The Phantom Wallet cryptocurrency wallet now ranks third in the Apple App Store in the Utilities category, just behind Google Apps and Google Chrome.
Crypto commentators are speculating that the rise could be a bullish sign for Solana (SOL), given that Phantom Wallet was initially launched as a Solana-only wallet.
“The solar season promises to be great! What SOL parts should I buy? Cryptocurrency entrepreneur Ivan Luthra surveyed his 413,900 X followers on May 19.
“Phantom Wallet is the third best utility app, and I am very bullish on cryptocurrencies and Solana,” added Borovec, the cryptocurrency influencer.
This comes after Phantom Wallet recently recorded 7 million monthly active users, according to an April 29 article on currency as an indicator of wider adoption.
Meanwhile, Phantom Wallet now ranks 32nd across all app categories on the Apple Store, behind X (formerly Twitter) and artificial intelligence (AI) chatbot ChatGPT.
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Although Phantom started as a dedicated Solana-only wallet, it has since added support for the Bitcoin, Ethereum, and Polygon blockchains.
As of press time, Solana is currently trading at $174.11, up 25.13% over the past 30 days, according to data from CoinMarketCap.
However, if cryptocurrency exchange Coinbase – which is currently ranked 288th – climbs into the top 10 in Apple’s App Store, and Phantom Wallet does the same, cryptocurrency trader Shear believes that this could signal a market peak.
“These are my favorite metrics, and I will sell everything when they are both in the top 10,” Cher said in a May 18 post.
An app’s ranking in the App Store is affected by various factors and is not based solely on the number of downloads. Although MetaMask ranks 75th in the same category, it recorded 10 million monthly active users as of February 2024.
Ratings also take into account factors like monthly uninstalls, in-app transactions, and user sentiment in reviews.
As a self-custodial wallet, Phantom Wallet offers users the ability to maintain control of their keys.
This provides an alternative to storing assets on exchanges, a change that will likely be influenced by the high-profile collapse of cryptocurrency exchange FTX in November 2022, which prompted people to look for alternative options for where store cryptocurrencies.
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