As much of the cryptocurrency market fell into the red today amid intensifying geopolitical tensions in the Middle East and heightened uncertainty around the U.S. Federal Reserve’s monetary policy decisions, one token was, well, not.
In an unexpected turn of events, $USELESS surged past the 100 million dollar market cap milestone, emerging as one of the top-performing cryptocurrencies among the so-called “top 500 coins” over the last 24 hours.
Even though Bitcoin, Ethereum, and most altcoins are trending down, $USELESS just put on a rally that has traders and analysts paying attention. It has experienced a meteoric rise in on-chain activity, and something seems to have triggered a round of coordinated buying across various accounts. This isn’t the first time we’ve seen a meme token rally when the overall market is down, but it does serve as a reminder that tokens can still see big surges when sentiment and social media are on their side.
Rapid Buy Pressure Lifts $USELESS in Under an Hour
Dramatic fashion marked the moment of breakout. From each of several wallets, in just one hour, over 200,000 dollars in buy volume came into $USELESS, according to on-chain data. This concentrated demand not only raised the token’s price several notches but also pushed it cleanly past the 100 million dollar market cap—a key psychological threshold for any token.
Interest has risen sharply for no specific reason. For weeks now, the meme coin has been forging a trustworthy community. Traders and watchers seemed to know something was about to happen. Most coins were down in the dumps. And then—BAM!—meme coin suddenly pumped hard. Perfect timing. Perfect setup. Perfect opportunity for profit.
https://twitter.com/StalkHQ/status/1935310561765392583?t=LZUNV6Pry-ll2TPRfaVOLQ&s=19
Another factor was the regard as well of social media, where groups on Twitter and Telegram were mentioning $USELESS shortly after the buys had been detected on-chain. The excitement created by these groups formed a synchronized feedback loop of FOMO that was driving the token even higher.
Smart Money Moves: The Case of Trader Cooker.hl
A notable participant in today’s action was a well-known on-chain trader operating under the alias Cooker.hl. After the price of $USELESS rocketed and broke the 100 million mark, Cooker.hl made a decisive move, selling 5 million $USELESS tokens for 3,278 SOL, which was valued at approximately 481,000 dollars at the time of the transaction.
However, this wasn’t a total cash-out. On-chain records reveal that Cooker.hl still possesses 9.26 million $USELESS tokens, which have a rough market value of 949,000 dollars. When you add unrealized gains from these still-in-their-possessor tokens to the gross profits from the tokens sold in the past, he has made a total profit that’s approximately 1.29 million dollars.
This type of profit-taking is standard for astute traders who smartly exit around crucial psychological points and liquidity increases. Cooker.hl’s actions portray a well-thought-out plan: to pocket profits during the steep, parabolic phases of a token’s price existence while continuing to hold the asset in case its rally keeps on going.
The rest of his holdings also suggest he is confident in the price potential of these stocks to go higher, or at the very least, to be more volatile. And by “more volatile,” I mean their prices will go up and down more frequently. That’s how you capitalize on volatility.
https://twitter.com/lookonchain/status/1935359190337470923?t=v8Zb3IGASL5GRfxxRe63Cg&s=19
What Comes Next for $USELESS?
With $USELESS now squarely in the sights of both retail and sharp on-chain traders, the central question is whether today’s rally signals the advent of a larger trend or is merely a short-lived spike propelled by hype.
The coin has two sides. On one side, the massive amount and rapid pace of purchases, along with the activity of high-profile wallets, could indicate that momentum is still going. On the other side, however, the market remains shaky because of macroeconomic problems and a geopolitical situation that dampens risk appetite.
Nonetheless, it is significant that $USELESS was able to go against the tide today. In a market where sentiment is everything, defying the broader downtrend gives the project visibility and narrative momentum that many other tokens currently cannot claim.
Whether this results in sustained growth or ends up as a case study in opportunistic trading remains to be seen. But for now, $USELESS has gotten its moment in the sun, proving anew that in the world of crypto, timing, narrative, and a little meme energy can produce wildly unexpected results.
Notice: This article is not financial guidance. Investments in cryptocurrency are very risky. Always perform your own due diligence before deciding where to invest.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
No Comments