analysis of millions of Australian wallets on the exchange, Kraken said that bitcoin remained the most traded cryptocurrency between May 2023 and May 2024, the exchange said in a statement shared with The Block. Bitcoin accounted for about 27.07% of all trading volumes in Australia in the period, which is slightly higher than the global average of 26.46%.

Solana was the second most traded crypto in Australia, constituting 10.02% of all trading volume during the period, compared to 7.81% for non-Australian users. Ether came in third, which made up about 9.66% of all Australian trading volume, compared to 9.93% globally, according to the analysis.

“The introduction of new trading pairs such as SOL/AUD is a direct response to the demands of our Australian customers,” said Jonathon Miller, managing director of Kraken Australia and rest of world said. “It is great to see the enthusiasm Australians are showing towards new meme coins, which are a fun and increasingly popular part of the crypto ecosystem. Australians are no stranger to venturing off the beaten track, a trait useful when navigating this ever-evolving asset class.”

The report also found that Australian investors are more likely to hold newer memecoins, including Pepe, Wif and Bonk, over other established memecoins such as Doge.

About 2.65% of users in Australia hold Pepe, almost doubling the global average of 1.49%, while about 1.58% fo Aussie investors hold Wif, compared to a global average of 0.45%, the report showed.

8 views
0 likes
|

Other articles published on Jul 9, 2024

Market Musing-g

YieldMax Introduces FIAT ETF to Hedge Against Coinbase

YieldMax has revealed that it will be releasing its new Exchange-Traded Fund, the FIAT ETF, on NYSE Arca. This fund aims to provide short exposure to the share price of Coinbase Global Inc., the pr...
By Coingape News Media
8 months ago
3 mins read
Market Musing-g

German Actions Affect BTC Performance

BTC struggles to maintain its position at approximately $56,800, as actions by the German government undermine upward trends through their BTC transfers. These market disturbances have also negativ...
By BH NEWS
8 months ago
3 mins read
Market Musing-g

Gujarat government partners with Intel for AI readiness

Gujarat teams up with Intel to boost AI readiness, setting up AI labs in educational institutions and launching comprehensive training programs for students, professionals, and officials.
By Cryptopolitan_News
8 months ago
2 mins read
Market Musing-g

The 2024 Crypto Surge: Bitgert Among Coins Set to Hit $1

Bitgert (BRISE) nears the $1 mark, driven by advanced blockchain tech and community governance. Explore its rise in the evolving crypto landscape.
By Coingabbar
8 months ago
2 mins read
Market Musing-g

Circle Introduces EURC Stablecoin on Base Blockchain

EURC will soon join USDC as a prominent stablecoin on Base. It currently boasts over $3 billion in circulation as of July 9th. This move highlights the euro’s status as the third-largest fiat curre...
By Altcoin Buzz
8 months ago
3 mins read
Market Musing-g

Base Meme Coins up by 13% Overnight: What to Know

Solana (SOL) meme coins and Base (BASE) meme coins remain most trending categories as markets take breath
By U_Today
8 months ago
2 mins read

Join the thousands already learning crypto!

Join our free newsletter for daily crypto updates!