Solana memecoin USELESS rose more than 60% intraday to about $0.23, lifting its market cap above $200 million and briefly flipping BONK. Whale trader Unipcs' 15.9 million-token position climbed above $4 million, with roughly $3.2 million in unrealized profit, as perpetual-futures volume reached about $1.87 billion.
Solana memecoin USELESS climbed more than 60% to about $0.23 on Sept. 4, pushing its market cap past $200 million and briefly overtaking BONK in intraday rankings.
On-chain tracker Lookonchain said trader Unipcs, known as "Bonk Guy," holds 15.9 million USELESS tokens worth about $4.06 million, with more than $3.2 million in unrealized profit as of its Sept. 4 post. Unipcs began accumulating after USELESS collapsed toward a roughly $30 million market capitalization five months ago. A day earlier the same position was valued near $2.52 million with $1.68 million in unrealized gains, showing how quickly the latest rally changed the trade.
The seven-day gain exceeded 250% on some market-data feeds, with market capitalization around $230 million during Friday's session. Lookonchain flagged that USELESS briefly "flipped" BONK and ANSEM during the move, though CoinGecko later showed BONK back near a $274 million market cap — an intraday ranking event rather than a permanent change. The rally refocuses attention on Solana's memecoin sector, where BONK, WIF and newer tokens routinely compete for liquidity and social attention.
The derivatives picture may be the larger story. Unipcs said USELESS generated roughly $167 million in 24-hour spot volume, while perpetual-futures volume reached about $1.87 billion, with Binance perpetual open interest near $32 million. Leveraged trading ran several times larger than the token's roughly $200 million-plus market capitalization.
High derivatives activity can force out shorts and push prices higher, but it can also magnify reversals when leveraged longs unwind. That risk is acute for Solana meme tokens, where prices track liquidity, narratives and social-media attention more than fundamentals. Unipcs has warned followers against copying his positions and has acknowledged giving back large gains in earlier cycles; Lookonchain's profile notes a $16,000 leveraged BONK trade once grew to roughly $20 million, showing both the scale of his bets and the risk involved.
For USELESS, the move tells two stories at once: Solana memecoin speculation is heating up again, and leverage is rising faster than valuation. Whether the rally holds will depend on whether spot demand keeps pace with the derivatives build-up, a dynamic that has historically ended abruptly for tokens of this size.
This article is for informational purposes only and does not constitute investment advice.
