USELESS Surges 60% as Solana Memecoin Ecosystem Heats Up
USELESS, a Solana memecoin, has made another surprising comeback, briefly challenging established names like BONK in market capitalization. According to onchain tracker Lookonchain, trader Unipcs, known as 'Bonk Guy', holds 15.9 million USELESS tokens worth approximately $4.06 million, with more than $3.2 million in unrealized profit at the time of its September 4 post.
The latest rally saw USELESS climb roughly 60%-70% over 24 hours, trading near $0.23 and carrying a market capitalization around $230 million during Friday's session. This surge has put renewed attention on Solana's memecoin ecosystem, where BONK, WIF, and newer tokens compete for liquidity and social attention.
However, the rally also highlights the risk of leveraged derivatives trading, which can amplify gains but also magnify reversals when leveraged longs unwind. Unipcs himself has warned traders against blindly copying his positions, citing a previous loss of large gains during an earlier memecoin cycle.