Is VINE Elon Musk’s New Favourite Meme Coin?

Key Takeaways:

• The value of Vine Coin surged by over 200% inside a number of days of its launch on Pump.enjoyable.
• The token ranked second on DEXs by buying and selling quantity.
• Posts on X are rising concerning the return of Vine beneath the slogan ‘“Do It For The Vine.”

Vine Coin (VINE) surged 206% on its first buying and selling day, pushed by the hype surrounding the return of the app of the identical title, a TikTok various. Might it comply with in Dogecoin’s (DOGE) footsteps?

VINE started buying and selling on Jan. 23 at $0.15 and reached a brand new all-time excessive (ATH) of $0.46 by Jan. 26.

On Jan. 24, Binance introduced futures buying and selling for VINE alongside one other token, Pippin (PIPPIN). Centralized exchanges (CEXs) like Gate.io, OKX, and Bitget additionally listed VINE for spot buying and selling.

The hype surrounding Vine Coin began on Jan. 19. On that day, Tesla investor Sawyer Merritt hinted on X that it is likely to be time for Elon Musk to “convey again” the Vine app.

Vine, an app for creating brief movies, was acquired by Twitter in 2012 and launched in 2013. Regardless of a robust begin, the app confronted challenges, together with pornographic content material and the departure of key advertisers to competing platforms. By 2017, Vine had formally shut down.

Though Vine competed with platforms like TikTok, Snapchat, and Instagram, its sudden closure sparked widespread debate. On-line discussions explored numerous theories concerning the app’s downfall, together with its timing, a scarcity of monetization choices, and mismanagement by Twitter.

Curiosity in Vine resurfaced in April 2024 when Elon Musk performed a ballot asking if the app needs to be revived. By Jan 27., 60% of respondents had voted in favor.

‘Do It For The Vine’

A number of days after its launch, Vine Coin ranked among the many prime 5 tokens by buying and selling quantity on decentralized exchanges (DEXs), in line with GeckoTerminal knowledge. VINE recorded $170.42 million in buying and selling quantity, inserting it in second place.

The meme coin surpassed Official Trump (TRUMP), which is now in sixth place on DEXs with $85.15 million in buying and selling quantity.

Vine Coin operates on the Solana (SOL) blockchain, supported by Pump.enjoyable. Information from Dune reveals that on Jan. 24 (the day of VINE’s launch), the launchpad for meme cash set a brand new document in every day income at $15.9 million.

For comparability, this determine was $5.4 million on yesterday.

The meme coin gained important traction on X, which is unsurprising on condition that Elon Musk owns the platform. An advert for “Do It For The Vine” hinted on the app’s potential comeback this 12 months.

Crypto influencers and different customers on X shared posts about VINE, evaluating the app to TikTok however emphasizing its U.S. origins. This dialogue follows the latest ban on the Chinese language app, which started on Jan 18.

Rus Yusupov, a co-founder of Vine, has additionally written concerning the challenge’s revival and the meme coin. He referred to the app’s closure as “foolish” and recommended monetization for content material creators by way of X as a doable improvement path:

Different figures related to X, resembling Nate Esparza, who works in promoting, have joined the dialog. This has fueled hypothesis amongst customers that Vine might compete with TikTok or Instagram.

Will VINE Turn into Extra Than Only a Meme Coin?

There may be important hype surrounding Vine Coin, however warning is suggested. A number of days have handed because the token’s launch, and it’s not formally linked to the Vine challenge.

Furthermore, in addition to a quick touch upon Sawyer Merritt’s put up, Elon Musk has but to make any official statements about Vine’s return.

The recognition of Vine Coin highlights a brand new development within the crypto market: “Made in USA.” In line with CryptoRank, this class has develop into one of many largest within the token panorama.

You will need to notice that VINE is primarily a meme coin. These cash sometimes have brief life cycles however can expertise sudden worth surges. Related patterns have been noticed with some AI brokers.

Musk’s favored meme coin stays Dogecoin. Whereas he has promoted different tokens up to now, this has led to short-term worth will increase – resembling with Peanut the Squirrel (PNUT). Nonetheless, these surges are sometimes adopted by subsequent worth drops.

One in every of VINE’s key benefits is its connection to the Vine app, a challenge that had been forgotten for years. Nonetheless, with the continued TikTok ban and elevated consideration on American tasks, Vine might regain reputation, echoing its success in 2013.

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