How Solana investors turned Anatoly Yakovenko’s ‘Useless’ jab into profits
Some investors have begun placing bids on the memecoin USELESS in defiance of Solana co-founder Anatoly’s stance.
Key Takeaways
Some investors have interpreted the Solana’s founder’s “useless community” remarkas an unexpected opportunity, placing speculative bets on a Solana-based memecoin aptly named USELESS.
The co-founder of Solana [SOL], Anatoly Yakovenko, has found himself at the center of controversy over the past week.
In a recent post, Anatoly dismissed the community feature on X (formerly Twitter), calling for its removal and stating bluntly: “Communities are useless.”
Backlash mounts
The majority of responses to Anatoly’s statement reflected strong dissatisfaction.
Many users highlighted that community-driven memecoins have played a major role in Solana’s ecosystem, helping to propel it to the sixth-largest crypto asset with a market capitalization of $87 billion.
This isn’t Anatoly’s first brush with heated debate. On the 27th of July, he stirred public outrage by describing memecoins and non-fungible tokens (NFTs) as,
“Loot boxes with no real reward,”
Adding,
“Memecoins and NFTs are digital slop and have no intrinsic value.”
Investors bet on USELESS
Interestingly, Anatoly’s use of the word “useless” has been embraced by some traders.
A group of investors began placing buy orders on USELESS, a Solana-based memecoin launched in early May.
As of press time, CoinMarketCap data showed the token has gained 8.1% in the past 24 hours.
The surge in trading interest has also spilled into the derivatives market, with $4.3 million in fresh capital inflows pushing Open Interest to $25.84 million, per CoinGlass.
Chart analysis indicates that USELESS may be on the verge of a new all-time high. The memecoin is currently trading at a key demand zone that has triggered rallies on four previous occasions.
Each time prices touched this level, they rebounded sharply and reached a new peak. If this pattern holds, USELESS could surpass its previous all-time high of $0.441, set on July 28.
Recent price action from this zone has been slightly bullish, signaling growing momentum.
Memecoins still thrive on Solana
Despite Anatoly’s dismissive stance, memecoins remain dominant on the Solana blockchain.
An analysis of the memecoin segment shows that six of the top 10 assets in this category—including Pudgy Penguins [PENGU], Bonk [BONK], and Official Trump [TRUMP]—are Solana-based.
According to data from Artemis, the memecoin sector is growing at a monthly rate of 14.1%, with a current valuation of $65.66 billion.
If this trend continues, USELESS could see further upside, especially if it follows its historical fractal pattern.
