Solana
Solana Wallet Phantom jumps to third place in Apple App Store utility category
Solana Wallet Phantom jumps to third place in Apple App Store utility category
Phantom Wallet, a popular cryptocurrency wallet, recently climbed to the third position in the utility category on the Apple App Store. This upward trajectory has caught the attention of crypto enthusiasts who believe it could be a positive sign for the Solana (SOL) ecosystem. Phantom Wallet was initially launched as a wallet exclusively for Solana, before expanding to Ethereum, Polygon and Bitcoin. It currently only lags behind Google and Google Chrome Apps in the utility category.
Phantom Wallet’s growing popularity aligns with its recent achievement of reaching seven million monthly active users, as announcement in an April 29 article on X. In the crypto community, an increase in users for a wallet app is generally interpreted as a sign of broader adoption.
It’s important to note that an app’s ranking on the App Store is influenced by several factors beyond the number of downloads. For example, MetaMask ranks 75th in the same category, although it reported 10 million monthly active users as of February 2024. The rankings also take into account factors such as monthly uninstalls, in-app transactions and user reviews.
Phantom Wallet’s popularity comes from its self-custodial nature, allowing users to maintain control of their keys. This provides an alternative to storing assets on exchanges, likely influenced by the high-profile collapse of crypto exchange FTX in November 2022, prompting individuals to seek alternative storage options for their cryptocurrencies.
GROUND is currently trading at $177.72, an increase of 23.23% over the past 30 days, according to CoinMarketCap.