Cryptocurrency wallet Phantom Wallet has now secured the third position on the Apple App Store in the utility category, just behind Google and Google Chrome Apps.
Crypto commentators are speculating that the rise could be a bullish indicator for Solana’s (SOL) token, given that Phantom Wallet initially launched as a Solana-only 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.
It comes after Phantom Wallet recently clocked seven million monthly active users, according to an April 29 post on X. The crypto community usually sees the increase in any crypto wallet application’s monthly users as an indicator of broader adoption.
As for the overall Apple app store, Phantom Wallet now ranks 32nd across all categories, behind X and the artificial intelligence (AI) chatbot, ChatGPT.
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Although Phantom started as a Solana-only wallet, it has since added support for Bitcoin, Ethereum and Polygon blockchains as well.
At the time of publication, Solana is trading at $174.11, up 25.13% over the past 30 days, per CoinMarketCap data.
Crypto trader Shear believes that if cryptocurrency exchange Coinbase — currently ranked 288th — rises to the top 10 on the Apple app store and if Phantom Wallet does the same, it might signal the market’s 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 is influenced by various factors, not solely reliant on download numbers. Despite MetaMask securing the 75th position in the same category, it clocked 10 million monthly active users as of February 2024.
Rankings also weigh factors such as monthly uninstalls, in-app transactions, and user sentiment in reviews.
Being a self-custodial wallet, Phantom Wallet offers users the ability to retain control over their keys.
This provides an alternative to storing assets on exchanges, a shift potentially influenced by the high-profile collapse of crypto exchange FTX in November 2022, prompting people to look for alternative options of places to store crypto.
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