- Solana’s top DeFi wallet activity surged 1,200% after BTC reached a peak of $99,000.
- Meanwhile, Coinbase was among the 30 most downloaded apps.
- The price of meme coin powerhouse Solana has rebounded to over $240.
Solana’s top decentralized wallet, Phantom, has officially surpassed the Coinbase app in Google Play and Apple App Store rankings. As cryptocurrency enthusiasts flock to digital assets that offer higher risk and potentially higher rewards, a slew of TikTok promotions for the Solana memecoin run by Pump.Fun are amplifying the ongoing trend.
Solana Phantom saw a 1,200% increase in activity.
Currently, Phantom Wallet ranks 5th among free apps in the US, while Coinbase remains in the top 30 most downloaded free apps. Solana’s top DeFi wallet surged significantly when Phantom’s executives announced support for Base Layer-1, Coinbase’s native blockchain. This too was heavily into the meme coin jackpot.
Even though the self-managed cryptocurrency wallet posed a bigger challenger to early users than apps from major centralized exchanges (CEXs), that didn’t stop Phantom from seeing its number of weekly active users grow by 1,200%.
In response to Bitcoin (BTC)’s first approach to $100,000, Phantom Wallet recorded over 2.6 million users last week, breaking its highest record since May 2024. As the market rebounded on Wednesday, SOL recovered $240 for an intraday gain of 5.5%. It was supported by a massive trading volume of $6.9 billion in the last 24 hours.
Solana’s memecoin section continued to trade sideways, with a 10% rebound following last week’s double-digit memecoin market correction. In this move, meme coin Bonk (BONK) upset Dogwifhat (WIF) and reached a market cap of $3.33 billion at the time of publication.
On the flip side
- Centralized exchanges provide a more seamless entry into cryptocurrencies, bringing new cryptocurrency enthusiasts into a regulated, hybrid bank-like environment.
- Unlike centralized platforms, regulators do not protect against blockchain incidents such as Solana Phantom Wallet seed phrase, password, or account access breaches.
Why This Matters
The change in market demand for decentralized wallets can be explained by the demand for lesser-known meme coins that are not immediately listed by cryptocurrency market giants.
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