The popular exchange’s mobile offering breached the top 50 free apps at the start of March, as bitcoin was on the precipice of reaching new heights, and then sank as the market euphoria faded out and inflation fears calmed the markets. Since April, the Coinbase app has tended to rank somewhere between positions 300 and 200 and has been showing some slow growth since dropping to rank 396 on May 12.
It is unusual for a wallet to become as popular, and in this case, more popular than a major crypto exchange. For instance, we still have not seen Metamask, one of the most well-known crypto wallets, breach the top 500 free apps over the past three months. It’s not clear whether this explosive growth is sustainable or even really organic. While the hype around the Ethereum ETF has reignited some spark in the market, the Solana ecosystem is still not seeing the same levels of excitement that it was in March.