Solana-based memecoin USELESS staged a sharp intraday rally on Sept. 4, briefly flipping established tokens BONK and ANSEM as a wave of spot and derivatives trading pushed its market capitalization back above $200 million. Onchain tracker Lookonchain highlighted the move, noting that trader Unipcs—often called “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 the post.
The position's rapid appreciation is striking: just one day earlier, the same holding was valued around $2.52 million with $1.68 million in unrealized gains. Unipcs reportedly began accumulating USELESS after it collapsed toward a roughly $30 million market capitalization five months earlier, making the latest move a dramatic turnaround.
USELESS climbed roughly 60% to 70% over 24 hours, trading near $0.23 with a market capitalization around $230 million during Friday’s session. Seven-day gains exceeded 250% on some data feeds. The “flip” of BONK and ANSEM should be treated as an intraday ranking event rather than a permanent change: CoinGecko later showed BONK back near a $274 million market cap, demonstrating how quickly memecoin rankings can reverse.
Derivatives activity appeared even larger than spot trading. Unipcs said USELESS generated about $167 million in 24-hour spot volume, while perpetual-futures volume reached approximately $1.87 billion. Binance perpetual open interest alone was around $32 million, meaning leveraged derivatives trading was several times larger than the token’s market capitalization. This leverage can amplify gains when shorts are squeezed, but it can also magnify reversals when longs unwind.
The broader context remains speculative. Unipcs has previously warned against blindly copying his positions and acknowledged losing large gains during earlier memecoin cycles. Lookonchain’s profile notes that a $16,000 leveraged BONK trade once grew to roughly $20 million, underscoring both the scale of successful bets and the extreme risk involved. For now, the rally signals renewed heat in Solana’s memecoin ecosystem, but rising leverage may be the more important story.
