Solana's founder sparks backlash after calling communities 'useless,' triggering a rally in memecoin USELESS and investor interest.
Some investors have interpreted the Solana’s founder’s “useless community” remarkas an unexpected opportunity, placing speculative bets on a Solana-based memecoin aptly named USELESS.The majority of responses to Anatoly’s statement reflected strong dissatisfaction.
Many users highlighted that community-driven memecoins have played a major role in Solana’s ecosystem, helping to propel it to the sixth-largest crypto asset with a market capitalization of $87 billion. This isn’t Anatoly’s first brush with heated debate. On the 27th of July, he stirred public outrage byInterestingly, Anatoly’s use of the word “useless” has been embraced by some traders. A group of investors began placing buy orders on USELESS, a Solana-based memecoin launched in early May.The surge in trading interest has also spilled into the derivatives market, with $4.3 million in fresh capital inflows pushing Open Interest to $25.84 million, perChart analysis indicates that USELESS may be on the verge of a new all-time high. The memecoin is currently trading at a key demand zone that has triggered rallies on four previous occasions. Each time prices touched this level, they rebounded sharply and reached a new peak. If this pattern holds, USELESS could surpass its previous all-time high of $0.441, set on July 28.According to data from Artemis, the memecoin sector is growing at a monthly rate of 14.1%, with a current valuation of $65.66 billion.Olayiwola Dolapo is a Crypto Research Analyst at AMBCrypto, driven by a mission to make the digital asset space more transparent and understandable for all. His journey was catalyzed by an early experience in the market that underscored the importance of deep, foundational knowledge—a principle that now guides his professional work. His expertise is grounded in a Bachelor's degree in Chemistry. However, he also has a strong interest in economics which provides him with a strong framework for analyzing market behavior and the financial principles of blockchain technology. He combines this economic perspective with a specialization in technical analysis and on-chain data interpretation. This dual approach allows him to dissect price trends while also evaluating the underlying health and activity of a network. At AMBCrypto, Dolapo is dedicated to producing data-driven, educational content. He meticulously uses on-chain tools and technical charting to identify and explain emerging opportunities, helping readers move beyond hype and make decisions based on robust analysis. His work is a testament to his commitment to helping others navigate the complexities of the crypto market with clarity and confidence.Subscribe to get it daily in your inbox.
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