Mobile cryptocurrency applications have ranked up on Apple’s App Store, following the sporadic rise of Bitcoin and other digital assets. The bullish momentum in the market has also seen the overall market cap cross the $3 trillion mark, a new record for the ever-growing industry.
Coinbase is leading the charge, moving from number 26 to number 1 in the Free Finance Category of the App Store. The move is in line with the huge jump in trading volume on the exchange. According to CoinGecko data, Coinbase registered a daily trading volume high of $12 billion on November 12. The figure is the highest it has ever recorded since the beginning of the year.
Mobile crypto apps make impressive jumps on the App Store
Aside from Coinbase, other crypto-related applications have made huge jumps in the category, with some moving into the Top 10. Applications like Robinhood and Crypto.com are a few of the apps that have made huge leaps.
Historically, there has been a correlation between huge jumps in crypto prices and activities on exchanges increasing. These activities often trickle down to the use of their applications, which are used majorly by retail traders. These applications are easily accessible on mobile phones compared to decentralized finance applications.
However, it is different this time, as it is not only the top crypto applications that are making a jump in the App Store rankings. For instance, the mobile meme coin trading app Moonshot scaled about 380 spots, jumping from outside the top 400 apps category to land inside the top 100 at number 84. According to data from SensorTower, Moonshot recorded more than 90,000 downloads across Apple’s App Store and the Google Play Store after its launch in July.
The application allows users to sign up without worrying about the complications of seed phrases and decentralized finance, providing ease of investing in meme coins. The application enables users to trade meme coins, teaching them the risk and reward system in the decentralized finance industries.
Like most centralized exchange applications like Coinbase, Moonshot allows users to deposit using debit cards. However, the difference is that it offers access to very volatile meme coins that most of them don’t support. The sudden push in its ranking can be attributed to the huge fiat deposits it saw recently. According to DefiLlama, the application witnessed a new high in daily revenue of about $130,000.
Competition in the crypto industry becomes fierce
Competition in the crypto industry is becoming more fierce with the present surge in the market. While most applications offer basic crypto tokens and products, applications like Photon and BullX are changing things. These applications offer users diverse meme coins while allowing them to choose their entry points on-chain. Meanwhile, Solana-based marketplace Tensor is gearing up to launch its social trading application Vector.fun.
Meanwhile, the rankings of these crypto applications are conceived in the wider market as a sign that the market is booming. Users believe that applications can only be used when tokens are hitting the highs they are supposed to hit. However, not everybody sees it that way. Some believe these applications already have the user base to push their rankings.
One such person is crypto enthusiast and DeGods NFT founder Rohun Vora who disagreed with Coinbase’s position on the App Store rankings. “Top isn’t in when Coinbase is #1 on [the] App Store, it’ll be when Phantom is, ” he tweeted. Phantom is a multi-chain wallet and was number 6 in the Utilities category on the App Store as of Friday.
