Solana Phantom Sees 1,200% Activity Boost as Its Meme Coin Bonanza Magnifies the Ongoing Trend

Solana's top decentralized wallet, Phantom, has officially surpassed the Coinbase app in Google Play and Apple's App Store rankings.

Solana's top decentralized wallet, Phantom, has officially outpaced the Coinbase app in both the Google Play and Apple's App Store rankings.

This shift in the market might be attributed to the demand for lesser-known meme coins, which aren't immediately listed by the crypto market giants. This phenomenon is further highlighted by the numerous TikTok promotions of Solana memecoins, made on Pump.Fun, 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 participated in the meme coin bonanza.

Despite the self-custodial crypto wallet posing 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.

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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 the time of writing.