USELESS is entering the realm of the biggest Solana meme tokens and a proxy for the whole meme narrative. The asset is showing expanding volumes, setting up expectations that the market price will soon follow.
USELESS is gaining attention and volumes, becoming the most traded Solana meme on Coinbase. The token is also turning into a proxy for the meme narrative, as liquidity is not sufficient to boost all of the older Solana tokens.
The recent growth also boosted USELESS’s mindshare through activity on social media, leading to comparisons with public companies’ market caps.
The meme is now trading at $0.37, closer to the higher range for the past three months. As with other meme tokens, USELESS is highly volatile, with regular 50% drawdowns. The token is now valued at $378M, an achievement for the meme space. The token is still seen as capable of gaining a $1B market capitalization.
USELESS has already flipped other leading memes like TOSHI, FARTCOIN, and PENGU based on Coinbase trading volumes. It had also flipped WIF and PEPE earlier.
USELESS is still outside the top 5 Solana memes
USELESS trading volumes are close to $150M for the past day. The token is seeing its highest trading activity since August. However, the token is still outside the top 5 Solana memes by market capitalization.
USELESS broke out near a three-month peak. The Solana meme is also breaking its trends with regular 50% drawdowns. | Source: CoingeckoCurrently, only PENGU, BONK, and Official Trump (TRUMP) are valued at over $1B, a valuation that eight tokens previously held. USELESS is now at around 50% of the valuation of FARTCOIN.
The recent rising volumes are expected to translate into price action, boosting the positions of USELESS into a new range. The token is not an explicit cult, but it shows that social media mindshare can also keep the price active.
USELESS is facing its next challenge in recovering the $400M market capitalization. The token sees continued buying pressure and is among the day’s top gainers, adding over 31% to its price. The token expanded despite competition from BNB ecosystem memes, showing Solana assets can still go hot based on their social media content.
Memes expand even without altcoin season signs
USELESS is part of the recent trend of expanding assets, with no explicit signals of an altcoin season. Most top 100 assets are not outperforming BTC consistently. Instead, regular pumps are happening for assets of all sizes.
The recent USELESS rally showed there is enough exuberance for short-term growth. USELESS has been taken up in derivative trading, with a record $58M in open interest.
Currently, USELESS has 34,663 holders, a relatively large community similar to other notable memes. In the short term, most of the USELESS activity may be due to speculative trading, instead of buy-to-hold.
As with other memes, USELESS is at extreme risk of drawdowns and may retest lower ranges before breaking out.
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Source: https://www.cryptopolitan.com/useless-price-coinbase-volumes-meme-coins/
