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Phantom Wallet Outranks Coinbase as Memecoin Craze Drives Traders On-Chain

The cryptocurrency landscape is shifting as traders flock to decentralized solutions, pushing Phantom, a decentralized crypto wallet, ahead of Coinbase in the Apple App Store rankings. This surge reflects the growing allure of on-chain trading driven by the rise of high-risk meme-coins.

The Rise of Phantom: A Decentralized Alternative

Historically, Coinbase’s app ranking has been a reliable indicator of retail participation in crypto bull markets. However, this trend has changed. As of now, Phantom is ranked seventh among free applications on Apple’s U.S. App Store, well ahead of Coinbase, which trails at 27th.

Phantom’s ascent reflects a significant departure from the accessibility-focused design of centralized exchanges. With its steeper learning curve, Phantom caters to users willing to navigate decentralized exchanges (DEXs) and intricate order settings for high-risk, high-reward opportunities in the memecoin market.

Memecoin Mania: The On-Chain Catalyst

The current memecoin frenzy is driving users away from centralized platforms like Coinbase. Traders seeking freshly launched, high-risk tokens such as CHILLGUY must engage directly with DEXs, often using wallets like Phantom.

  • CHILLGUY’s Meteoric Rise:
    Supported by a coordinated social media campaign, this meme coin’s market cap surged from near-zero to $500 million in just days.
  • The Role of TikTok:
    While TikTok’s crypto scene is niche, it plays a pivotal role in educating new traders on using decentralized wallets like Phantom.

Phantom CEO Brandon Millman explains:

“Traditional centralized exchanges can’t keep up with all of the new on-chain paradigms fast enough.”


Coin base’s Approach to Memecoins

Coinbase has started onboarding popular meme coins like FLOKI and PEPE, offering them to users in regulated markets. However, the platform’s centralized nature and slower listing process leave it lagging behind decentralized solutions.

Coinbase is also fostering on-chain activity through its Base layer-2 network, which aims to make on-chain trading faster, cheaper, and more accessible. Despite its efforts, Base’s memecoin volume remains smaller compared to Solana’s thriving ecosystem.

A Coinbase spokesperson commented:

A rising tide raises all boats, and we are thrilled to see more people engaging on-chain and with crypto over the last few weeks.

The Future of On-Chain Trading

As the memecoin craze continues, the divide between centralized and decentralized platforms is widening. Phantom’s rise underscores the growing demand for on-chain solutions that offer traders access to new and volatile opportunities.

Coinbase, while adapting, faces challenges in keeping pace with this rapidly evolving market. However, with initiatives like Base, it remains committed to bringing a billion people on-chain.

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