Phantom Wallet most downloaded Crypto App on Apple Store
Phantom, a decentralized cryptocurrency wallet, has surpassed Coinbase (COIN) in the Apple App Store rankings, indicating an on-chain shift as traders adopt riskier meme coins. Phantom, a more difficult-to-use cryptocurrency wallet, has surpassed the well-known centralized exchange.
Phantom ranked seventh among free apps on Apple’s platform, behind Temu and Google. the wallet is ranked 27th in the App Store, far ahead of Coinbase.
Phantom is a well-liked non-custodial wallet among Solana ecosystem users. Solana, NFTs, and major blockchains are supported on the Phantom wallet. The application can connect with Ledger hardware wallets and features a fraud detection system.
The flip calls into question what typical traders can afford to put up with in their early days of cryptocurrency trading. Although “being your bank” has always been a priority for the Bitcoin community, other areas of the crypto-verse, such as Coinbase, placed bets on a more approachable experience.
The craze for meme coins is on the high. New traders want to wager on the lowest-quality, hours-old, extremely risky, but occasionally extremely profitable (if you don’t lose your shirt, as most do) joke tokens, but Coinbase and other well-known exchanges don’t list them.
“All of the new on-chain paradigms can’t be handled quickly enough by traditional centralized exchanges,” stated Brandon Millman, CEO of Phantom.
Coinbase is Catching Up
Coinbase is onboarding meme coins. It approved FLOKI, PEPE, and WIF for traders last week. These tokens are more stable (relatively speaking) than, say, DIDDYOIL, a meme coin that is only available to traders who operate on-chain, because they existed for a comparatively long time and have amassed market caps in the billions of dollars. The company is trying to encourage — and capture — such activity with its layer-2 network, Base, even though the Coinbase exchange itself is only hesitantl entering the meme-coin space. Even though Base’s meme-coin scene doesn’t have the same volume as Solana (SOL), millions of dollars are still added daily.
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