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Phantom Wallet Climbs to Third Position on Apple App Store: A Bullish Signal for Solana?

Phantom Wallet

The crypto wallet application Phantom Wallet is at the top of the utility category of the Apple App Store, followed by Google apps and the Google Chrome app. This growth has aroused the enthusiasm of crypto commentators, which helps to underscore their confidence in Solana, which was the first wallet exclusively built on the Solana blockchain.

A Bullish Indicator for Solana?

Crypto entrepeneur Evan Luthra pointed out this statement in a post on May 19 amongst his followers (413,900) on X (formerly Twitter), mentioning, “Seems like the SOL season is going to be big!” “Should I buy SOL coins?” Crypto influencer Borovik also enjoys the news, stating that phantom wallet is now the 3rd most popular utility application. I’m a big crypto and Solana provoker.

Rising Popularity and User Adoption

This week sees the launch of Phantom Wallet’s app store coincident with achieving 7 million monthly active users, as announced in an April 29 post on X. Active users indicate to the to the cryptocurrency community that adoption is going on around them. In spite of this, the Phantom Wallet nevertheless takes 32nd place in the overall AppStore standing among all categories, the most influential apps being X and ChatGPT being before it.

Expanding Beyond Solana

Phantom began as a wallet exclusively designed for the Solana blockchain, but in a short time, it broadened the scope and now supports Bitcoin, Ethereum, and Polygon blockchains. The creation of a multi-faceted cryptocurrency platform addresses the needs of a wider range of crypto asset owners, contributing to an increase in demand and usability of the platform.

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Till now, the SOL token is trading at $174.11, indicating an increase of 25.13% over the past 30 days. In the past month, the price of bitcoin has increased by 13%, as indicated by the CoinMarketCap data. This surge is perceived by the others as a positive sign, which proves the strong influence of the Phantom Wallet and the growing number of its users.

Market Dynamics and Future Predictions

However, crypto trader Shear provides a warning at the end. In his May 18 Post, Shear wrote: “These are my most favorite indicators, and I will eventually sell everything when they are at the top.” Here he was referring to the chances of both Phantom Wallet and Coinbase making it to the top 10 of the Apple App Store rankings. Coinbase ranks 288th as of the time of writing this piece.

The position of an app on the app store is calculated by multiple factors in conjunction with download numbers, such as daily or monthly uninstalls, transactions within the app, and feedback from users in reviews. An example of this is that MetaMask ranked 75th in the same category, and it further confirmed 10 million monthly active users as of February 2024.

Security and User Control

Phantom Wallet, which is a non-custodial wallet, provides its users with a more secure way to store their assets, as unlike exchanges, they hold the key to their fund. Amidst the FTX exchange’s high-profile collapse in November 2022, traders have been rushing to offline storage to ensure the safety of their assets.

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The rise of the Phantom Wallet in the Apple App Store depicts the rising popularity of the app alongside a surge in the use of cryptocurrencies as a whole. From providing extra features to enhancing the user base, this provides evidence for the market and a bullish signal for Solana, which is worth the observation for the crypto market.

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