The meme token USELESS is back in the spotlight this Tuesday, climbing roughly 12% on the day and pushing back above the $0.26 mark just as South Korea's Upbit exchange confirmed fresh trading support for the coin.
Upbit Opens Three New Trading Pairs
Upbit has added USELESS across its KRW, BTC and USDT markets, giving Korean traders direct access to the token for the first time through one of the region's largest exchanges. Along with the listing came a set of ground rules. Coins sent in from platforms outside Upbit's approved Virtual Asset Service Provider (VASP) network will not be credited automatically, and getting those funds returned afterward can take a considerable amount of time. Anyone moving USELESS from a personal wallet will only be able to deposit or withdraw once their account ownership has been verified, and larger transactions may additionally require proof of where the funds originated.
A Rally That Has Already Run 260%
The listing news lands on top of an already sharp move. USELESS bottomed out near $0.15 on September 1 and then tore higher, adding roughly 260% to touch a peak close to $0.32 last Saturday. Since then the token has cooled slightly but has kept a firm floor at $0.20, and Tuesday's session has it changing hands above $0.26 again. Chart watchers now see $0.26 as the level that needs to hold; slipping back beneath it risks a retest of the $0.20 support, while a clean push through the $0.30 ceiling would open the door toward $0.40.
The Technical Setup Still Leans Bullish
Beyond the raw price action, the broader chart structure continues to favour buyers. USELESS's major moving averages are all pointed higher, and the Moving Average Convergence Divergence (MACD) histogram sits in positive territory, a signal that momentum still tilts upward. As long as the token stays above the cluster of moving averages sitting between $0.08 and $0.15, any near-term dip would likely be read as a routine pullback inside a larger uptrend rather than the start of a deeper decline. A decisive break above $0.30, on the other hand, would strengthen the bullish case and raise the odds of an extended climb.
Futures Traders Are Quietly Stepping Back
Not everything in the data points the same way, however. Even as spot prices climbed, activity in the futures market has been shrinking. Open Interest (OI) on USELESS derivatives slipped to 461 million tokens on Tuesday, down from 483 million the previous day and sharply lower than the 638 million recorded last Wednesday. That steady decline suggests leveraged traders are cutting exposure rather than piling in, and if the trend continues, the coin could end up short of the extra buying power it would need to keep extending the rally.
Why Open Interest and Funding Rates Matter
Open Interest is essentially a running tally of how much money is tied up in open futures positions, and it is often used as a rough gauge of liquidity and fresh capital entering a market. When it rises alongside price, it is usually taken as a sign that the trend has real backing and could keep going. When it falls, as it has been doing for USELESS this week, it typically points to positions being closed out and traders stepping to the sidelines, which tends to dampen overall demand.
Funding rates work alongside Open Interest to keep a futures contract's price tethered to the spot market, nudging traders on one side of the trade to pay the other. A funding rate that stays consistently high and positive usually reflects a crowd leaning bullish and betting on further gains. A rate that stays negative for a sustained stretch tends to mean the opposite, traders positioning for a drop and possibly a reversal of the existing trend.
Other Meme Coins Are Also in Focus
USELESS is not the only token drawing attention right now. Shiba Inu has stalled just above $0.00000500 after two straight months of gains, with its upward push losing steam and a rise in the coin's supply sitting on exchanges hinting that some holders may be preparing to lock in profits despite ongoing token burns. Dogecoin, meanwhile, is holding a mildly bullish stance above the $0.090 support zone but remains capped just below its 200-day Exponential Moving Average near $0.094; on-chain activity shows some large wallets adding to their DOGE holdings, and strengthening derivatives data points to a possible rally ahead. Ripple and Stellar are also sitting above their respective support zones, with positive funding rates and a rise in long positions across both tokens' derivatives markets pointing to a bullish lean among traders.
