Coinbase App Gets Left Behind as Memecoin Craze Drives Traders On-Chain
Coinbase's app ranking has declined during the current cryptocurrency bull market, with Phantom, a decentralized wallet, surpassing it in downloads. Phantom ranks seventh in the U.S. App Store, while Coinbase is at 27th. This shift reflects changing preferences among retail traders, particularly in the memecoin sector, where established exchanges like Coinbase do not list newer, riskier tokens. The rise of memecoins, such as Chill Guy, driven by social media campaigns, requires users to navigate decentralized exchanges, presenting a steeper learning curve. Coinbase is gradually onboarding established memecoins like FLOKI and PEPE but is also developing its layer-2 network, Base, to enhance on-chain transactions. The goal is to make on-chain technology more accessible and engage a broader audience in cryptocurrency.
