Solana’s Phantom Wallet Denies Rumors of Token Airdrop

Highlights:

• Phantom Wallet rejected rumors of a token launch that were sparked by influencers.
• Community posts created excitement, with users eager to earn tokens by following others.
• Phantom Wallet stated it focuses on simplifying asset discovery, not launching a token.

The Phantom Wallet, a popular non-custodial wallet on Solana, issued a statement clearly denying any token issuance plans. Before this, various influencers on X had been promoting rumors that the non-custodial wallet was planning to launch a token with a scheduled airdrop for users.

Phantom Wallet Potential Airdrop Rumours Sparked by Social Media Posts

The speculation started from social media posts by well-known figures in crypto and NFT communities. Cofounder of Bored Room Ventures, Josh Ong, addressed the rumors, saying, “Not sure about the airdrop rumors, but if you follow in the app and drop your @ in the comments here, I’ll go through and follow back in batches.”

Other community posts fueled speculation, suggesting that following others with customized usernames within the wallet could lead to these rewards. Some claimed users could get up to 1,000 tokens for following and 500 tokens for gaining followers.

A Phantom username offers a unique and simple identity for your wallet. It replaces lengthy wallet addresses with easy, customizable names for more convenient use.

Phantom Wallet Addresses Token Rumors

Phantom Wallet addressed speculations about an airdrop linked to its new social discovery feature. With nearly 740,000 followers, the team clarified that the SocialFi function enables users to follow and interact while trading crypto and NFTs. They emphasized that this feature is not connected to any token launch. Also, the non-custodial wallet expressed excitement about user interest in the token.

The company stated:

“We’ve seen some speculation about an airdrop tied to this feature, so to clarify: we do not have any plans to launch a token. But we’re incredibly excited about social discovery on Phantom and are actively working on ways to make it something everyone loves.”

The company expressed gratitude for the ongoing support. They acknowledged the help in making crypto more fun, social, and accessible for everyone.

We're thrilled by the enthusiasm for following users on Phantom!

It's a huge step for us toward making crypto more personal and user-friendly. By simplifying how you share and discover with friends, we aim to dramatically improve how users find new tokens and apps.

We've seen…

— Phantom (@phantom) January 3, 2025

This news update has stirred mixed emotions among users. Some found it disappointing, while others recognized its importance in protecting users from scammers. The update follows a recent security update from Trust Wallet and BNB Chain’s crypto wallet.

A fake Phantom wallet on the Apple App Store in June last year caused asset losses. On Nov. 13, a buggy update locked some iOS users out of their accounts.

Wallet’s Update Unlikely to Affect Solana’s Market Performance

Phantom Wallet’s decision may limit token-related growth in the Solana ecosystem. However, it has not impacted the price of Solana’s native coin. In fact, the price of SOL has increased by 2.13% in just 24 hours, reaching $215.60. This suggests that Phantom’s update has not negatively affected Solana’s market performance.

Although Phantom Wallet dashed airdrop hopes, Solanians can still join two major airdrop campaigns this month. Sonic, Solana’s platform for TikTok users entering Web3, ends its campaign on Jan. 6. Eligible users will receive 7% of all SONIC emissions, as announced on Dec. 31. Jupiter (JUP), a leading Solana DeFi protocol, is nearing its highly awaited governance token airdrop. The protocol plans to distribute 700 million JUP in the upcoming weeks.