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BONK 
WIF 
USELESS Solana ecological meme coin USELESS rose rapidly, and spot and derivative trading volume surged.
Solana based meme coin USELESS experienced a rapid rise. Against the background of soaring spot and derivative trading activity, its performance once surpassed some mature competitors. During a recent trading session, USELESS's market value rebounded to more than $200 million as trading activity increased significantly.
Trader Portrait: "Bonk Guy" rides the USELESS rebound express train
On-chain data analysis platform Lookonchain reported that well-known trader Unipcs (often known as "Bonk Guy") currently holds 15.9 million USELESS tokens, worth approximately US$4.06 million. As of the time of the report's release, nearly $3.2 million of that amount was in unrealized profits.
Unipcs began buying the token five months ago, when the price of USELESS fell sharply and the market value dropped to about $30 million. In the 24 hours before the latest round of gains, Unipcs had a position value of approximately $2.52 million, with unrealized gains of $1.68 million, reflecting the rising volatility of the token. Lookonchain pointed out that the rapid rise in Unipcs profits highlighted "how quickly the latest round of gains has changed the landscape of the deal."
USELESS's rapid appreciation has focused the market on traders who can take advantage of its sharp price movements, especially veterans with extensive experience in Solana speculation.
Mini Dictionary: Lookonchain-a blockchain data analytics provider that tracks real-time wallet movements and large-value transactions across various crypto networks.
The ranking of meme coins has changed dramatically during the day.
In the past 24 hours, USELESS has increased between 60% and 70%, trading at close to US$0.23, and its market value has reached approximately US$230 million. In the past week, according to multiple market data platforms, the token has increased by more than 250%.
According to Lookonchain, USELESS has temporarily surpassed other Solana meme coins in terms of market value, such as BONK and ANSEM. However, subsequent data from CoinGecko showed that BONK regained its lead with a market value of $274 million. These rapid changes illustrate the extremely high volatility and liquidity characteristics of meme coin rankings in the Solana ecosystem.
This highly competitive ecosystem continues to attract market attention to the Solana meme space, with BONK, WIF and new entrants constantly competing for liquidity and community participation.
Derivatives trading volume far exceeds market value
Unipcs quoted data showing that USELESS's 24-hour spot trading volume is approximately US$167 million, while perpetual contract trading volume is as high as an astonishing US$1.87 billion. On the Binance platform, the open interest in perpetual contracts is close to US$32 million, highlighting the scale of derivatives trading compared to the token's total market value of more than US$200 million.
Perpetual contract activity significantly outpaces spot trading, highlighting the amplified risks in the memecoin market and the possibility of sharp price reversals. High leverage in derivatives markets can accelerate profits or losses, especially if aggressive short positions are cleared or long transactions are quickly consolidated. Solana meme coins tend to be driven by liquidity and social media trends rather than fundamentals, which further increases market volatility.
Unipcs has previously warned fans not to imitate his trading practices without understanding the risks. According to Lookonchain's analysis, he once converted a $16,000 BONK position into $20 million in gain, demonstrating the potential huge returns and inherent significant risks of such trading strategies.
USELESS's latest rise marks a new stage in speculative activity in the Solana meme coin sector, with leveraged derivative trading volumes now often exceeding even the valuations of major tokens.
