BlockBeats reported on Sept. 4 that trader Bonk Guy, also known as Unipcs, compared Solana meme token USELESS to PEPE in the previous cycle, arguing that the token is already putting up the kind of numbers usually seen much later in a bull run.
In his post, Bonk Guy said USELESS has reached $167 million in 24-hour spot trading volume and $1.87 billion in perpetual futures volume. Open interest on Binance perpetual contracts alone stands at $32 million, a figure he said is already larger than that of many blue-chip meme coins with much higher market capitalizations.
He added that spot volume, perpetual volume, open interest, and holder count have all climbed to all-time highs. Over the past week, USELESS has added about 9,000 holders. In his view, those are the sort of metrics that usually show up at a bull-market peak, even though the broader market has not yet fully moved into a risk-on phase and the bull market has not formally started.
Bonk Guy said PEPE showed a similar pattern in the last cycle, with volume, leverage, holders, and attention expanding sharply before the meme coin market fully took off. He said PEPE then went on to reach a multibillion-dollar valuation and helped drive the broader meme season. He wrote that he believes USELESS could follow a similar path this cycle.
According to GMGN data cited in the report, USELESS has gained 57% over the past 24 hours, pushing its market capitalization to $227 million.
The report added that Bonk Guy personally holds 15.9 million USELESS tokens.
BlockBeats also reminded readers that most meme coins do not have practical use cases and that price swings can be severe, so investors should stay cautious.