Crypto is going through a crazy moment right now, and if you’re not watching, you might miss the next major change. On the U.S. Apple App Store, Phantom, a decentralized wallet based in Solana, has formally surpassed Coinbase. Among free apps, it is currently ranked #7, while Coinbase has fallen to #27.
Yep, you read that right. The on-chain memecoin trend is changing the way people trade, so it’s more than just a passing trend.
π§ Why Phantom Is Soaring
The key to Phantom’s surge is access. Phantom provides traders with a front-row seat to the wild world of memecoins like $CHILLGUY and $WIF, which can go from zero to a $500M market cap in a matter of days, while centralized exchanges like Coinbase play it safe.
Yes, it is more difficult to use DEXs and decentralized wallets. However, people are more than willing to learn when the rewards appear to be 10x or 100x returns.
As Phantom CEO Brandon Millman puts it:
βTraditional centralized exchanges canβt keep up with all of the new on-chain paradigms fast enough.β
π± TikTok Is Fueling the Frenzy
Unbelievably,Β TikTokΒ isΒ quietlyΒ helpingΒ toΒ onboardΒ theΒ newestΒ generationΒ ofΒ cryptocurrencyΒ users. HowΒ toΒ useΒ Phantom,Β apeΒ intoΒ newΒ tokens,Β andΒ chaseΒ theΒ nextΒ bigΒ memeΒ coinΒ areΒ allΒ beingΒ explainedΒ inΒ viralΒ videos. It’sΒ notΒ justΒ aboutΒ education;Β it’sΒ alsoΒ aboutΒ FOMO,Β community,Β andΒ hype. AndΒ it’sΒ functioning.
πΌ Coinbase: Playing Catch-Up
Coinbase isn’t doing nothing. More memecoins, such as FLOKI, PEPE, and WIF, are now listed. Additionally, they are promoting Base, their layer-2 network, to speed up and lower the cost of trading.
However, the raw speed of Solana’s memecoin scene still surpasses it, let’s face it.
A Coinbase spokesperson had this to say:
βWeβre thrilled to see more people engaging on-chain.β
Translation? They know whatβs upβbut theyβre not leading this trend.
π€ So Why Are Traders Going On-Chain?
BecauseΒ theΒ realΒ actionΒ takesΒ placeΒ inΒ areasΒ withΒ lowerΒ barriers,Β higherΒ risks,Β andΒ explosiveΒ rewards. AΒ mereΒ fiveΒ minutesΒ afterΒ launch,Β youΒ canΒ purchaseΒ aΒ coinΒ onΒ Phantom. ItΒ mayΒ neverΒ appearΒ atΒ allΒ onΒ Coinbase. OpportunityΒ isΒ beingΒ prioritizedΒ overΒ simplicity.
The Bottom Line:
PhantomΒ isΒ ridingΒ theΒ waveΒ ofΒ theΒ memecoinΒ movement,Β whichΒ isΒ usheringΒ inΒ aΒ newΒ eraΒ forΒ cryptocurrency. EvenΒ thoughΒ CoinbaseΒ isΒ stillΒ aΒ massiveΒ company,Β giantsΒ canΒ makeΒ mistakesΒ inΒ theΒ rapidlyΒ evolvingΒ fieldΒ ofΒ decentralizedΒ finance.
πΒ WillΒ CoinbaseΒ adjustΒ quicklyΒ enough? OrΒ areΒ weΒ seeingΒ theΒ emergenceΒ ofΒ aΒ newΒ generationΒ ofΒ cryptocurrencyΒ drivenΒ byΒ theΒ crazeΒ forΒ memecoins,Β TikTok,Β andΒ Phantom?
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