The decentralized crypto wallet Phantom has surprisingly surpassed Coinbase, a leading exchange, in the Apple App Store rankings. This milestone reflects the growing shift of traders towards on-chain transactions fueled by the high-stake memecoin frenzy. While centralized platforms such as Coinbase are more straightforward to use, user-created videos on TikTok are helping to demystify the complexities of using wallets like Phantom.
This shift is occurring as mainstream crypto traders appear more willing to grapple with the challenges associated with decentralized wallets. This contradicts the earlier expectation that platforms offering a more user-friendly experience, like Coinbase, would dominate the market. Rapidly rising memecoins that aren’t listed by established exchanges like Coinbase have disrupted this assumption.
The high-risk yet potentially highly rewarding memecoins have soared in popularity, forcing traders to shift to on-chain transactions through platforms like Phantom. As traditional centralized exchanges struggle to pace with these novel on-chain trends, it remains undecided whether platforms like TikTok are a primary driving force behind this shift. The video-sharing app has been home to instructional content on how to download and use Phantom, which most likely contributes to its growing userbase.