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07/28/2025

$USELESS Surges After Binance Alpha Listing: Is the Token Structure Healthy or Are Insiders Dumping?

On the morning of July 28, newly emerged memecoin USELESS was unexpectedly listed on Binance Alpha, sending the token price surging more than 50% in just a few hours. The event quickly drew attention from the crypto community, with many asking: Who actually controls these tokens? Is there an insider group that bought early and is waiting to dump? In a recent post, on-chain data account Onchainmetrics published a comprehensive analysis of USELESS token distribution to address lingering suspicions q

$USELESS Surges After Binance Alpha Listing: Is the Token Structure Healthy or Are Insiders Dumping?

On the morning of July 28, newly emerged memecoin USELESS was unexpectedly listed on Binance Alpha, sending the token price surging more than 50% in just a few hours. The event quickly drew attention from the crypto community, with many asking: Who actually controls these tokens? Is there an insider group that bought early and is waiting to dump?

In a recent post, on-chain data account Onchainmetrics published a comprehensive analysis of USELESS token distribution to address lingering suspicions around potential price manipulation and whether the "Bonk Cabal whale group" controls the entire supply.

Who Are the Insiders? – Profiling the Early Buyers

By Onchainmetrics' definition, "Insiders" are wallet addresses that purchased USELESS within the first two hours after launch, when market cap ranged between $150,000 and $300,000. During this window, any wallet accumulating large amounts was likely either an insider or an early opportunist.

Using this criterion, Onchainmetrics identified:

  • 18 primary Insider wallets
  • Over 300 sub-wallets (Insider Descendants) showing signs of connection or receiving tokens from the primary wallets

Token Distribution: Is It Manipulated?

Currently:

  • Insider wallets and sub-wallets combined hold 16.12% of the USELESS supply
  • The remaining 83.88% is held by over 25,000 community wallets

This suggests the token is not monopolized by a single controlling group. Instead, distribution is fairly decentralized, which doesn't support the theory that "Bonk Cabal" is manipulating the entire market.

Trading Behavior: Are Insiders Holding or Have They Already Dumped?

Drilling deeper into the trading behavior of the 8 largest insider wallets — selected based on position size, trading frequency, and price impact — the data shows:

  • 7 out of 8 wallets are still holding or adding to their positions
  • Only 1 wallet shows signs of meaningful selling
  • Many wallets are sitting on balances worth millions of dollars, yet have not dumped aggressively

This reflects a bullish sentiment among early investors about USELESS's future price potential.

What About Linked Wallet Clusters?

Some insider wallets show signs of being linked through shared transaction activity and fund flows, forming wallet "clusters." Among these:

  • Cluster 1 still holds roughly 1.9% of total supply and is gradually selling
  • Cluster 12 holds 0.53% and also shows distribution behavior
  • The remaining clusters have either fully exited or are quietly holding

Overall, total selling pressure from insider wallet clusters currently amounts to only around 2.5%, not enough to create significant dump pressure on the market.

Conclusion: Is USELESS a "Healthy" Memecoin?

In a market that regularly sees projects with insider price manipulation, USELESS's token structure is assessed as relatively healthy. While some large wallets did buy early, they appear to belong to individuals rather than any centralized coordinating entity.

On top of that, the majority of whales have yet to take profits — many are even adding to their positions — signaling expectations of higher prices ahead.

Bottom line: While $USELESS still has plenty of factors worth monitoring, its current distribution structure and the holding behavior of insiders paint an unusually positive picture for a space as volatile as crypto.