The crypto landscape is shifting — and this time, it’s not just about price surges or regulatory wins. A quiet but significant change is unfolding in the Apple App Store rankings: Phantom, a decentralized crypto wallet, has overtaken Coinbase in popularity among U.S. users. At the time of writing, Phantom ranked 7th among free apps, sandwiched between tech giants Temu and Google, while Coinbase trailed far behind at 27th.
This reversal signals a deeper trend: retail traders are no longer waiting for centralized platforms to onboard them. Instead, they’re diving directly into on-chain trading, driven by the explosive rise of memecoins and social media-fueled hype.
The On-Chain Surge: Why Traders Are Bypassing Coinbase
For years, Coinbase served as the gateway drug to crypto. Its user-friendly interface, regulatory compliance, and mainstream marketing made it the go-to app for newcomers. Historically, spikes in its App Store ranking have been used as a proxy for retail interest during bull markets.
But 2024 tells a different story.
Despite a clear bull market in motion, Coinbase isn't seeing the same surge in downloads. Meanwhile, Phantom — a wallet with a steeper learning curve, requiring users to manage private keys and interact directly with blockchains — is surging ahead.
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Why? Memecoins.
Tokens like CHILLGUY, DIDDYOIL, and others born from internet jokes are now commanding millions in market cap — but only on decentralized exchanges (DEXs). These assets aren’t listed on Coinbase due to their volatility, lack of fundamentals, and regulatory gray areas. To access them, traders must go on-chain using wallets like Phantom.
“Traditional centralized exchanges can't keep up with all of the new on-chain paradigms fast enough,” said Brandon Millman, CEO of Phantom.
This shift reflects a growing appetite for risk — and control. While Coinbase offers safety and simplicity, it also imposes limits. On-chain trading, though complex, unlocks access to the newest, most hyped assets the moment they launch.
TikTok’s Role in Onboarding Crypto Newcomers
Social media, particularly TikTok, is playing a pivotal role in this transition. Short-form videos are now teaching beginners how to set up Phantom wallets, connect to DEXs like Jupiter or Raydium, and trade memecoins within minutes.
Unlike traditional financial education, these clips thrive on urgency and FOMO (fear of missing out). A typical video might show someone turning $50 into $5,000 overnight by catching a memecoin early — a narrative that resonates far more than dry explanations of blockchain fundamentals.
While most crypto TikTok content doesn’t reach viral status compared to mainstream trends, the niche is growing rapidly. Thousands of creators post daily about their “gazillionaire” dreams, often including step-by-step guides to using decentralized tools.
Some even run coordinated campaigns. Take CHILLGUY, for example — a memecoin featuring a laid-back dog mascot. Fueled by TikTok buzz and community-driven marketing, it skyrocketed from near-zero value to a $500 million market cap in days.
To buy such tokens, users must:
- Download a non-custodial wallet (like Phantom)
- Fund it with SOL or ETH
- Connect to a decentralized exchange
- Navigate slippage settings and liquidity pools
It’s clunky. It’s risky. But for many new traders, it’s worth it.
Coinbase’s Response: Embracing On-Chain Innovation
Coinbase isn’t standing still. While its main exchange remains cautious about listing highly speculative memecoins, the company is investing heavily in on-chain infrastructure through Base, its Ethereum layer-2 network.
Base has become a hub for emerging memecoins and DeFi projects. Though it doesn’t yet rival Solana in volume or speed, it processes millions in daily transactions with fees under $0.01 and settlement times in seconds.
“We're focused on making on-chain faster, cheaper, and easier to use,” a Coinbase spokesperson said. “We’re looking forward to bringing a billion people on-chain.”
The strategy is clear: if traders want to go on-chain, Coinbase will provide the rails — even if it can’t host the riskiest assets directly.
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Core Keywords Driving the Trend
This shift underscores several key themes shaping crypto in 2025:
- On-chain trading
- Memecoin mania
- Decentralized wallets
- Retail crypto adoption
- Self-custody
- Social media influence
- Low-cost transactions
- Web3 onboarding
These keywords reflect both user behavior and technological evolution. The demand isn’t just for higher returns — it’s for ownership, speed, and access.
Frequently Asked Questions (FAQ)
Why is Phantom more popular than Coinbase now?
Phantom leads in App Store rankings because it enables access to new memecoins and on-chain trading — activities that attract younger, risk-tolerant users driven by social media trends. Coinbase, while safer and more regulated, doesn’t list many of these emerging tokens.
Can I buy memecoins on Coinbase?
Only established memecoins like PEPE or FLOKI are available on Coinbase — and even then, not always globally. Most new, high-risk memecoins are only tradable on decentralized exchanges accessible via wallets like Phantom.
Is on-chain trading safe for beginners?
It carries more risk than using centralized exchanges. Users must manage private keys, avoid scams, and understand transaction settings. However, educational content on platforms like TikTok is lowering the barrier to entry.
What makes Base different from other blockchain networks?
Base is an Ethereum layer-2 solution developed by Coinbase. It offers fast transactions (settled in seconds), ultra-low fees (often less than one cent), and seamless integration with existing Ethereum tools — making it ideal for scaling consumer apps.
Why are memecoins so popular despite being risky?
Memecoins tap into cultural moments and internet humor. Their low entry price and potential for massive gains create powerful FOMO. For many young investors, it’s less about investment strategy and more about participation in a digital movement.
Will Coinbase ever list newer memecoins like CHILLGUY?
Unlikely in the short term. Coinbase prioritizes regulatory compliance and asset stability. Newer memecoins lack transparency and often face scrutiny from regulators, making them poor candidates for listing — at least on the main exchange.
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The Future of Crypto Onboarding
The rise of Phantom over Coinbase isn’t just a ranking anomaly — it’s a signal of changing user priorities. The next wave of crypto adoption won’t come solely through simplified apps and fiat ramps. It will be driven by community, culture, and the desire for direct control over digital assets.
As long as social media continues to fuel memecoin mania, traders will seek tools that give them immediate access — even if those tools come with complexity.
For platforms like Coinbase, the challenge is clear: balance compliance with innovation. For users, the message is even clearer: if you want in early, you’ve got to go on-chain.
And that’s a trend no app store ranking can fully capture.