USELESS Coin’s Meteoric Rise: 52% Surge After Binance Listing
The crypto world witnessed a dramatic surge in the price of USELESS coin, skyrocketing 52% in a single day following its debut on Binance, marking the first memecoin from LetsBONKfun to grace the exchange. Coingecko data reveals a price jump from $0.19 to $0.33, attracting significant attention.
This impressive rally wasn’t just a price phenomenon; social engagement mirrored the price action. Messari data shows a 42% increase in 30-day growth, translating to nearly 9,700 new followers. The excitement didn’t stop there; Kraken quickly followed suit with its own listing, and Coinbase included USELESS on its roadmap, further amplifying its visibility within the US market.
The influx of new buyers and increased attention are largely attributed to the easing crypto regulations and enhanced exchange accessibility. This, coupled with the excitement surrounding the Binance listing, helped propel USELESS into the spotlight. Deposits for USELESS are now open at https://t.co/AZwoBOh0gq! Trading commences August 14th at 7 a.m. EDT.
Early Buying Frenzy and Profit-Taking: Order book snapshots indicated substantial buying activity before the Binance announcement, prompting speculation of insider buying. Following the listing, the price initially shot up to $0.31 from $0.22, before a period of profit-taking ensued. However, buy-side depth strengthened in the subsequent days.
Trading Volume Explodes: Trading activity reached unprecedented levels, with daily volume exceeding $420 million—more than 1.5 times the token’s market cap. Overall activity surged by nearly 300% in the lead-up and aftermath of the listing. This impressive growth underscores the strong community support behind USELESS.
Community Strength and Decentralized Exchange Dominance: On decentralized exchanges, USELESS topped the list among the top 10 coins by netflow, even outperforming BONK. Data from Gem Detector highlighted USELESS as the most held token among the platform’s top four memecoins.
Technical Analysis: Bollinger Bands reveal increased volatility. The midpoint of the bands aligns with previous resistance at $0.27, potentially acting as support. Resistance around $0.33 is crucial; a break above could lead to $0.40, while a failure at $0.27 might trigger a pullback to $0.22.
USELESS’s rapid ascent is a testament to the power of community, strategic exchange listings, and the growing acceptance of memecoins in the broader cryptocurrency market. The future of USELESS remains to be seen, but its recent performance is undoubtedly impressive.