Interesting potential with $USELESS is that, if it passes 1B mcap, it creates a moment of “wait, this is possible again?” bullish intrigue, disbelief and adrenaline.
Memecoins hit 11B and a half dozen went multi B last cycle.
Last cycle then suffered not necessarily just from dispersion, but liquidity for alts rolled over right after trump’s inauguration, and never recovered.
A lot of people never looked at stats or visualizations, because BTC kept going up into a weak marginally higher ATH, so they just “felt” it, and it felt bad.
I think we’re poised to make the prev cycle look like a 2019 style echo pump in terms of the financial conditions that are lining up
I think social trading and frictionless truly consumer apps have *finally* solved crypto UX for normies, *and* might actually narrow dispersion through people 3:3ing the attention and clout around hero trades. We’re already seeing that, and it’s sustaining itself.
Once useless passes 1B, I think people start dreaming bigger again for where onchain can go. I feel like useless at 300m (as well as other newer coins) could get looked back upon as very, very cheap, as BTC and majors are still way, way below prev ATH
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solana:Dz9mQ9NzkBcCsuGPFJ3r1bS4wgqKMHBPiVuniW8Mbonk just recorded the second-largest 1hr short liquidation in all of crypto, behind only $ZEC (a $16.4 billion cryptocurrency!)
and here's where things get REALLY interesting:
literally every key metric is now at an ATH
except the price 👀
- $185m+ in 24hr spot volume
- $2.2b+ in 24hr perps volume
- $200m+ in CEX perps OI
- 9,600+ new holders in just 7 days
all of this...
for a $240m memecoin
every single one of those numbers is an ATH for solana:Dz9mQ9NzkBcCsuGPFJ3r1bS4wgqKMHBPiVuniW8Mbonk
and here's the craziest part:
these metrics weren't even remotely this strong when solana:Dz9mQ9NzkBcCsuGPFJ3r1bS4wgqKMHBPiVuniW8Mbonk was trading at its previous $450m ATH
the fundamentals and activity are exploding
while the price is still sitting almost 50% below ATH
i've seen this movie before
this kind of action is eerily similar to what we saw with $PEPE before its major expansion last cycle
first, the metrics started screaming
then the price caught up
and once it did...
there was no stopping it
$PEPE went from roughly $300m to $4b, cooled off, and eventually went on to reach $11b+
throughout this entire bear market, i repeatedly said that i believed solana:Dz9mQ9NzkBcCsuGPFJ3r1bS4wgqKMHBPiVuniW8Mbonk had the potential to be a $DOGE / ethereum:0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce type runner this cycle
many laughed
many faded it
many ignored me
but increasingly...
the numbers are beginning to validate the thesis
and you can argue with opinions
you can argue with narratives
but you CANNOT argue with cold, hard data 👀
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