- Solana’s top DeFi wallet’s activity soars 1,200% after BTC hits a $99K peak.
- Meanwhile, Coinbase languished among the 30 most downloaded apps.
- The meme coin powerhouse Solana price bounces back above $240.
Solana’s top decentralized wallet, Phantom, has officially surpassed the Coinbase app in Google Play and Apple’s App Store rankings. As cryptocurrency enthusiasts flock to higher risk and potentially higher reward digital assets, numerous TikTok promotions of Solana memecoins made on Pump.Fun surface to magnify the ongoing trend.
Solana Phantom Sees 1,200% Activity Boost
Currently, Phantom Wallet takes the fifth spot among free apps in the United States, while Coinbase remains in the TOP 30 most downloaded free applications. A significant surge in Solana’s top DeFi wallet happened when Phantom’s execs announced support for Base Layer-1, Coinbase’s native blockchain, which also heavily indulged in the meme coin bonanza.
Despite the self-custodial crypto wallet imposing a heavier challenger on the uninitiated user than apps from the major centralized exchanges (CEXs), this didn’t stop the 1,200% upswing in Phantom’s weekly active users.
Responding to Bitcoin’s (BTC) first approach towards $100K, Phantom Wallet saw over 2.6 million users last week, securing its best record since May 2024. As the market rebounded on Wednesday, SOL picked up 5.5% intra-day gains to reclaim $240, backed by a heavy $6.9 billion trading volume over the past 24 hours.
Solana’s memecoin section continued to trade sideways, bouncing back 10% after a double-digit meme coin market correction last week. Amidst the action, meme coin Bonk (BONK) flipped Dogwifhat (WIF) and reached a $3.33 billion market capitalization at publication time.
On the Flipside
- The centralized exchanges offer a smoother entrance to crypto, onboarding new crypto enthusiasts into a regulated, hybrid, bank-like environment.
- In contrast to centralized platforms, a regulatory body does not protect against mishaps on the blockchain, such as the loss of Solana Phantom wallet seed phrases, passwords, and account access breaches.
Why This Matters
The shifting market demand for decentralized wallets can be explained by the demand for lesser-known meme coins, which aren’t immediately listed by the crypto market giants.
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