Key Takeaways:
The price of Vine Coin surged by over 200% within a few days of its launch on Pump.fun.
The token ranked second on DEXs by trading volume.
Posts on X are emerging about the return of Vine under the slogan ‘“Do It For The Vine.”
Vine Coin (VINE) surged 206% on its first trading day, driven by the hype surrounding the return of the app of the same name, a TikTok alternative. Could it follow in Dogecoin’s (DOGE) footsteps?
VINE began trading on Jan. 23 at $0.15 and reached a new all-time high (ATH) of $0.46 by Jan. 26.
Source: CoinGecko
On Jan. 24, Binance announced futures trading for VINE alongside another token, Pippin (PIPPIN). Centralized exchanges (CEXs) like Gate.io, OKX, and Bitget also listed VINE for spot trading.
The hype surrounding Vine Coin started on Jan. 19. On that day, Tesla investor Sawyer Merritt hinted on X that it might be time for Elon Musk to “bring back” the Vine app.
Vine, an app for creating short videos, was acquired by Twitter in 2012 and launched in 2013. Despite a strong start, the app faced challenges, including pornographic content and the departure of key advertisers to competing platforms. By 2017, Vine had officially shut down.
Although Vine competed with platforms like TikTok, Snapchat, and Instagram, its sudden closure sparked widespread debate. Online discussions explored various theories about the app’s downfall, including its timing, a lack of monetization options, and mismanagement by Twitter.
Source: Reddit
Interest in Vine resurfaced in April 2024 when Elon Musk conducted a poll asking if the app should be revived. By Jan 27., 60% of respondents had voted in favor.
‘Do It For The Vine’
A few days after its launch, Vine Coin ranked among the top five tokens by trading volume on decentralized exchanges (DEXs), according to GeckoTerminal data. VINE recorded $170.42 million in trading volume, placing it in second position.
The meme coin surpassed Official Trump (TRUMP), which is now in sixth place on DEXs with $85.15 million in trading volume.
Source: GeckoTerminal
Vine Coin operates on the Solana (SOL) blockchain, supported by Pump.fun. Data from Dune shows that on Jan. 24 (the day of VINE’s launch), the launchpad for meme coins set a new record in daily revenue at $15.9 million.
For comparison, this figure was $5.4 million on the previous day.
Source: Dune
The meme coin gained significant traction on X, which is unsurprising given that Elon Musk owns the platform. An ad for “Do It For The Vine” hinted at the app’s potential comeback this year.
Crypto influencers and other users on X shared posts about VINE, comparing the app to TikTok but emphasizing its U.S. origins. This discussion follows the recent ban on the Chinese app, which began on Jan 18.
Rus Yusupov, a co-founder of Vine, has also written about the project’s revival and the meme coin. He referred to the app’s closure as “silly” and suggested monetization for content creators through X as a possible development path:
Other figures associated with X, such as Nate Esparza, who works in advertising, have joined the conversation. This has fueled speculation among users that Vine could compete with TikTok or Instagram.
Will VINE Become More Than Just a Meme Coin?
There is significant hype surrounding Vine Coin, but caution is advised. A few days have passed since the token’s launch, and it is not officially linked to the Vine project.
Moreover, besides a brief comment on Sawyer Merritt’s post, Elon Musk has yet to make any official statements about Vine’s return.
The popularity of Vine Coin highlights a new trend in the crypto market: “Made in USA.” According to CryptoRank, this category has become one of the largest in the token landscape.
Source: CryptoRank
It is important to note that VINE is primarily a meme coin. These coins typically have short life cycles but can experience sudden price surges. Similar patterns have been observed with some AI agents.
Musk’s favored meme coin remains Dogecoin. While he has promoted other tokens in the past, this has led to short-term price increases – such as with Peanut the Squirrel (PNUT). However, these surges are often followed by subsequent price drops.
One of VINE’s key advantages is its connection to the Vine app, a project that had been forgotten for years. However, with the ongoing TikTok ban and increased attention on American projects, Vine may regain popularity, echoing its success in 2013.
The post Is VINE Elon Musk’s New Favorite Meme Coin? appeared first on Cryptonews.
