Solana-based memecoin USELESS staged a rapid rally, briefly outpacing established competitors amid a surge in both spot and derivatives trading. During the latest session, USELESS saw its market capitalization rebound above $200 million following a significant increase in trading activity.
Trader profile: “Bonk Guy” rides USELESS resurgence
Onchain analytics platform Lookonchain reported that renowned trader Unipcs, commonly known as “Bonk Guy,” currently holds 15.9 million USELESS tokens valued at approximately $4.06 million. At the time of reporting, nearly $3.2 million of this figure represented unrealized profit.
Unipcs began acquiring USELESS tokens after its price sharply declined to a market capitalization of about $30 million five months ago. Just 24 hours before the latest rally, Unipcs’ position was valued at around $2.52 million, with $1.68 million in unrealized gains—a reflection of the token’s heightened volatility.
Lookonchain observed that Unipcs’ rapid rise in gains highlighted “how quickly the latest rally changed the trade.”
USELESS’s swift appreciation focused market attention on those able to capitalize on its wild price swings, particularly established traders with a history of navigating Solana’s speculative landscape.
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AAPLMini dictionary: Lookonchain – A blockchain data analytics provider that tracks real-time wallet movements and large trading actions across various crypto networks.
Memecoin rankings see rapid intraday shifts
In the latest 24 hours, USELESS jumped between 60% and 70%, trading near $0.23 with a market capitalization reaching approximately $230 million. Over the past week, the token’s gains exceeded 250% on several market data platforms.
According to Lookonchain, USELESS temporarily overtook other Solana memecoins such as BONK and ANSEM in terms of market capitalization. However, CoinGecko data shortly after showed BONK resuming its position with a $274 million market cap. These rapid changes illustrated the high volatility and fluid nature of memecoin rankings on Solana.
| Token | Peak Market Cap (session) | Latest Market Cap |
|---|---|---|
| USELESS | $230 million | $230 million |
| BONK | $274 million | $274 million |
| ANSEM | N/A | N/A |
This competitive ecosystem has kept attention on Solana’s memecoin space, where BONK, WIF, and new entrants continuously contend for liquidity and community engagement.
Derivatives volumes outpace market cap
Unipcs cited USELESS’s 24-hour spot volume at around $167 million, while perpetual-futures trading volume hit a striking $1.87 billion. On Binance, open interest in perpetual contracts approached $32 million, underscoring the scale of derivatives trading relative to the token’s total market capitalization above $200 million.
Perpetual-futures activity outpaced spot trading by a wide margin, highlighting amplified risks and potential for sharp reversals in memecoin markets.
High leverage in derivatives markets can accelerate both gains and losses, especially as aggressive short positions are unwound or long trades are rapidly liquidated. Solana memecoins tend to be driven more by liquidity and social-media trends than by underlying fundamentals, increasing market volatility.
Unipcs has previously cautioned followers against imitating his trading moves without understanding the risks. Based on Lookonchain’s analysis, he once turned a $16,000 BONK position into $20 million, demonstrating both the potential windfalls and significant dangers inherent in such trading strategies.
The latest rally in USELESS marks a renewed phase of speculative activity in the Solana memecoin sector, where leveraged derivatives volumes now often outpace even major token valuations.
