Phantom Wallet has surged to third place in the utility category on the Apple App Store, trailing only behind Google and Google Chrome. This development is being interpreted by many in the cryptocurrency community as a bullish signal for Solana, given that Phantom Wallet was originally launched as a Solana-only wallet.
Phantom Wallet’s Rapid Ascent
Phantom Wallet’s impressive climb in the App Store rankings is noteworthy. According to a recent update, the wallet now boasts over seven million monthly active users. Such an increase in user numbers is typically seen as a sign of broader adoption within the crypto community.
Phantom Wallet holds the third spot on the Apple app store under the utility category. Source: Apple
Crypto entrepreneur Evan Luthra, with his 413,900 followers on X, expressed optimism, stating, “Seems like the SOL season is going to be Big! What SOL coins shall I buy?” Similarly, crypto influencer Borovik highlighted the significance of Phantom Wallet’s ranking, saying, “Phantom Wallet is the 3rd top utilities app I’m so bullish on crypto and Solana.”
Broader Implications for Solana
Despite its beginnings as a Solana-exclusive wallet, Phantom Wallet has since expanded its support to include Bitcoin, Ethereum, and Polygon blockchains. This broader support may contribute to its rising popularity and adoption.
At the time of writing, Solana is trading at $174.11, marking a 25.13% increase over the past 30 days, according to CoinMarketCap data. The rise in Phantom Wallet’s popularity could further bolster Solana’s market performance.
Market Indicators and App Rankings
Crypto trader Shear suggested that the rankings of crypto apps like Phantom Wallet and Coinbase on the App Store could serve as market indicators. Shear noted, “These are my favorite indicators, I will be selling everything when they are both top 10.”
App rankings on the App Store are influenced by multiple factors, including monthly uninstalls, in-app transactions, and user reviews, not just download numbers. Despite MetaMask ranking 75th in the utility category, it had 10 million monthly active users as of February 2024.
Shift Towards Self-Custodial Wallets
Phantom Wallet offers a self-custodial option, allowing users to retain control over their keys. This has become increasingly attractive following the high-profile collapse of the crypto exchange FTX in November 2022, driving users to seek alternative storage solutions for their digital assets.
As Phantom Wallet continues to rise in the App Store rankings, its success may indeed signal a promising future for Solana and the broader crypto market.
