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In summary
- Cryptocurrency apps like Coinbase, Robinhood, and Crypto.com lead the App Store rankings, fueled by the booming Bitcoin price and crypto market cap surpassing $3 trillion.
- Coinbase jumped to #1 in the Free Finance category, recording its highest trading volume of the year: $12 billion in a single day.
- Moonshot, a meme coin trading app, also experienced a meteoric rise in popularity, racking up more than 90,000 downloads and reaching record revenues of $130,000 a day.
Cryptocurrency mobile apps have jumped to the top of the App Store rankings amid a surge in prices for Bitcoin and other cryptocurrencies, resulting in a significant increase in the overall market capitalization of all coins, surpassing $3 trillion earlier this week.
Coinbase leads the charge, jumping from #26 on Election Day to #1 on Friday in the Free Finance category of the Apple App Store for iOS devices. The boost in ranking aligns with significant increases in trading volume on the exchange, which surpassed $12 billion on Nov. 12, marking the highest volume day on record this year according to data from CoinGecko.
Other major cryptocurrency apps like Robinhood and Crypto.com followed in Coinbase’s footsteps, jumping into the top ten positions in the same category.
Historically, rising cryptocurrency prices correlate with increased popularity of major exchanges and their respective apps, which are more accessible to mainstream retail buyers than decentralized platforms aimed at cryptocurrency experts.
But this time, it’s not just the top cryptocurrency brands that are making their presence felt in the App Store rankings. Moonshot, a mobile meme coin trading platform, has risen 388 spots, from outside the top 400 apps, to #84 in the Free Finance category over the same time period.
Moonshot, released in July, has amassed more than 90,000 downloads on the iOS App Store and Android Google Play Store based on data from SensorTower.
Aimed at onboarding retail participants, or those with less knowledge of cryptocurrencies, Moonshot allows users to bypass the complications of wallet seed phrases and decentralized exchanges to invest in meme coins, or highly volatile tokens based on internet memes, celebrities and more.
Instead, Moonshot allows users to deposit with popular payment methods like Venmo or debit card, granting them near-instant access to meme coins that would otherwise not be available on centralized exchanges like Coinbase.
The rise in the rankings corresponds to record fiat deposits at Moonshot reported by the company, and a new daily income record of more than $130,000 on November 12 according to data from DefiLlama.
“The boomers are rotating. Coming to #1,” Moonshot (aka X) commented on Twitter as the app overtook investment app TradFi E-Trade.
However, the competition is fierce, and more is to come. Established platforms like Photon and BullX offer more sophisticated traders access to a greater variety of meme coins and earlier entry points directly on-chain. Meanwhile, the team behind Tensor, the Solana-based NFT marketplace, is preparing to launch its Vector.fun social trading platform.
That said, the success of Coinbase and other cryptocurrency apps in the App Store rankings is sometimes seen as a “top sign” in crypto circles – that is, a sign that the cycle and prices may be reaching their peaks. local highs, with an imminent correction.
But maybe this time it will be different? Rohun Vora (aka Frank DeGods), founder of the DeGods NFT project and crypto personality, tweeted: “The peak won’t be when Coinbase is #1 on the App Store, it will be when Phantom is.”
Phantom, the popular multi-chain cryptocurrency wallet, was ranked #6 in Apple’s Utilities category as of late Friday.
Edited by Andrew Hayward
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