Phantom Wallet has reached the third position in the utility category on the Apple App Store, trailing only behind Google and Google Chrome apps. This achievement has sparked speculation among crypto enthusiasts that it could signify a positive trend for Solana (SOL), as Phantom Wallet originally debuted as a Solana-exclusive wallet. Crypto entrepreneur Evan Luthra expressed his excitement on social media, wondering which Solana coins to invest in, while another influencer, Borovik, shared his bullish sentiment on both crypto and Solana, attributing much of his optimism to Phantom Wallet’s recent milestone.
This rise in the ranking follows Phantom Wallet’s report of 7 million monthly active users, marking significant progress since late April. The crypto community generally interprets such growth in user numbers as a sign of increasing adoption and positive outlook for the market. Interestingly, while Phantom Wallet secured the third spot in utilities, it stands at the 32nd position among all app categories on the Apple Store, positioned behind former Twitter (now X) and the AI chatbot, ChatGPT.
Initially exclusive to Solana, Phantom Wallet has since expanded its support to Bitcoin, Ethereum, and Polygon blockchains. This diversification appears to be paying off, as indicated by the growing user base. As of now, Solana’s price has seen a notable increase, trading at $174.11, which is up by over 25% in the last month, according to recent data from CoinMarketCap.
There’s speculation that a surge in app store rankings, such as what Phantom Wallet is experiencing, might indicate a peak in the market. Crypto trader Shear suggested that a simultaneous rise to the top 10 for both Phantom Wallet and Coinbase could signal a market zenith, and he plans to sell off his holdings if this happens.
The factors influencing an app’s ranking on the app store are multifaceted. It’s not just about the number of downloads. Despite MetaMask achieving the 75th position, it boasted 10 million monthly active users as of February 2024. Rankings consider various elements including monthly uninstalls, in-app purchases, and user reviews.
Phantom Wallet stands out as a self-custodial wallet, which means users maintain control over their keys. This offers a sense of security and autonomy that is particularly appealing in the wake of FTX’s notable collapse in November 2022. This event has driven many in the crypto community to seek safer alternatives for asset storage.
The broader crypto community often looks at the rise in active users of specific wallets as an adoption indicator. Hence, the increase seen with Phantom Wallet has many optimistic about the market’s trajectory. With more than 7 million monthly active users, it signifies a growing trust and reliance on the platform.
As Phantom Wallet continues to climb the app store rankings and expand its functionality, it is carving out a significant niche in the crypto ecosystem. This growth not only reflects the wallet’s robustness but also points to a broader acceptance and trust in cryptocurrencies, especially those associated with Solana.
Kudos to Phantom Wallet! More adoption means a higher SOL price, and we’re all here for it!
The rise of Phantom Wallet is a win for decentralization and self-custodial solutions. Proud of the crypto community! 🌐🔑
Incredible to see Phantom Wallet above so many big apps. Solana’s appeal is definitely growing!
People put too much stock in app rankings. It’s a wallet; it’s not going to change the crypto world by itself 🚫.
million active users in such a short time is impressive! Phantom Wallet is setting new standards in the crypto world. 🌟🔑
Phantom Wallet’s rise is a clear indicator of the trust and security it provides. Solana to the moon!