MetaMask Dominates Crypto Market as Top Hot Wallet

Based on CoinGecko’s latest report, MetaMask stands out as the leading hot wallet in the market, boasting over 22.66 million app installations and users. This puts it ahead of its closest competitor, Coinbase Wallet, which has approximately 11 million installs, making MetaMask’s user base more than double that of Coinbase Wallet.

Hot wallets, like MetaMask, are preferred by many users due to their convenience and accessibility through the internet. Although they are susceptible to hacking and digital asset theft, their ease of use has made them a popular choice among “hodlers” of cryptocurrencies.

On the other hand, cold wallets are considered to be a safer option but are often perceived as more challenging to navigate. Despite this, MetaMask’s impressive numbers indicate that many users are willing to embrace the convenience of hot wallets.

The top three hot wallets in CoinGecko’s rankings are MetaMask, Coinbase Wallet, and Trust Wallet. MetaMask was introduced in 2016 by ConsenSys and primarily serves as an Ethereum (ETH) wallet. Meanwhile, Coinbase Wallet is associated with the US-based centralized exchange Coinbase. Trust Wallet, launched in 2017 and acquired by Binance in 2018, secures the third spot with 10.40 million installations and users.

Among the top ten hot wallets listed by CoinGecko, including Blockchain.com Wallet, Crypto.com Wallet, and Phantom, the cumulative total of installations reaches approximately 61.92 million. This reflects the widespread adoption and popularity of hot wallets in the crypto community.

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