Many cryptocurrency analysts are viewing Phantom Wallet’s rise to the third spot in the Apple App Store’s utility category as a bullish indication for Solana. The utility category on the Apple App Store currently contains the cryptocurrency wallet Phantom Wallet in third place, just below Google and Google Chrome Apps.
The increase might be an optimistic sign for Solana, according to cryptocurrency pundits. keeping in mind that Phantom Wallet was first released as a Solana-only wallet. It looks like this year’s SOL season will be huge! Which SOL currency should I purchase? On May 19, cryptocurrency entrepreneur Evan Luthra posed a question to his 413,900 X followers.
Crypto influencer Borovik continued, “Phantom wallet is the third top utilities app. I’m so 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 any wallet application’s monthly users as a sign of increased popularity. Phantom Wallet is currently ranked 32nd overall in the Apple App Store, behind ChatGPT, an AI chatbot, and X, which was originally known as Twitter.
Phantom was first limited to Solana, but it has subsequently expanded to support 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 favourite indicators, I will be selling everything when they are both 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 has 10 million active monthly users. Rankings also take into account user attitude in reviews, in-app purchases, and monthly uninstalls.
Phantom Wallet gives users control over their keys because it is a self-custodial wallet. This offers an alternative to holding assets on exchanges, a move that may have been brought to by the well-publicized failure of the cryptocurrency exchange FTX in November 2022, which made consumers search for other choices for cryptocurrency storage.