USELESS Soars 20% as Crypto Market Rides Bitcoin's Coattails Amid BitMEX Closure

The crypto market is experiencing a paradoxical surge in speculative fervor, particularly in memecoins like USELESS. On September 23, 2026, the asset saw its spot price jump by an astonishing 20.53418% to $0.343685, largely driven by Bitcoin's breakout and subsequent rally across the broader market.

While BitMEX, a pioneering exchange that played a significant role in shaping the crypto derivatives market, has permanently closed its doors today, the market seems unfazed. In fact, USELESS's 24-hour trading volume surged by 41% to $115 million, indicating strong interest and liquidity influx into this segment.

Memecoins have become increasingly popular due to their high-beta play on the overall market, promising outsized returns if the rally continues but also carrying commensurate risks. A significant portion of USELESS's supply is held by institutional or large-scale investors known as 'whales,' which could exert considerable influence over the token's price.

Additionally, the derivatives market shows evidence of speculative interest, with USELESS's Open Interest reaching $70 million today and a 11% daily surge. This development introduces increased volatility and potential for rapid liquidations if the market reverses course.