Useless Coin has emerged as a shocking outlier in a bearish crypto panorama, surging over 1,700% in June even as broader Solana meme cash and blue-chip tokens like Bitcoin retreat.
Powered by aggressive accumulation from smart money and whales, and supported by thinning alternate balances, the meme coin has hit a $100 million market cap and caught the eye of merchants attempting to find upside. Whereas momentum indicators now flash warning, Useless Coin’s rise underscores the unpredictable nature of meme-driven markets—and the highly effective position of investor sentiment.
Useless Coin (USELESS) token jumped to a excessive of $0.1092 this week, up by over 1,750% from its lowest degree in June.
Useless token price jumped even as the crypto market crashed, with Bitcoin (BTC) falling from a document excessive of $111,900 in Could to $103,000. Most Solana (SOL) meme cash have dropped this month, with their market capitalization falling from over $15 billion earlier this month to $9 billion.
Nansen information reveals that smart money investors have been shopping for the coin. Information reveals that its smart money investors purchased Useless tokens value over $94,000 within the final 24 hours.
These investors now maintain over 14 million tokens, a 97% enhance from the identical interval final month. Equally, whales have elevated their publicity by over 36% within the final 30 days to over 338 million.
Smart money and whale accumulation is an efficient catalyst for an asset as a result of it’s a signal that they anticipate the price to maintain going upwards. Additional information reveals that the alternate balances have crashed by over 16% on this interval to 51.8 million.
Useless Coin price technical evaluation
The four-hour chart reveals that the Useless token price has surged from a low of $0.005460 to a document excessive of $0.1095. It has fashioned an ascending channel and remained above the 50-period transferring common.
The danger, nonetheless, is that there are indicators that the momentum is ending. For instance, the Common Directional Index has plunged from a document excessive of 70 to twenty. The ADX is a well-liked indicator that measures the energy of a pattern.
The MACD and the Relative Energy Index have additionally fashioned a bearish divergence sample, pointing to a possible retreat. Subsequently, the coin might drop to the help at $0.50 as merchants begin to guide income.
