Crypto’s latest memecoin cult is embracing the “ineffective” narrative given to joke tokens, making it a play that reached a $100 million valuation in current days.
The aptly-named USELESS coin has embraced that narrative and turned it right into a rallying cry. The official web site mocks the house it inhabits, and individuals are doing precisely that.
“USELESS coin is the best memecoin narrative to emerge from the trenches this 12 months,” mentioned Unipcs, one among its largest backers, in a Telegram chat with CoinDesk. “Each memecoin is technically ineffective… but right here we’re, with one really known as USELESS main the pack.”
So far as skeptics and critics are involved, all of crypto is ineffective. USELESS coin faucets into that irony to place itself as the last word memecoin: the one actually ineffective coin that derives worth solely from what its cult followers give it.
In contrast to Dogecoin, Shiba Inu, pepe (PEPE), or mog (MOG), USELESS has no animal or well-known mascot and simply contains a community-built golden coin emblem with a chiseled “U.”
Nowhere is the obvious mockery clearer than within the pockets of Unipcs, who’s greatest identified for turning $16,000 into greater than $20 million by betting on BONK-tracked futures. He aped in the token in its early buying and selling days, dropping $382,000 on 28 million tokens or roughly 2.8% of provide. That wager has ballooned to over $2.3 million (at peak), and he hasn’t bought a cent.
To normies, USELESS appears to be like like but one more reason to hate crypto. However to memecoin maxis, it’s probably the most sincere factor onchain.
“Each memecoin is technically ineffective, but many sit at multi-billion-dollar valuations: cogecoin at $26 billion, shiba inu at $7 billion, PEPE at $4.4 billion, and so forth,” Unipcs mentioned. “That makes USELESS coin extremely undervalued at its present market cap—as a result of all it takes is anchoring it to the valuation of those different ‘ineffective’ memecoins.”
In a flat market, the place most tokens promise the moon and ship a tweet, USELESS has discovered its area of interest: no guarantees, no pretenses — only a meme that’s price hundreds of thousands.
“The upper it climbs, the extra absurd it turns into, the extra consideration it attracts, and the stronger the flywheel impact that pushes it even increased,” Unipcs added.
And proper now, that absurdity is price practically $90 million.