Phantom, a decentralized crypto wallet, has surpassed Coinbase in the Apple App Store rankings as traders embrace high-risk memecoins. Phantom's rise reflects the growing popularity of on-chain paradigms and a shift towards harder-to-use wallets among retail traders. The surge of memecoin mania has challenged the accessibility offered by centralized exchanges like Coinbase, as these exchanges do not list the risky and speculative tokens that new traders are interested in. Phantom CEO Brandon Millman believes that traditional centralized exchanges are struggling to keep up with the new on-chain trends. TikTok is also playing a role in driving newcomers towards on-chain platforms like Phantom, as influencers teach their followers how to navigate decentralized exchanges. Coinbase itself is slowly onboarding memecoins but is primarily focusing on fostering such activity through its layer-2 network, Base.



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