Solana memecoin USELESS has staged another violent comeback, briefly challenging established names including BONK as a surge in spot and derivatives trading pushed its market capitalization back above $200 million.
Onchain tracker Lookonchain said trader Unipcs, better known as “Bonk Guy,” holds 15.9 million USELESS tokens worth approximately $4.06 million, with more than $3.2 million in unrealized profit at the time of its Sept. 4 post.
The position is notable because Unipcs began accumulating after USELESS collapsed toward a roughly $30 million market capitalization five months ago. Just one day earlier, the same position was valued around $2.52 million with $1.68 million in unrealized gains, illustrating how quickly the latest rally changed the trade.
USELESS jumps more than 60% as memecoin trading returns
USELESS climbed roughly 60%-70% over 24 hours, trading near $0.23 and carrying a market capitalization around $230 million during Friday’s session. Its seven-day gain had exceeded 250% on some market-data feeds.
Lookonchain highlighted that USELESS briefly “flipped” BONK and ANSEM during the move. That comparison should be treated as an intraday ranking event rather than a permanent change: CoinGecko later showed BONK back near a $274 million market cap, illustrating how quickly memecoin rankings can reverse.
The rally puts renewed attention on Solana’s memecoin ecosystem, where BONK, WIF and newer tokens routinely compete for liquidity and social attention.
$1.87B in perpetual volume may be the bigger story
The more unusual figure is in derivatives.
Unipcs said USELESS generated roughly $167 million in 24-hour spot volume, while perpetual-futures volume reached about $1.87 billion. Binance perpetual open interest alone was around $32 million.
That means leveraged derivatives trading was several times larger than the token’s roughly $200 million-plus market capitalization.
| USELESS metric | Approximate level |
|---|---|
| Market cap | $230M |
| 24h gain | 60%+ |
| Spot volume | $167M |
| Perpetual volume | $1.87B |
| Unipcs holdings | 15.9M USELESS |
| Position value | $4.06M |
| Unrealized profit | $3.2M+ |
High derivatives activity can amplify gains as shorts are forced out, but it can also magnify reversals when leveraged longs unwind.
That risk is particularly relevant for Solana meme coins, where prices can be driven more heavily by liquidity, narratives and social-media attention than conventional fundamentals.
Unipcs himself has previously warned traders against blindly copying his positions and has acknowledged losing large gains during earlier memecoin cycles. Lookonchain’s profile of his trading history says a $16,000 leveraged BONK trade once grew to roughly $20 million, underscoring both the scale of his successful bets and the extreme risk involved.
For USELESS, the latest move therefore tells two stories at once: Solana memecoin speculation is heating up again, but leverage is rising even faster than valuation.
