Useless Coin (USELESS), a memecoin that often flies under the radar, recently experienced a notable price surge, climbing to $0.188 before stabilizing around $0.1703. This impressive rally, which saw a daily increase of nearly 14% and a monumental 138% jump in trading volume, signals significant capital inflows. However, a deeper look reveals a fascinating contradiction between the drivers of this spot market ascent and the prevailing sentiment in the derivatives market.
Whale Accumulation Ignites Spot Market Rally
The primary catalyst for Useless Coin's recent upward trajectory was a substantial increase in demand from large holders, commonly known as "whales." Reports indicate that top holders aggressively accumulated an additional 37 million tokens within a 24-hour period, effectively boosting their balances by 58%. This significant whale activity, often a strong indicator of market conviction, soon drew in smaller retail traders. Data showed buy volumes considerably outpacing sell volumes, resulting in a positive Buy/Sell Delta of 5.2 million tokens. This collective buying pressure not only drove the price up but also contributed to a remarkable 138% surge in trading volume, cementing the memecoin's short-term bullish momentum in the spot market.
Futures Market Wagers on a Downside Reversal
In stark contrast to the spot market's robust performance, sentiment among derivatives traders remained notably skeptical. Despite rising derivatives volume and Open Interest, a critical metric—the Long/Short Ratio—fell to 0.92. This figure highlights a pronounced bearish bias, with short positions comprising 52% of the market. Such a strong leaning towards downside bets suggests that many futures traders anticipate a potential reversal or a lack of sustained upward momentum, which could act as a ceiling for the coin's future appreciation. Adding to this cautious outlook, technical indicators like the Stochastic RSI and RSI remained entrenched in bearish territory, further underscoring the prevailing skepticism despite the recent price breakout.
