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BONK 
WIF 
USELESS Solana's meme coin USELESS rebounded strongly, and its market value returned to above US$200 million.
The meme coin USELESS on the Solana chain once again staged a sharp rebound. Driven by a surge in spot and derivatives trading, its market value briefly exceeded US$204 million, once challenging the status of established tokens such as BONK.
On-chain data tracking platform Lookonchain pointed out that trader Unipcs (better known as "Bonk Guy") holds 15.9 million USELESS tokens worth approximately US$4.06 million. When it released relevant developments on September 4, the position had achieved unrealized profits of more than US$3.2 million.
This position is eye-catching because Unipcs started building its position five months ago when USELESS plummeted to a market value of about $30 million. Just the day before, the value of the same position was only $2.52 million, with an outstanding gain of $1.68 million. This fully illustrates the rapid change in the value of the deal by the latest round of gains.
USELESS surged by more than 60% in a single day, and the popularity of memein trading returns.
During Friday's trading hours, USELESS prices soared by about 60%-70% in 24 hours, trading around US$0.23, with a market value of approximately US$230 million. According to some market data, its seventh-day increase even exceeded 250%.
Lookonchain emphasized that in this round of market, USELESS briefly surpassed BONK and ANSEM. However, it should be noted that this comparison should be viewed as an intra-market ranking event rather than a permanent change: CoinGecko subsequently showed that BONK's market value rebounded to approximately $274 million, indicating how quickly memein's ranking has reversed.
The rally has refocused public attention on Solana's memecoin ecosystem, where BONK, WIF and emerging tokens compete for liquidity and social attention.
The story behind US$1.87 billion in perpetual contract trading volume
In contrast, more eye-catching data appears in the derivatives space. Unipcs said USELESS's 24-hour spot trading volume is approximately US$167 million, while perpetual contract trading volume is as high as approximately US$1.87 billion. On the Binance platform alone, its perpetual contract open interest volume reached approximately US$32 million.
This means that the size of the leveraged derivatives transaction is several times the market value of the token, which is approximately US$200 million.
Highly leveraged activity can amplify gains as short positions are forced to close, but can also exacerbate market reversals when leveraged bulls unwind. This risk is particularly relevant for Solana memes, as the prices of such tokens tend to be driven more by liquidity, narrative hotspots and social media attention than by traditional fundamentals.
Unipcs himself has previously warned traders not to blindly copy his positions and admitted losing huge profits in the early memein cycle. Lookonchain's review of its trading history shows that one of his $16,000 leveraged BONK transactions has increased to approximately $20 million, which not only highlights the scale of his successful bets, but also reveals the extreme risks involved.
For USELESS, the latest quotes tell two stories at the same time: speculation in Solana memin is heating up, but the leverage ratio is rising even faster than the growth in valuation.
