Phantom, a decentralized crypto wallet, has outperformed Coinbase (COIN) in the Apple App Store rankings as traders increasingly turn to high-risk memecoins. Recently, TikTok videos have become a popular medium for guiding users on navigating these wallets, which can be more complex than centralized exchanges such as Coinbase.

"Traditional centralized exchanges can't keep up with all of the new on-chain paradigms fast enough," said Phantom CEO Brandon Millman.

In a notable development, a memecoin named Chill Guy gained significant traction on TikTok, rising from nearly zero to a market cap of $500 million due to a coordinated marketing campaign.

Memecoins like CHILLGUY are often unavailable on traditional exchanges like Coinbase, pushing traders to decentralized platforms requiring more complex transactions. Despite the hurdles involved, Coinbase is slowly entering the memecoin space, adding tokens such as FLOKI and PEPE.

A Coinbase spokesperson noted, "Our mission is to increase economic freedom in the world, and we know we can't do it alone... We are thrilled to see more people engaging on-chain and with crypto over the last few weeks."

Overall, the rise of wallets like Phantom highlights the shifting landscape of cryptocurrency trading as many traders seek opportunities in the booming memecoin market.