Phantom Wallet's Rise in App Store Indicates Broader Crypto Adoption and Bullish Signal for Solana
Summary:
Phantom Wallet, originally a Solana-only wallet, has risen to the third spot in the Apple App Store utilities category and 32nd across all app categories. Its recent growth to seven million active monthly users is seen as a sign of broader adoption for cryptocurrencies, particularly Solana. Phantom Wallet, now supporting Bitcoin, Ethereum, and Polygon, offers users self-ownership of keys—an increasingly prevalent choice following the high-profile collapse of the crypto exchange FTX. The app's standing on the app store depends on several factors beyond downloads, including uninstalls, in-app transactions, and review sentiment.
The Phantom Wallet, a crypto wallet application, has snagged the third spot under the utilities category in the Apple App store, trailing only behind Google and Google Chrome applications. Following its launch as a Solana-exclusive wallet, cryptocurrency experts have started to contemplate if its rise could be a favorable sign for Solana (SOL). On a broader note, Phantom Wallet has secured the 32nd rank across all the application types on the App store, coming in behind X (previously known as Twitter) and the AI chatbot, ChatGPT.
The ascension of Phantom Wallet took place concurrently with it reporting 7 million monthly active users in a recent post on April 29. The user growth of any crypto wallet typically hints towards a broader adoption. Crypto entrepreneur, Evan Luthra, suggests that the newfound popularity of the Phantom Wallet could be an optimistic signal for Solana. On May 19, he approached his 413,000 followers on X with the question "What SOL coins should I invest in?"
As per the current metrics, Solana is trading at $174.11, constituting a rise of 25.13% in the last 30 days, according to CoinMarketCap. Despite the initial exclusive support for Solana, Phantom Wallet has expanded to accommodate Bitcoin, Ethereum, and Polygon blockchains as well. When the crypto exchange Coinbase – currently sitting at the 288th rank, ascends towards the top 10, and Phantom Wallet follows suit, crypto trader Shear believes it could hint at the market peak.
Multiple variables influence an application's ranking in the app store, with download counts being just one of them. Factors such as monthly uninstallations, in-app transactions, and user sentiment in reviews also play a part. Phantom Wallet, as a self-custodial wallet, enables users to maintain control over their keys. This alternative to storing assets on exchanges could be a response to the notorious collapse of the crypto exchange FTX in November 2022, leading people to look for more secure options.
Despite ranking 75th in the same category, Metamask reportedly has 10 million monthly active users as of February 2024.
Published At
5/19/2024 8:01:34 AM
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