Useless Coin token jumped to a record high on June 24, continuing a trend that started earlier this month.
Useless Coin (USELESS), a meme coin on Solana (SOL), jumped to a high of $0.1462, up by 2,470% from its lowest point this month. This surge has pushed its market cap to over $133 million.
The token surge accelerated as Bitcoin (BTC) and most altcoins rose following Israel’s truce with Iran. It also jumped after two Fed officials, Christopher Waller and Michele Bowman, said that they would support an interest rate cut of 0.25% in the July meeting.
Nansen data shows that whales have continued accumulating the token this week. Their holdings rose by 15% in the last 30 days to 381 million. Whale holdings are among the most popular bullish signals, as these investors are seen as more experienced than retail traders.
Additional data shows that exchange balances of the Useless token have dropped by 13% in the last 30 days to 51.4 million.
Useless Coin’s price is also rising likely due to Fear of Missing Out among retail investors. It’s common for newly launched tokens to rally as investors speculate it might be the next big thing.
In most cases, however, these surges are short-lived, with tokens often pulling back as early investors take profits. A notable example is Official Trump (TRUMP), which surged in its early days in January before plunging.
The four-hour chart shows that Useless Coin has been in a strong bull run over the past few weeks. It has climbed from a low of $0.00546 in June to a high of $0.1462.
The token has rallied above both the 50-period and 100-period Exponential Moving Averages. It has also broken above the upper side of an ascending channel.
Useless Coin’s Relative Strength Index and Stochastic Oscillator have both moved into overbought territory. Therefore, the token could see a pullback in the coming days and retest the psychological level at $0.10.
