Phantom Wallet has achieved the third position in the utility category on the Apple App Store, trailing only behind Google and Google Chrome.
This surge has ignited speculation among crypto enthusiasts that it could be a bullish signal for Solana’s token, as Phantom Wallet originally launched exclusively as a Solana wallet.
“Seems like the SOL season is going to be Big! What SOL coins shall I buy?” crypto entrepreneur Evan Luthra asked his 413,900 X followers on May 19.
“Phantom wallet is the 3rd top utilities app I’m so bullish on crypto and Solana,” added crypto influencer Borovik.
This comes after Phantom Wallet reached seven million monthly active users, according to an April 29 post on X.
The crypto community often views a rise in any crypto wallet’s monthly users as a sign of broader adoption.
In the overall Apple App Store, Phantom Wallet now holds the 32nd spot across all categories, behind X and the AI chatbot, ChatGPT.
Initially a Solana-only wallet, Phantom has expanded its support to include Bitcoin, Ethereum, and Polygon blockchains as well.
As of this publication, Solana is trading at $174.11, marking a 25.13% increase over the past 30 days, according to CoinMarketCap.
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Crypto trader Shear suggests that if Coinbase — currently ranked 288th — and Phantom Wallet both reach the top 10 on the Apple App Store, it could indicate a market peak.
“These are my favorite indicators, I will be selling everything when they are both top 10,” Shear stated in a May 18 post.
An app’s ranking on the App Store depends on various factors, not just download numbers.
Despite MetaMask holding the 75th position in the same category, it reported 10 million monthly active users as of February 2024.
Rankings also consider factors such as monthly uninstalls, in-app transactions, and user sentiment in reviews.
Phantom Wallet, being a self-custodial wallet, allows users to maintain control over their keys.
This feature offers an alternative to storing assets on exchanges, a shift potentially driven by the high-profile collapse of the crypto exchange FTX in November 2022, prompting users to seek more secure storage options for their crypto assets.
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