Phantom Wallet is now ranked third in the Apple App Store’s utility category. Many cryptocurrency analysts see this as a bullish sign for Solana.
Phantom Wallet has secured third place in the utility category on the Apple App Store. It ranks behind Google and Google Chrome apps.
Analysts covering crypto predict that Solana (SOL) may enjoy this rise. At first, Phantom Wallet remained limited to Solana.
“Seems like the SOL season is going to be Big! What SOL coins shall I buy?” on May 19, crypto entrepreneur Evan Luthra posted a question to his 413,900 X followers.
“Phantom wallet is the 3rd top utility app I’m so bullish on crypto and Solana,” stated Borovik, a cryptocurrency influencer.
According to a post on X from April 29, Phantom Wallet recently attained 7 million monthly active users. The crypto community generally interprets a rise in monthly users for any crypto wallet app as a sign of increased adoption.
Phantom Wallet is now ranked 32nd in the Apple App Store. It is not as good as ChatGPT, an AI chatbot, and X (formerly Twitter).
Originally limited to Solana, Phantom now supports the blockchains of Ethereum, Polygon, and Bitcoin.
At the time of publication, Solana was trading at $174.11. CoinMarketCap data indicates that this represents a 25.13% growth over the last 30 days.
Coinbase, a crypto exchange, now ranks 288th in the Apple App Store. Crypto trader Shear thinks Coinbase reaching the top 10 could signal the end of the market. Shear also thinks the same if Phantom Wallet achieves a top-10 ranking.
In a May 18 post, Shear said:
“These are my favorite indicators, I will be selling everything when they are both top 10.”
Other elements, besides download counts, affect an app’s ranking in the app store. In the same category, MetaMask is now ranked 75th. Despite this, as of February 2024, MetaMask had 10 million active monthly users.
The ranking also considers user feedback in reviews, app payments, and monthly uninstalls.
Phantom Wallet allows users to maintain control over their keys because it is a self-custodial wallet.
It provides an option for asset storage on exchanges. The high-profile failure of the crypto exchange FTX in November 2022 may have had an impact on the change. This incident prompted people to seek alternative options for storing crypto.
