USELESS Coin Hits ATH as Whales Accumulate Aggressively

Useless Coin (USELESS) Surges 27.5% to All-Time High Amid Whale Accumulation and Bullish Momentum: Bubble or Breakout?

Useless Coin (USELESS) has made headlines after a meteoric 27.52% rally in the last 24 hours, setting a new all-time high of $0.2918 before slightly cooling to $0.2819 at the time of writing. This price action reflects renewed investor interest and speculative excitement in the memecoin space—especially with USELESS outperforming most major altcoins during the same period.

The surge in price was accompanied by a sharp 31% increase in market capitalization, which now stands at $291.79 million, while trading volume spiked 34.62% to hit $25.44 million. Such momentum typically signals a flood of fresh capital and trading interest, but the big question remains: Is this a sustainable rally fueled by smart money conviction, or just another speculative pump in the memecoin ecosystem?

Let’s break down the key data points and on-chain signals influencing USELESS’ recent price behavior.

Whales Are Accumulating USELESS Aggressively

One of the strongest indicators behind the bullish narrative is whale activity. According to on-chain analytics from Nansen, the Top 100 holders of USELESS have increased their token holdings by a massive 38%, accumulating over 529 million tokens. As of July 5th, these wallets now control 52.96% of the total supply, marking a significant rise in concentration.

Why does this matter? When top holders—often considered "smart money"—increase their exposure, it usually signals high conviction in the asset’s future potential. These players tend to buy when they expect continued appreciation, often backed by insider knowledge, early trend detection, or deep market understanding.

Such aggressive accumulation reduces the circulating supply and creates a potential supply squeeze, which can push prices even higher if demand persists.

Exchange Balances Plummet Over 55% – A Classic Bullish Signal

While top holders were buying, exchange balances told a complementary story. Over the same timeframe, the amount of USELESS tokens held on centralized exchanges dropped 55.06%, leaving just 48.9 million tokens, or 4.89% of the total supply, available for trading.

Why is this bullish? When investors move assets off exchanges, it typically means they are transferring them to cold storage or private wallets, indicating a long-term hold mentality. This behavior reduces the immediate supply available to be sold, and historically precedes significant price increases in bullish cycles.

Such outflows also reflect strong investor confidence and a willingness to weather short-term volatility for long-term gains.

Derivatives Market Shows Mixed Sentiment Despite Bullish Price Action

While spot markets indicate strong bullish trends, derivatives markets paint a more complex picture.

Bitcoin Hits $106K Resistance as Whales Accumulate and Signals Diverge

According to CoinGlass, Open Interest (OI) on USELESS surged by 228.5% to $10.7 million, suggesting a dramatic influx of capital into futures and options contracts. Meanwhile, Derivatives Volume ticked up 7.14% to $8.72 million, showing active participation from traders entering new positions.

But here’s the twist: Despite rising prices and increased OI, the Long/Short Ratio sits at 0.9376, meaning more traders are shorting than longing.

Interpretation: While bullish momentum exists, a significant portion of traders believe the asset is due for a correction. This type of setup can create volatile short squeezes if the price keeps rising, or sharp pullbacks if shorts gain the upper hand.

Technical Indicators: RSI and MACD Signal Diverging Outcomes

On the technical analysis front, the Relative Strength Index (RSI) on the daily chart for USELESS spiked to 89.29, placing the coin deep into overbought territory. Such elevated RSI levels often indicate buyer exhaustion and suggest that a pullback or consolidation may be imminent.

However, the MACD (Moving Average Convergence Divergence) is telling a more optimistic story. With a reading of 0.05528, the MACD line is still trending strongly above the signal line, indicating sustained bullish momentum in the near term.

Key takeaway: The combination of an overheated RSI and bullish MACD shows a market at a critical inflection point. Any sudden shift in sentiment—especially from short-term traders—could trigger high volatility.

What’s Next for USELESS? Rally Continuation or Imminent Retracement?

USELESS has demonstrated exceptional strength, both in terms of price performance and on-chain data. The current rally is not only supported by growing market interest but also by structural fundamentals—including whale accumulation, exchange outflows, and high momentum indicators.

Still, caution is warranted.

The Long/Short Ratio below 1 suggests skepticism remains among traders, many of whom expect a correction.
The overbought RSI hints that a retracement to key support levels—particularly the $0.239 range—could materialize if bulls lose steam or macro conditions shift.
Open Interest rising while shorts dominate the narrative could either lead to a massive short squeeze (bullish) or a sudden price drop if sellers take control.

USELESS in Context: More Than Just a Meme?

USELESS might carry a tongue-in-cheek name, but its recent performance suggests it’s being taken very seriously by market participants. With significant whale interest, decreasing exchange balances, and high derivatives activity, the coin is now positioned at the center of attention in the broader memecoin ecosystem.

For seasoned crypto investors, this could represent a high-risk, high-reward opportunity. For others, it may serve as another lesson in the power of speculative momentum in Web3 markets.

Key Takeaways:

USELESS price surged 27.5% in 24 hours, hitting an all-time high of $0.2918.
Market cap climbed to $291.79M and volume rose 34.62%, indicating strong demand.
Top 100 wallets increased holdings by 38%, suggesting whale confidence.
Exchange balances fell 55.06%, leaving only 4.89% of tokens on platforms.
Open Interest in derivatives rose 228.5%, while Long/Short Ratio dropped below 1—a sign of mixed trader sentiment.
RSI at 89.29 shows overbought conditions; MACD remains bullish.
A pullback to $0.239 is possible if bears regain momentum.

Final Thoughts

USELESS may have started as a memecoin, but its price action and on-chain behavior suggest it’s evolving into a speculative powerhouse with real liquidity and community momentum. Whether this rally sustains or not will depend heavily on short-term trader behavior, broader market conditions, and whether whales continue to support the price through accumulation.

As always, investors should proceed with caution, especially in such overheated conditions. But for now, USELESS is anything but what its name implies.