It’s literally called USELESS—and it jumped 24% overnight.
I’m leaning toward this rally, but I’m not chasing it at this level.
Yesterday afternoon, it plunged to 0.1486. I thought the name had finally lived up to itself.
Then it climbed steadily through the night, touching 0.1846 in the early hours. Now it’s hovering around 0.1788.
Over 24 hours, it’s up 10%, with more than $32 million in futures trading volume. The funding rate is just 0.005%—shorts aren’t paying much, and longs aren’t getting bled by funding either.
What’s even wilder is this coin’s whole premise.
It’s a Solana meme coin that launched last June, inspired by a snarky tweet. The name literally means “useless.”
The official stance is that it promises no utility at all—it’s poking fun at coins that endlessly tout their “utility.”
Nearly 1 billion tokens are in circulation, basically 100% of the total supply. There are no looming unlocks overhead, which makes it cleaner than a lot of coins with unlocks today.
But don’t focus on just one night. At the end of September, it was still around 0.31—down 40% in a month.
It’s still 60% below last October’s high of 0.4346, so this rally is, at best, an oversold bounce.
BTC has barely moved today, down 0.06% and trading sideways around 80,800. USELESS is doing its own thing.
I don’t think this is a fundamental reversal—just a mix of sentiment and an oversold bounce.
The more a coin makes fun of itself with its name, the more easily it can become a running joke during a dull market. Volume was clearly higher during those few hours overnight than during the day, so this wasn’t a rise on no volume.
But shorts don’t have much to fear either. After all, this coin has nothing going for it beyond the joke, and if the wind dies down, it could fall back much faster than it climbed.
I haven’t made a move at this level. The 24-hour weighted average price is 0.165. If it can’t hold above that, I’d put a question mark over the rally.
If it breaks below the previous low of 0.1486, then that overnight climb was for nothing, and I’ll just act like it never happened.
Do you think it’ll hold above 0.1846 and test 0.20, or fall back to 0.165 and fizzle out? I’m betting on the former. What about you?
$USELESS $SOL $BTC #山寨币 #Meme