USELESS memecoin faces 20% correction after 500% monthly surge

The cryptocurrency USELESS experienced significant volatility following a monthly price surge of over 500%. After its rapid ascent, the token saw a 20% price drop within a 24-hour period, driven by derivatives deleveraging and increased exchange supply.

Data indicates a sharp decline in Open Interest, which fell by 28.46% to $115.29 million, signaling aggressive position closures. Total 24-hour liquidations reached $2.75 million, with long positions accounting for $1.53 million of that total. While the token remains up significantly on a monthly basis, trading volume also decreased by 13.65% to $157.63 million during the correction.

In related developments, MemeToro has moved toward increasing transparency by publishing its open-source FairLaunchEscrow Solidity contract on GitHub. This initiative aims to provide public smart contract code for its planned fair-launch infrastructure.