Phantom Wallet, a cryptocurrency wallet initially launched for Solana, is now the third-ranking utility app on the Apple App Store.
After Google and Google Chrome Apps, Phantom Wallet, a cryptocurrency wallet, currently ranks third in the utility category of the Apple App Store.
Cryptocurrency analysts suggest that the increase could be an optimistic indication for Solana, considering Phantom Wallet’s initial release as a Solana-only wallet.
The SOL season appears to be going to be a big one! Which SOL coins should I purchase? On May 19, crypto entrepreneur Evan Luthra posed a question to his 413,900 X followers.
Crypto influencer Borovik continued, “Phantom wallet is the third-top utility app. “I’m very bullish on crypto and Solana.”
It follows news on April 29 on X that Phantom Wallet had hit 7 million monthly active users. The cryptocurrency community typically interprets a rise in monthly users for any wallet application as a sign of increased popularity.
The Apple App Store currently ranks Phantom Wallet 32nd overall, behind ChatGPT, an AI chatbot, and X, formerly known as Twitter.
Initially restricted to Solana, Phantom now supports the blockchains of Ethereum, Bitcoin, and Polygon.
According to CoinMarketCap data, at the time of publication, Solana is trading at $174.11, up 25.13% over the previous 30 days.
Crypto investor Shear thinks the market may be peaking, though, if Coinbase, a cryptocurrency exchange presently ranked 288th, climbs to the top 10 in the Apple app store and if Phantom Wallet follows suit.
Shear wrote on May 18 that “these are my favorite indicators; I will be selling everything when they are both in the top 10.”
Download counts are not the only criteria that affects an app’s ranking in the app store. Even though MetaMask placed 75th in the same category, as of February 2024, it had 10 million active monthly users.
Rankings also take into account user attitude in reviews, in-app purchases, and monthly uninstalls.
Because it is a self-custodial wallet, Phantom Wallet gives users control over their keys.
The well-publicized failure of the cryptocurrency exchange FTX in November 2022, which prompted consumers to look for other options for cryptocurrency storage, may have prompted this shift away from holding assets on exchanges.