Cryptocurrencies

Cryptocurrency wallet Phantom Wallet has now taken third place in the store

Cryptocurrency wallet Phantom Wallet has now ranked 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.

“Sol season looks like it’s going to be big! What SOL coins should I buy? Cryptocurrency entrepreneur Ivan Luthra asked 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.

Phantom – Crypto Wallet is ranked third in the Apple App Store under the Utilities category. Source: Apple

This comes after Phantom Wallet recently recorded 7 million monthly active users, according to an April 29 post on X. The cryptocurrency community typically views an increase in the number of monthly users for any cryptocurrency wallet app as an indicator of broader adoption.

Meanwhile, Phantom Wallet now ranks 32nd in all app categories on the Apple Store, trailing behind X (formerly Twitter) and artificial intelligence (AI) chatbot ChatGPT.

Related: Where to store your digital currencies: Wallets offer various options to their holders

Although Phantom started out as a dedicated Solana-only wallet, it has since added support for the Bitcoin, Ethereum, and Polygon blockchains as well.

At press time, Solana is currently trading at $174.11, up 25.13% over the past 30 days, according to CoinMarketCap data.

However, if cryptocurrency exchange Coinbase – which is currently ranked 288th – rises to the top 10 on Apple’s App Store, and if Phantom Wallet does the same, cryptocurrency trader Shear believes it could signal a market peak.

“These are my favorite indicators, and I will sell everything when they are both in the top 10,” Cher stated in a May 18 post.

An app’s ranking in the App Store is affected by various factors, and is not just based on download numbers. Although MetaMask ranked 75th in the same category, it registered 10 million monthly active users as of February 2024.

The ratings also weigh factors like monthly uninstalls, in-app transactions, and user sentiment in reviews.

Being a self-custodial wallet, Phantom Wallet provides users with the ability to retain control of their keys.

This provides an alternative to storing assets on exchanges, a shift 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 to store cryptocurrencies.

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