USELESS surges as Bitcoin’s breakout triggers a speculative rally – What’s next?
USELESS gains alongside Bitcoin’s breakout as rising market capitalization and renewed memecoin rotation improve risk appetite.
Useless Coin [USELESS] has recorded significant gains over the past 24 hours, beating the overall crypto market as its breakout has triggered a beta-led rally for the more speculative assets.
Market capitalization of the overall market has risen by 4.2% to $2.91 trillion, and the Fear & Greed index stands at 78. Bitcoin’s breakout has been the key catalyst here.
USELESS sits high among the top beneficiaries too. But can the network’s bulls hold the momentum going?
Memecoin rotation adds momentum
Capital is also rotating into memecoins, giving USELESS an additional catalyst for its recent gains. PEPE and other memecoins have shown good gains along with high trading volumes, indicating that buying activity has increased in the space.
Useless Coin may see further support if this trend continues.
Whales are taking advantage of the recent bullish push by bagging more orders. At press time, the total supply held by whales with more than $1 million worth of USELESS tokens stood at 57%.
At the same time, USELESS’ Open Interest recorded an 11% daily surge to $70 million. This highlights an increased leveraged position with the network bulls at the helm as they control the largest share of the network’s total supply.
Can USELESS reach $0.34?
On the daily chart, Useless Coin continues to trade above its key moving averages while respecting the Fibonacci golden range between $0.23 and $0.25, keeping the broader technical structure constructive.
An eventual reversal out of present levels would improve the bounce and bring the $0.34 price target into focus again.
However, failure to defend its moving average support level or a reversal in overall market sentiment would detract from the technical setup, leading to further consolidation lower.
At the moment, Bitcoin’s strong advances, increasing market cap, and memecoin rotation continue to support the present rally.
Final Summary
- USELESS gains as Bitcoin’s gain lifts the broader crypto market, which has climbed 4.2% to $2.91T.
- The memecoin rotation and strong risk appetite could support a move toward the $0.34 target while Useless holds above key moving averages.
![Tom Lee’s Bitmine is once again in the news as it added 27,562 additional Ethereum [ETH] to its treasury in the past week ending on the 21st of September. At approximately $2,688 per ETH, that purchase represents roughly $74 million in ETH. Separately, the firm also made a transfer of 12,500 ETH from Kraken, worth about $34.6 million at the stated price, as part of the company’s broader accumulation activity. Source: Arkham Bitmine's impressive ETH stash update With this, Bitmine’s total ETH holdings have reached 5,983,940 ETH, valued at about $16.43 billion, representing approximately 4.9% of Ethereum’s total available supply of 122.1 million ETH. As updated many times, BitMine has set a goal of the “Alchemy of 5%,” which means it is now very close to that target. That said, besides buying and holding, BitMine is also putting a large portion of its ETH to work through staking. As of the 20th of September, BitMine had staked 5,067,309 ETH, worth roughly $13.6 billion at an ETH price of $2,688. That represents about 85% of the company’s total ETH holdings. Source: Bitmine BitMine said its own staking operations generated a 7-day yield of 2.62% on an annualized basis. Based on its current staking position, the company's annualized staking revenues are now projected at approximately $357 million. In fact, it also estimates that if all of its ETH were eventually fully staked through its MAVAN platform and staking partners, the annualized staking rewards could reach approximately $421 million, assuming the same 2.62% yield. How is ETH acting as a catalyst? Here, Bitmine's Tom Lee has also given enough credit to the price of ETH behind this achievement. Source: Bitmine According to the chart shared by BitMine, ETH had gained approximately 65.2% since the 30th of June, compared with 52.2% for Solana and 36.3% for Bitcoin over the same period. At the same time, Ethereum had also outperformed the S&P 500 by 6,519 basis points during the quarter to date. Remarking on which, Lee added, To us, this massive outperformance of ETH in 3Q26 is viewed as a prelude to a potentially stronger up move in the 4th quarter of 2026. Lee is particularly optimistic about Ethereum’s performance in the Q4, as he argues that ETH’s strong Q3 performance could precede another move higher in Q4. BMNR stock rides the boat At the same time, BitMine’s stock-market activity is also booming, as it was trading at $28.25 at press time, up by 8.84% in a single trading session. This has also pushed BMNR stock to rank 100th among 5,704 U.S.-listed stocks. Source: Bitmine This comes as the company recently replaced its 10-year staking agreement with Ethereum Tower with a new deal with American Validator, reducing the revenue-sharing fee to 1.50% of staking rewards. Final Summary Bitmine’s ETH stack has reached 5,983,940 ETH, representing approximately 4.9% of Ethereum’s total available supply. Lee's optimistic Q4 outlook for ETH has ignited fresh hopes that Bitmine would soon touch its initiative of Alchemy of 5%.](https://ambcrypto.com/wp-content/uploads/2026/09/FI_QB.CN_BITMINE_22-09-2026.webp)