Key Takeaways
The price of USELESS coin skyrockets after Binance listing for spot trading. More listings are getting lined up on other exchanges as the orderbook liquidity delta thickens on the buy side. The price action looks healthy.
Useless Coin [USELESS] became the first memecoin launched on LetsBONKfun to be listed on Binance.
The listing followed a 55% surge in a day with more exchanges like Kraken jumping on the coin’s hype.
Coinbase also added USELESS coin on their listing roadmap. The activities made the memecoin available for the U.S. markets. The easing of crypto regulations continued to open doors for memecoin exposure.
As a result, the social sentiment around the memecoin followed the gains. Its 30-day growth rate was at 41.59%, adding about 9,699 followers per Messari data.
Heavy bids hit the tape
Buyers also seem to be pouring more capital into USELESS as seen in the orderbook liquidity delta. The buying was intense just before the listing, a potential insider activity.
Immediately after the listing, price surged from $0.22 to $0.31. Here, traders took profits over the night. The depth thickened on the buy side on the second day after listing.
Source: CoinGlass
During this period, the trading activity rose by 298%. The daily volume hit $421 million, more than 1.5x its market cap. This was a good sign that there was enough liquidity.
Will USELESS coin make a new ATH before the tide turns?
But will USELESS coin hold?
At the time of writing, USELESS was still trading around $0.30 level. The volatility was there as seen in the Bollinger Bands that had opened up.
The aggregated spot & bid delta hit the highest value since the memecoin’s launch. However, the Taker Buy/Sell value and volume were shrinking with sellers stepping.
The resistance around $0.33 might have ignited this lag. Only breaking above this level could set USELESS coin above the $0.40 mark.
Source: CoinGlass
The midpoint of the bands coincided with a previous resistance at $0.27. USELESS could drop to this support level. Failure to hold it could take USELESS to $0.22, where the surge started.
Final take on LetsBONKfun’s memes
The Binance listing of USELESS Coin not only triggered a 55% price surge — it also led to a significant spike in DEX netflows.
Among the top ten coins by netflow, USELESS ranked first, outperforming second-placed Bonk [BONK].
On LetsBONKfun, a meme-centric platform, USELESS was the most held token among the top four memecoins, according to data from Gem Detector on X (formerly Twitter).
This strong community backing positioned USELESS as a pace-setter for other meme tokens launching on BONK’s launchpad.
Source: X
This raised the question if USELESS coin can hit a market cap of $1 billion. Being the largest memecoin on LetsBONKfun, the odds of this happening rises.
The mechanism of sharing fees among users continues to drive participants toward the platform. It has now flipped Pump.fun [PUMP] on almost all fronts.
However, the prediction hinges on a broader market acceptance of the anticipated altcoin season.
