Solana News Today: Solana Founder's 'Useless' Jabs Spark 8.1% Surge in USELESS Memecoin

Investors have turned Anatoly Yakovenko’s recent remark dismissing “useless” communities into an unexpected opportunity by investing in a memecoin named USELESS. Yakovenko, co-founder of Solana, sparked controversy on X (formerly Twitter) by suggesting that communities are unnecessary and calling memecoins and NFTs “loot boxes with no real reward” and “digital slop.” [1] These comments, while critical, inadvertently ignited speculative interest in the memecoin USELESS, which was launched in early May. As a result, the token has seen a 8.1% rise in the past 24 hours. [1]

The backlash to Yakovenko’s comments was significant, with many users emphasizing the role of community-driven memecoins in Solana’s growth. The network’s ecosystem has played a crucial part in helping Solana reach a market capitalization of $87 billion, making it the sixth-largest cryptocurrency. [1] This is not the first time Yakovenko has drawn public criticism for his views on the crypto space, but this instance has led to a unique market reaction.

Trading activity in USELESS has surged, with $4.3 million in new capital inflows pushing Open Interest to $25.84 million, according to CoinGlass. [1] Chart analysis shows the token is currently trading in a key demand zone that has historically triggered rallies on four prior occasions. If the pattern continues, USELESS could potentially break its all-time high of $0.441, set on July 28. [1]

Despite the founder’s dismissive tone, memecoins remain a dominant force on the Solana blockchain. Six of the top 10 memecoins, including Pudgy Penguins, Bonk, and Official Trump, are built on Solana. [1] The Artemis data further highlights the growing strength of the memecoin segment, which is expanding at a monthly rate of 14.1% and now holds a valuation of $65.66 billion. [1]

The unexpected market reaction to Yakovenko’s comments reflects the unpredictable and speculative nature of the crypto market, where even negative remarks can lead to bullish outcomes. Investors are betting on the potential for continued growth in the Solana-based memecoin space, using the founder’s words as a catalyst rather than a deterrent.

Source: [1] How Solana investors turned Anatoly Yakovenko’s ‘Useless’ jab into profits (https://ambcrypto.com/solanas-anatoly-yakovenko-calls-communities-useless-investors-turn-insult-into-profits/)