Binance Perpetual Futures Listing Triggers $316.65K in USELESS Short Liquidations

Following Binance’s announcement of a perpetual futures market for Useless Coin (USELESS), the meme token surged in volatility, triggering a significant wave of short liquidations. The price of USELESS jumped to a one-week high of $0.31, leading to over $316.65K in short liquidations within an hour, with just $5K in long positions being affected [1]. This rapid price movement was attributed to a short squeeze, fueled by the heightened attention and trading activity following the listing [2].

USELESS, which originated from the LetsBonk.fun ecosystem, has no inherent utility and is part of the broader “financial nihilism” meme token trend [1]. Despite this, it has attracted considerable speculative interest, with open interest reaching $28.7M. Much of the activity is concentrated on Gate.io, with additional trading pairs on Orca and Raydium. The token has seen a 2,175% increase in price since May 2025, rising from $0.012 to $0.31 [1].

The Binance listing added further exposure, as the token is already available on Binance.US and Kraken. Notably, Kraken is one of the largest holders of USELESS, and Binance Alpha status has contributed to its visibility [1]. The timing of the perpetual futures listing—scheduled for 12:15 UTC—sparked immediate price action across other markets, with liquidity growing in step with the token’s notoriety [2].

According to the liquidation heatmap, there are indications that the price could continue rising toward $0.35, where significant liquidity is concentrated [1]. However, liquidity extraction remains modest, with only $1.7M withdrawn by top decentralized traders, suggesting that the token is still in a speculative phase rather than a maturation period [1]. During the recent price rally, whale addresses were also observed selling, likely to lock in gains before potential volatility.

Despite the hype, there is no evidence of substantial development or real-world adoption for USELESS. The token’s value proposition continues to be based on its meme status and community-driven momentum. The social media presence of the project, including over 13.9K followers and 31,787 wallet holders, aligns with typical dynamics of cult-followed assets [1].

The token’s valuation currently stands at $324M, placing it sixth among Solana-based meme coins. While it is still far from the $1B valuation target, it is actively pursuing the milestone, similar to previous meme token successes such as GIGACHAD and FARTCOIN [1]. Analysts note that the path to a $1B valuation remains speculative and contingent on continued community engagement and trading activity [4].

The recent surge in liquidations demonstrates the impact of major exchange listings on meme token dynamics. Traders leveraged the event to open aggressive positions, leading to rapid price swings and abnormal liquidation rates. This behavior reflects the structural mechanics of perpetual futures markets, where leverage and sentiment drive short-term outcomes [4].

Market observers caution that the price movements do not indicate any fundamental change in the asset’s value. Rather, the volatility is a result of speculative demand and the inherent risks of leveraged trading, especially for assets with no utility or development roadmap [4]. As is typical in such scenarios, the market is expected to stabilize as the initial excitement wanes and traders reassess their positions.

Source:

[1] Useless Coin (USELESS) leads hourly liquidations after Binance listing

(https://coinmarketcap.com/community/articles/689f307080691323f39022f2/)

[2] USELESS leads hourly liquidations after Binance perpetual futures listing

(https://www.cryptopolitan.com/useless-hourly-liquidations-binance-listing/)