USELESS surges as Bitcoin’s breakout triggers a speculative rally – What’s next?

Useless Coin [USELESS] has recorded significant gains over the past 24 hours, beating the overall crypto market as its breakout has triggered a beta-led rally for the more speculative assets.

Market capitalization of the overall market has risen by 4.2% to $2.91 trillion, and the Fear & Greed index stands at 78. Bitcoin’s breakout has been the key catalyst here.

USELESS sits high among the top beneficiaries too. But can the network’s bulls hold the momentum going? 

Memecoin rotation adds momentum

Capital is also rotating into memecoins, giving USELESS an additional catalyst for its recent gains. PEPE and other memecoins have shown good gains along with high trading volumes, indicating that buying activity has increased in the space.

Useless Coin may see further support if this trend continues.

Whales are taking advantage of the recent bullish push by bagging more orders. At press time, the total supply held by whales with more than $1 million worth of USELESS tokens stood at 57%.

At the same time, USELESS’ Open Interest recorded an 11% daily surge to $70 million. This highlights an increased leveraged position with the network bulls at the helm as they control the largest share of the network’s total supply.