According to @KookCapitalLLC, the crypto market is witnessing a speculative frenzy around the USELESS memecoin, which has reached a valuation of nearly $100 million by embracing its 'useless' narrative. This phenomenon is supported by major traders like Unipcs, who see its lack of utility as its core strength, positioning it as an undervalued asset compared to other memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB). However, this trend is highlighted as a symptom of a larger problem in the Web3 space: 'Ponzinomics' driven by venture capital. The analysis states that many VC-backed projects prioritize rapid token exits for insiders over building sustainable products, creating structures resembling Ponzi schemes. This model is attracting increased regulatory scrutiny, with courts handing down prison sentences for fraud, and risks causing a talent drain from the Web3 sector. Amid these systemic risks, market data shows key assets like Ethereum (ETH) trading up 2.065% at $2,571.71 (ETHUSDT) and Solana (SOL) up 2.649% at $151.89 (SOLUSDT), indicating short-term bullish sentiment despite underlying structural concerns.