Useless Coin (USELESS) Reaches All-Time High: A Joke or a New Phenomenon?

Useless Coin (USELESS) continues to make waves in the crypto market as a meme coin with its humorous structure. Reaching an all-time high of $0.10, USELESS managed to surpass a market cap of $100 million with this impressive leap. The parabolic rise since the beginning of June has placed it among the most talked-about altcoins.

USELESS: Its Purpose Is Unclear, But It's Rising

Launched by LetsBONK Fun on the Solana blockchain, USELESS has neither a use case nor a technical document. This coin, which doesn't even have a roadmap, is built solely on a sense of 'meaningless' humor.

The token, which was trading at $0.004 at the beginning of June, rose to $0.10 with an increase of over 2,000% in just a few weeks. With this rise, the market cap reached $101.9 million. Such a rapid rise without any technical or economic fundamentals has made USELESS comparable to popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, and WIF.

In the words of a social media user:

"USELESS has surpassed DOGE and all other major meme coins this month."

Short-Term Pullback, Long-Term Hype Continues

As of the time of writing, USELESS is trading at $0.080. Despite a slight pullback from its ATH level, an increase of 15.2% on a daily basis and extraordinary gains of 487.5% on a weekly basis are still on the agenda.

According to CoinGecko data, USELESS is among the six most trending tokens today. Investor sentiment is still bullish at 85%.

Trading Volume Exploded, Whales Under the Radar

The daily trading volume of USELESS increased by more than 60% in the last 24 hours, reaching $23.2 million. This is a sign of increasing interest and speculative transactions. The total number of holders of the coin has passed 12,480.

One of the most striking transactions was the movement of a known name from the Bonk community on the blockchain. According to Lookonchain data, this investor, nicknamed 'Unipcs', purchased 28.08 million USELESS tokens, equivalent to 2.8% of the supply, for $381,900. With current prices, the value of this position has exceeded $2.3 million and no sales have yet occurred.

An interesting detail is that this whale has not had much luck in its other investments. Blockchain analyses reveal that it has lost in 44 out of the 48 tokens it invested in.

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