Why Is Coinbase Popularity on App Store Decreasing?

A prominent crypto executive has pointed to why the application for cryptocurrency exchange Coinbase is significantly decreasing in popularity on the Apple App Store.

Managing partner of crypto venture fund Dragonfly.xyz Haseeb Qureshi questions why the results are so different from 2021. This speculation follows the recent widespread positive news in the industry that Bitcoin exchange-traded funds (ETF) were approved by the United States Securities and Exchange Commission (SEC).

Coinbase Declining on the App Store

In a post on X (formerly Twitter), Qureshi revealed that Coinbase currently holds the 40th position within Apple’s App Store finance category. He compares this with its status just three years ago when the app not only claimed the top spot but maintained that position for several consecutive days.

“In 2021, it was continuously ranked #1 in Finance, and on several days, was #1 across the entire App Store.”

He emphasizes that once retail investors return to the levels they were at three years ago, he anticipates new all-time highs for cryptocurrencies.

Read more: Coinbase vs. Coinbase Pro: Which Is Right for You?

Many in the crypto community find this point intriguing, given that Coinbase holds a central position in the recent approvals of spot Bitcoin ETFs.

Coinbase: A Prominent Player in the Bitcoin ETF Game

On January 5, BeInCrypto quoted Bloomberg declaring that Coinbase is the,

“Gorilla in the room that few seem to be acknowledging.”

Coinbase is the only crypto exchange in the United States that is also a publicly listed company. 

Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?

Furthermore, the company will play a pivotal role in the operation of these spot Bitcoin ETF securities, undertaking key responsibilities such as custody, trading execution, market surveillance, and even lending.

However, various analysts anticipate a potential decline in Coinbase’s stock price in the coming days. On January 23, BeInCrypto disclosed that JPMorgan analyst Kenneth Worthington had set an $80 price target for COIN, with the current trading value standing at $132.