Phantom Wallet Climbs to Third Place in App Store’s Utility Category, Signaling Growing Interest in Solana
The crypto wallet Phantom, originally built for Solana, has recently climbed to third place in the utility category on the Apple App Store, trailing only Google and Google Chrome applications.
This rise has sparked speculation among crypto industry commentators, who see it as a potentially positive sign for the Solana token, given that Phantom was initially launched exclusively for this blockchain.
Impact on Solana Adoption and Crypto Market
Phantom Wallet has recently announced that it has reached seven million monthly active users, a metric often interpreted by the crypto community as an indicator of wider cryptocurrency adoption.
In the overall ranking of the Apple App Store, Phantom ranks 32nd, behind X and the AI chatbot ChatGPT.
Initially dedicated to Solana, Phantom has since expanded its support to Bitcoin, Ethereum, and Polygon.
Market Indicators and User Trends
Historically, the position of the exchange platform application Coinbase in the App Store, currently ranked 288th, is considered a reliable indicator. Phantom Wallet and Coinbase reaching the top 10 in the ranking could signal the market peak according to many investors.
An application’s ranking in the App Store is influenced by various factors beyond just the number of downloads. For example, MetaMask, which is ranked 75th in the same category, had 10 million monthly active users in February 2024. Criteria also include monthly uninstalls, in-app transactions, and user sentiment in reviews.
