Solana Ecological meme coin USELESS Once again experiences a rapid surge, with both spot and derivatives trading expanding in tandem, pushing its market value back above $200 million. According to the on-chain tracking account Lookonchain, the book value of the USELESS positions held by trader Unipcs has risen to approximately $4.06 million.
Floating profit from positions expands rapidly
Lookonchain indicates that Unipcs holds approximately 15.9 million USELESS. Based on data from September 4th, the unrealized profit exceeds $3.2 million. This position has attracted attention because Unipcs began to build it up five months ago when the market value dropped to around $30 million in USELESS.
Just a day ago, the value of this position was approximately $2.52 million, with a book profit of about $1.68 million. In just one day, both the valuation of the position and the profit have increased significantly, reflecting that this round of rebound has been relatively fast.
24-hour increase of over 60%
Reports show that USELESS has risen by about 60% to 70% in the past 24 hours, with a intraday price of nearly $0.23 and a market value of about $230 million. Data from some trading platforms indicates that the token's increase in value over the past 7 days once exceeded 250%.
Lookonchain also mentioned that the market value of USELESS once exceeded that of BONK and ANSEM. However, this is more indicative of short-term changes in rankings and does not mean that the overall situation has stabilized. Subsequently, data from CoinGecko showed that the market value of BONK returned to around $274 million, indicating that the rankings of these meme coins can still change rapidly and frequently.
Sustainable trading volume rises to $1.87 billion
Compared to rising prices, what has drawn more attention is the increase in derivatives trading volume. Unipcs indicates that the 24-hour spot trading volume of USELESS was approximately 167 million US dollars, while the trading volume of perpetual contracts was about 1.87 billion US dollars, which is significantly higher than its market value of just over 200 million US dollars at that time.
Among them, the open interest of the perpetual contract from Binance to USELESS is approximately 32 million US dollars. The volume of derivatives transactions far exceeds that of spot trading and market value, which usually indicates a high level of participation by leveraged funds. Short covering may amplify price increases, but once long positions are liquidated in large volumes, prices could fall even more rapidly.
Meme coins still experience high volatility.
The report also mentioned that Unipcs had previously warned the market not to mechanically replicate his positions, and admitted that he had also taken back large profits during an earlier meme coin cycle. Lookonchain previously reviewed his trading records and stated that a $16,000 BONK leveraged trade of his once increased to about $20 million.
Such cases illustrate that meme coins can bring extremely high returns in a short period of time, but they are also accompanied by more intense price fluctuations. Currently, the trading enthusiasm for USELESS has risen, making it one of the most highly volatile assets in the Solana ecosystem that has gained attention recently.
