$USELESS Coin recorded a 12% price jump within a 24‑hour window, converting a weekly loss into a roughly 5% gain for investors, while open interest (OI) simultaneously climbed.
Price Gains and Open Interest Growth
The upward momentum of $USELESS Coin aligned with similar rebounds in $FARTCOIN, $BONK and dog‑related token $WIF, indicating broader enthusiasm among crypto traders. Market participants on both centralized exchanges (CEXs) and decentralized platforms (DEXs) expanded their derivative positions as OI rose.
Leverage Ratio and Market Exposure
On Binance perpetual contracts, $USELESS Coin achieved the highest OI‑to‑market‑cap ratio among memecoins, reaching 11.86% with OI valued at $8.30 million against a $70 million market cap. The next‑closest ratios belonged to $FARTCOIN, $TRUMP and $WIF, while the Lighter DEX showed $USELESS holding more perpetual OI than any memecoin except $TRUMP.
Analysts attribute the price surge to excessive market leverage, a factor that can amplify gains but also heighten the risk of rapid deleveraging, liquidation cascades, or sharp price squeezes for blockchain investors.
Trading Volume Surge and Short Squeeze