Key Takeaways

Why did Useless Coin rally?

Whale balances jumped to 37 million tokens, Buy/Sell Delta hit 5.2 million, and volumes climbed 138% to $67 million.

What risks remain for USELESS?

Futures sentiment stayed bearish as the Long/Short Ratio slid to 0.92, shorts dominated 52%, capping upside potential.

After a week-long consolidation, Useless coin [USELESS] broke out and surged to $0.188 before slightly retracing.

At press time, Useless Coin traded at $0.1703, marking a 13.86% daily increase. Over the same period, the memecoin’s trading volume jumped 138% to $67 million, showing steady capital inflows.

But what triggered the recent uptick?

Whale activity soars

AMBCrypto observed that the recent price surge of USELESS was primarily driven by increased whale activity. 

According to Nansen, Useless Coin’s top holders increased their balances by 58% over the past 24 hours, accumulating 37 million tokens, as of writing.

Over the same period, balance changes spiked by 18 million tokens, signaling substantial whale demand.

Such spikes often indicate strong market conviction, typically a bullish sign. Retail demand followed soon after.

Besides whale accumulation, small-scale traders also jumped into the market to accumulate the memecoin. 

According to Coinalyze, Useless Coin saw 30.6 million in Buy Volume compared to 25.4 million in Sell Volume. As a result, the memecoin recorded a positive Buy/Sell Delta of 5.2 million tokens, reflecting buyer dominance.