Solana Memecoin USELESS Surges Past $200M as Derivatives Activity Heats Up

USELESS, a memecoin on the Solana blockchain, has staged another unexpected comeback. Its market capitalization briefly surpassed $200 million as spot and derivatives trading surged. According to onchain tracker Lookonchain, trader Unipcs, also known as 'Bonk Guy,' holds 15.9 million USELESS tokens worth approximately $4.06 million.

Unipcs' position is notable because he began accumulating USELESS after it collapsed to a market capitalization of around $30 million five months ago. Just one day earlier, his holding was valued at around $2.52 million with $1.68 million in unrealized gains. The latest rally has significantly changed the trade.

USELESS climbed roughly 60-70% over 24 hours, trading near $0.23 during Friday's session. Its seven-day gain exceeded 250% on some market-data feeds. Briefly, USELESS 'flipped' BONK and ANSEM in terms of ranking, but CoinGecko later showed BONK back at a $274 million market cap.

The rally puts renewed attention on Solana's memecoin ecosystem, where BONK, WIF, and newer tokens compete for liquidity and social attention. High derivatives activity can amplify gains as shorts are forced out, but it can also magnify reversals when leveraged longs unwind.