banner

Solana’s Popularity Soars: Phantom Wallet Downloads Hit 770,000 in April

Retail investors are flocking to Solana, driven by the excitement of memecoin mania. The fourth-largest Layer 1 network by total value locked (TVL) is attracting traders with its fast and affordable transactions.

Phantom, a leading wallet app for accessing Solana’s web3 ecosystem, saw an estimated 770,000 downloads in April, according to appfigures. Impressively, the app has surpassed Facebook in the U.S. Google Play Store rankings.

Transaction Fees and Network Activity

Despite recent spikes in transaction fees due to network congestion, Solana remains significantly cheaper for transactions compared to Bitcoin or Ethereum. However, it is more expensive than Layer 2 networks like Arbitrum, Optimism, and Base. Data from The Block indicates that Solana traders are paying higher priority fees to ensure their transactions are processed promptly.

SOL’s Market Performance

Since the crypto market’s low on May 1, Solana (SOL) has rebounded sharply, rallying nearly 50%. Although it has dipped 1.3% in the past 24 hours, it remains the fifth most valuable digital asset.

Conclusion

Solana’s appeal to retail investors is evident from the surge in Phantom wallet downloads. As traders continue to seek out fast and cost-effective transaction options, Solana’s popularity is poised to grow even further.

banner

Disclaimer: Not Investment Advice

it’s crucial to understand that the information provided here is not to be construed as investment advice. The crypto market is dynamic and highly speculative, and decisions should be made based on thorough personal research and consideration of individual risk tolerance. Always consult with financial professionals and conduct your own due diligence before making any investment decisions. The intention of this exploration is to present insights and trends, not to provide specific investment recommendations.

Follow Us

Top Selling Multipurpose WP Theme

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

banner

Crypto feed news

Our team of crypto enthusiasts and market mavens is on a mission to deliver the latest, juiciest, and most insightful updates from the ever-evolving world of cryptocurrencies.

@CryptoFeedNews 2023 All Right Reserved. Designed and Developed by TheDevThingz

Skip to content