One Solana (SOL)-based memecoin is rallying after receiving support from Coinbase, the top US-based crypto exchange platform.
In a new thread on X, Coinbase says it is adding support for Useless Coin (USELESS), causing the cryptocurrency to post gains.
Trading for Useless Coin on Coinbase began on Wednesday, a week after the platform announced the memecoin was added to the platform’s listing roadmap. Being added to Coinbase’s listing roadmap means that the top US crypto exchange is considering rolling out trading support for the asset in the near future.
The roadmap was established in 2022 to increase transparency and reduce the possibility of investors frontrunning new trading support announcements.
USELESS was trading for a low of $0.188 on the day Coinbase added the digital asset to its listing roadmap, and rallied over the next few days, reaching a local high Sunday of $0.369, a gain of more than 96%.
USELESS was trading for a low of $0.246 on Tuesday, when Coinbase announced the memecoin could be traded on its platform the next day, and it rallied to a high of $0.299.
USELESS has since retraced and is trading for $0.276 at time of writing, up 1.2% in the last 24 hours.
With a market cap of $276.3 million, the memecoin is the 271st largest crypto project.
Useless Coin was created as a satirical take on the Solana-based meme token craze as project leaders openly boast about its lack of purpose.
According to the project, there are 32,304 holders of the memecoin at time of writing.
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