Phantom Wallet, a popular cryptocurrency wallet, has recently climbed to the third position in the utility category on the Apple App Store.
Phantom Wallet, a popular cryptocurrency wallet, has recently climbed to the third position in the utility category on the Apple App Store. This upward trajectory has caught the attention of crypto enthusiasts who believe it could be a positive sign for the Solana (SOL) ecosystem. Phantom Wallet was initially launched as a wallet exclusively for Solana, before expanding to Ethereum, Polygon and Bitcoin. It is currently only trailing behind Google and Google Chrome Apps in the utility category.
Phantom Wallet's rise in popularity aligns with its recent achievement of reaching seven million monthly active users, as announced in an April 29 post on X. In the crypto community, an increase in user numbers for a wallet application is typically interpreted as a sign of broader adoption.
It's important to note that an app's ranking on the app store is influenced by multiple factors beyond download numbers. For instance, MetaMask holds the 75th position in the same category, despite reporting 10 million monthly active users as of February 2024. Rankings also consider factors like monthly uninstalls, in-app transactions, and user reviews.
Phantom Wallet's popularity stems from its self-custodial nature, allowing users to retain control over their keys. This offers an alternative to storing assets on exchanges, likely influenced by the well-publicized collapse of the crypto exchange FTX in November 2022, prompting individuals to seek alternative storage options for their cryptocurrencies.
SOL is currently trading at $177.72, marking a 23.23% increase over the past 30 days, according to CoinMarketCap.
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