i thought $USELESS FUD peaked on Monday when i shared the quoted tweet
but apparently we just hit yet another peak in USELESS FUD today 😅
and some of the takes are ridiculous!
perhaps the one i find the most ridiculous is the claim that BONK/BonkFun and their recent USD1 campaigns is the reason for the recent deep USELESS pullbacks
like... for real??!
i know many like to hate on BONK/BonkFun for no reason
and many of these haters conveniently ignore memecoins on other launchpads that are doing much worse than anything in the BONK eco
to debunk the USD1 FUD for good:
BonkFun first announced their USD1 partnership and campaign with WLFI on September 1
they also made several USD1 campaign announcements in September and October
now let's take a look at how USELESS has fared since:
- USELESS market cap on Septemer 1: $160 million
- USELESS market cap on September 13: $310 million
- USELESS market cap on October 14: $450 million (an ATH)
so if anything, the first BonkFun USD1 campaign announcement was a multi-month bottom on USELESS until its structure broke recently
you should want USD1 projects on BonkFun to do really well!
believe it or not, a lot of holders of these USD1 projects like USELESS, and the liquidity will spill over into USELESS if these projects do well!
memecoins are incredibly volatile by nature: $DOGE, $SHIB, $PEPE, $FLOKI, $BONK, $WIF, etc
there isn't a single blue chip memecoin that has not had multiple 90 - 99% corrections before rocketing to multi-billions
memecoins by nature go parabolic when there is a lot of liquidity in the market
they also experience very deep pullbacks when the market experiences a liquidity crisis
such is their nature!
of course, USELESS has consistently bucked the trend in its 6 months history e.g. when it kept pumping during the Iran nuke, tariff armaggeddon, and other extremely bad periods for the market
and i think it's going to start doing this again soon, FWIW!
the current bad price action can be mostly attributed to a combination of:
1. the market as a whole being in shambles and liquidity being drained from all angles. we literally had $BTC nuked 36% in a little over ONE MONTH, so what do you expect from memecoins?
2. DEX and perps CEX liquidations
3. DeFi lending liquidations
the impact of #2 and #3 in particular seems to have affected USELESS quite significantly of recent, but the good news is that there's barely anything left to liquidate to the downside now
USELESS was the top performer for months, and the most outstanding memecoin for a very long time this year, so naturally a lot of people were leveraged and got hit. even several of my own positions were affected!
i also see a lot of hate towards DeFi lending platforms due to some of the USELESS liquidations of recent
i feel that the hate directed at these platforms is unjustified
like it or not, it's a free market and these platforms did not force anyone to use them
people saw them, were clear about the risks, knew they could get liquidated, and still went ahead to use them. that's not the platform's fault!
of course, many did not expect things to be this bad for $BTC and crypto macro as a whole, and likely expected to be able to pay back their loans before they get margin called. they couldn't, and they got liquidated. life happens!
BTC, ETH, SOL and several majors are listed on hundreds of lending platforms
DOGE, SHIB, PEPE, BONK, etc are probably on dozens of lending platforms as well
that has not stopped their price discovery. should we push to have them delisted there too?
instead of hating on these platforms, you can perhaps thank them for giving you an opportunity to buy your favorite coin for pennies on the dollar!
the current USELESS price action, as annoying as it may be, is simply a product of the current market and crypto liquidity conditions
if anything, USELESS has done pretty well so far. like, incredibly well!
at peak lows, USELESS was down 80% from ATHs. take a look at that and compare it to any other major memecoin, including many that launched this years, and you will see it has been relatively stronger!
if you are a short-term trader, then know that the current market condition is incredibly unfavorable for short-term traders
if you're a high-conviction trader and think this bull run is not over, then see this as a generational opportunity to size into USELESS... especially if you missed the several prior ATH runs to $400m plus
FWIW i'm not worried one bit about USELESS. it remains my highest memecoin conviction play right now, and it's not even close to being my biggest holding!
if anything, i actually intend to be buying a lot more going forward, because i genuinely believe that it is incredibly cheap, and i have never doubted that it's going to multi-billions
what if we get a bear market?
many assume that memecoins are toast if we get a bear market
this is not true. not even close!
$BONK and $PEPE launched at the depths of the 2022 bear market, and they did incredibly well
$FLOKI had monster rallies and once pumped from its sub $100m lows to ~$700m at a point during the 2022 - 2023 bear market
and there are several other examples of memecoins going parabolic during the depths of that bear market when almost nothing was moving
so even if we were to get a bear market now, we will still have one or two memecoins pump aggressively out of nowhere
and i think there is literally no better narrative to do that right now than USELESS
so you can either listen to the fudders whining as usual, or realize that this is another generational opportunity to size in while sentiments is at lows, due to a lot of forced selling that is pretty much done, and take advantage of it as such!
it is time for Robinhood, Binance, and Hyperliquid to list $USELESS!
USELESS is regularly doing more spot/perps volume than majority of the memecoins listed on the above-listed CEXs
with the exception of $DOGE, USELESS is also consistently doing more spot volume than EVERY OTHER MEMECOIN listed on Coinbase, Kraken, and on-chain
listing USELESS isn't just submitting to user demand, it is also going to end up being a profitable endeavor that generates a lot of fees for these CEXs
@vladtenev@cz_binance@heyibinance@chameleon_jeff@sershokunin
Price isn’t just about directional demand anymore — it’s about flow structure and how smart money arbitrages ETF, spot, and perp liquidity against each other.
If you understand this, then you can do extremely well in crypto. this will be in my 2026 thesis which I will publish in @MonkeyBabyBiz
$USELESS continues to lead in every key metric that matters for memecoin dominance:
- it has maintained its streak as the third most-traded on-chain memecoin for the third straight day — above $FARTCOIN and just below $TRUMP
- it hit yet another holder ATH today
- it hit yet another volume ATH today
what’s even more interesting is that all of this is happening while the market chops and other memecoins bleed
$USELESS also continues to make a new ATH every single day
Q4 is shaping up to be a big quarter for memecoins in general
but $USELESS will go turbo parabolic and aggressively outperform everything else
i just took a look at some charts...
and it seems even i am not bullish enough on $USELESS 👀️️️️️️
sorry, i'm going to have to dump a lot of pictures on you:
1. USELESS just made a new ATH vs $SPX (one of the strongest memecoins of recent times)
2. USELESS just made a new ATH vs $PEPE, unarguably the hottest memecoin of this cycle
3. USELESS just made a new ATH vs $WIF — if you remove the Oct 10 liquidation wick
4. USELESS just made yet another ATH vs $FARTCOIN and the USELESS/FARTCOIN chart is going turbo parabolic as we speak
(cont'd...)
Probably one of the most severe flushes I’ve ever seen on alts, I didn’t even imagine alts had this much leverage in them. It feels like someone got hit very hard and will see a large body float to the surface soon, reminds me a little of summer 2021.
Good reminder to myself to own things that I am actually bullish on, and not things I am trying to shift on momentum. Some charts look like they’ll never recover, whereas some things look buyable for the first time in a while.
When everyone is making hilarious amounts of money I am always tempted to start using leverage again. It is almost impossible to fight the feeling that you’re not making enough, or everyone else is outpacing you. Good reminder that fighting that feeling and avoid the wipeouts is worth it in the end.
Check on your friends, likely a bad day for many.
Personally, am concentrating my bags into the things I am happy to own for the next few years, and shedding the fat. Realised I own some assets based on not wanting to miss out, rather than on some actual thesis. Days like today are much easier for me if I think my bags will bounce back, and much worse if I’m losing money owning things I don’t even believe in.
Don’t let a leverage blowup dictate your long-term views. The future is bright, good things to come, patience is rewarded.
嵐の後
CT:
'why does $USELESS keep pumping hard when no one holds or talks about it?'
objective social data from leading AI crypto data platform @KaitoAI:
$USELESS currently has 8.06% of ALL memecoin related mindshare/attention at the moment
that's more mindshare than $DOGE, $PENGU, $PEPE, $SPX, $SHIB, $TRUMP, $FARTCOIN, and $WIF
objective volume data from leading crypto data platform @CoinMarketCap:
$USELESS has done $150.67 million in volume in the last 24 hours, which makes it the sixth most traded cryptocurrency in ALL of the Solana ecosystem
most of the accounts making these baseless claims likely (or almost?) succeeded in fudding some of you out of USELESS at the bottom before this leg up
and now they're doing it again as it consolidates just below ATH and looks primed to send to multi-billions
take note of these accounts and block them immediately, because it will be good for your sanity and future portfolio as USELESS goes parabolic and runs to multi-billions soon
there is a lot of pain ahead for USELESS bears!
it gets more interesting!
$USELESS is breaking out on HTF vs majors:
USELESS breaking out on the 1D vs $BTC
USELESS breaking out on the 1D vs $DOGE
USELESS breaking out on the 1D vs $SHIB
USELESS breaking out on the 1D vs $SOL
at this point, it is not an overstatement to call USELESS the most bullish memecoin chart in all of crypto
the journey to multi-billions for USELESS in Q4 is programmed
resistance is USELESS