EVERYONE IS WATCHING $USELESS GO UP. I’M WATCHING WHO MIGHT GET TRAPPED ON THE WRONG SIDE.

Because the chart is telling a pretty interesting story right now.

Price is moving higher again, and OI isn’t fading. It’s building.

Open Interest is now around $80.6M, up 33.58% in the last 24 hours.

After the previous big move, I expected interest to cool off a bit.

But it didn’t.

And then I looked at the positioning.

Around 55% of traders are short. On the 1D timeframe, shorts are still around 56%.

So part of the market is looking at $USELESS and thinking:

“Surely it’s gone up enough. Time to short.”

And that’s exactly where things can get interesting.

Funding is positive, around +0.05% on Binance. Longs are paying shorts, while shorts are still building up.

Now imagine price pushes a little higher.

One trader closes a short. Another gets liquidated. Then another.

And suddenly, the shorts that were supposed to bet against the move start becoming fuel for it.

I’m not saying $USELESS has to pump again.

But it feels like the market might be setting up another little trap.

And honestly, I want to see who panics first this time — the buyers or the shorts.