"Phantom, a decentralized crypto wallet, has overtaken Coinbase in the Apple App Store rankings, reflecting an on-chain shift as traders embrace high-risk memecoins."
"TikTok videos are teaching people how to navigate wallets that are harder to use than centralized exchanges like Coinbase."
"Traditional centralized exchanges can't keep up with all of the new on-chain paradigms fast enough, said Phantom CEO Brandon Millman."
"Memecoin mania is challenging expectations of what mainstream traders can tolerate during their first days in crypto."
Phantom has surged ahead of Coinbase in the Apple App Store rankings, highlighting a trend where traders are increasingly favoring decentralized wallets for engaging with high-risk memecoins. TikTok is playing a significant role in teaching users to navigate these wallets, despite their complexity compared to centralized exchanges. Phantom’s CEO stated that traditional exchanges cannot adapt quickly enough to the evolving landscape of on-chain opportunities. The recent popularity of the memecoin Chill Guy exemplifies how social media is driving new trading behaviors.
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