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USELESS drops 20% amid rising exchange supply: Is a deeper correction coming?
USELESS, a cryptocurrency, dropped 20% as more coins moved onto exchanges, and Open Interest, which is the total number of active trading contracts, fell sharply, suggesting a correction driven by borrowed money and increased selling supply.
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What happened
USELESS, a cryptocurrency, dropped 20% as more coins moved onto exchanges, and Open Interest, which is the total number of active trading contracts, fell sharply, suggesting a correction driven by borrowed money and increased selling supply.
Confirmed
Global impact / market context
A 20% drop may signal further losses for USELESS and similar meme coins. Rising exchange supply means more sellers, and falling Open Interest shows traders unwinding positions, which often leads to more downward pressure on the price.
Analyst inference
The meme coin market is volatile, and corrections involving borrowed money can be abrupt. When prices fall, some traders may be forced to sell to cover debts, which can amplify losses across similar digital assets and shake investor confidence.
Analyst inference
What to watch
- Monitor whether USELESS spot inflows, meaning coins moving to exchanges, continue to rise. More inflows indicate holders may be preparing to sell, which could push the price lower. Confirmed
- Watch for stabilization in Open Interest, which is the total value of active futures contracts. A flat or rising reading after the drop might signal easing selling pressure, while further declines could mean more losses. Proposed
- If USELESS falls below key support levels, another selling wave may follow. Conversely, positive news or large investor buying could reverse the correction, so watch for volume changes and shifts in trader mood. Analyst inference
Affected assets
- MEME — Memecoin
- USELESS — Useless Coin