Solana-based memecoin USELESS staged a powerful advance on September 4, rising nearly 60% within 24 hours and extending its seven-day gain beyond 238%. The token traded around $0.23 to $0.244, lifting its market capitalization to approximately $230 million to $244 million. Daily spot trading volume reached roughly $167 million to $201 million while perpetual futures volume climbed as high as $1.87 billion.

Rapid Price Advance and Market Cap Shift

The latest move pushed USELESS well beyond its earlier consolidation range near $0.07 to $0.08. On September 3 the token had already advanced 36% to a 10-month high near $0.158 before continuing higher. Over the past week gains exceeded 250% on some data feeds, and the 30-day advance stood near 409%.

During the session USELESS briefly surpassed other Solana memecoins including BONK and ANSEM by market capitalization. Rankings later shifted again, with BONK reclaiming a position near $274 million. The rapid changes illustrated the fluid competition for attention and liquidity within Solana’s memecoin sector.

Derivatives Activity Outpaces Spot Trading

Open interest in USELESS futures expanded sharply, climbing above $100 million for the first time and reaching approximately $110 million to $138 million. This marked a steep rise from levels that had mostly ranged between $10 million and $35 million earlier. Futures volume on major platforms, led by Binance and OKX, confirmed elevated speculative interest.

Liquidation data showed short positions accounting for the large majority of forced closures in the prior 24 hours, consistent with a short-squeeze component supporting the advance. Long-to-short account ratios on major exchanges remained tilted toward short accounts even after the move, leaving room for further volatility in either direction.

Notable Trader Position Gains Value

On-chain analytics indicated that trader Unipcs, also known as Bonk Guy, held 15.9 million USELESS tokens valued at about $4.06 million. More than $3.2 million of that figure represented unrealized profit at the time of the report. The same position had been worth roughly $2.52 million with $1.68 million in unrealized gains only 24 hours earlier.

Unipcs began accumulating after the token’s market capitalization fell toward $30 million five months earlier. The rapid change in position value drew attention to the speed of the latest rally.

Holder Growth and Exchange Access Expansion

USELESS added approximately 5,000 new holders over seven days, bringing the total near 48,890 addresses. Spot netflows improved, with roughly $1.08 million in net inflows recorded on September 4 after earlier periods of stronger selling pressure.

Bybit Alpha added USELESS to its on-chain trading lineup, allowing users to trade the token through a Unified Trading Account with USDT, USDC, SOL or BBSOL. The listing expanded accessible venues for the token amid rising participation.

Technical Levels and Momentum Readings

Price action moved above major daily moving averages after breaking out of a multi-month range. Immediate focus centered on the $0.235 to $0.24 zone. Upside reference points included $0.25, $0.30 and a reported all-time high near $0.4375. Support levels were identified near $0.1924, followed by $0.1583 and a deeper zone between $0.1344 and $0.1104.

Momentum indicators showed elevated readings, with the relative strength index moving above 90 on the daily chart. The average directional index and related measures also pointed to strong upward pressure in the short term, though the stretched conditions raised the possibility of consolidation after the rapid advance.

Overall trading activity across both spot and derivatives markets reached multi-week or record levels for the token, coinciding with the expansion of exchange access and broader holder participation.