Cryptocurrency wallet, Phantom Wallet, now ranks as the third most downloaded free app in the Utilities category on the App Store, following Google Chrome and Google Search.
In the broader context of the Apple App Store, Phantom Wallet currently holds the 32nd position across all categories, trailing behind X and the artificial intelligence (AI) chatbot, ChatGPT.
This development comes after Phantom Wallet’s recent announcement of reaching seven million monthly active users, as reported in a post on April 29 2024. Typically, the cryptocurrency community perceives the growth in monthly users of any crypto wallet application as a positive sign of broader adoption.
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.
At the time of publication, Solana is trading at $170.48, up 20.51% over the past 30 days, per CoinMarketCap data.
Solana Price Performance in the Last 30 daysPhantom started in 2021 as a Solana-only crypto wallet, but has since expanded to provide multichain support for Ethereum, Polygon and Bitcoin as well.
An app’s ranking on the app store is influenced by numerous factors beyond just download numbers. Despite MetaMask securing the 75th position in the same category, it boasted 10 million monthly active users as of February 2024. Rankings take into account metrics such as monthly uninstalls, in-app transactions, and user sentiment expressed in reviews, among others.
As a self-custodial wallet, Phantom Wallet enables users to maintain control over their keys, offering an alternative to storing assets on exchanges.
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