Is VINE Elon Musk’s New Favourite Meme Coin?

Key Takeaways:

• The value of Vine Coin surged by over 200% inside a couple of days of its launch on Pump.enjoyable.
• The token ranked second on DEXs by buying and selling quantity.
• Posts on X are rising in regards to the return of Vine below 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 different. May 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 may be time for Elon Musk to “carry again” the Vine app.

Vine, an app for creating quick movies, was acquired by Twitter in 2012 and launched in 2013. Regardless of a powerful 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 varied theories in regards to the app’s downfall, together with its timing, an absence of monetization choices, and mismanagement by Twitter.

Curiosity in Vine resurfaced in April 2024 when Elon Musk carried out 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 couple of days after its launch, Vine Coin ranked among the many prime 5 tokens by buying and selling quantity on decentralized exchanges (DEXs), in response to GeckoTerminal knowledge. VINE recorded $170.42 million in buying and selling quantity, putting 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. Knowledge from Dune exhibits that on Jan. 24 (the day of VINE’s launch), the launchpad for meme cash set a brand new report in day by day income at $15.9 million.

For comparability, this determine was $5.4 million on the day past.

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

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 in regards to the venture’s revival and the meme coin. He referred to the app’s closure as “foolish” and steered monetization for content material creators by X as a doable improvement path:

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

Will VINE Turn into Extra Than Only a Meme Coin?

There’s important hype surrounding Vine Coin, however warning is suggested. A couple of days have handed for the reason that token’s launch, and it isn’t formally linked to the Vine venture.

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

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

You will need to word that VINE is primarily a meme coin. These cash usually have quick life cycles however can expertise sudden value 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 value will increase – comparable to with Peanut the Squirrel (PNUT). Nevertheless, these surges are sometimes adopted by subsequent value drops.

One in every of VINE’s key benefits is its connection to the Vine app, a venture that had been forgotten for years. Nevertheless, with the continuing TikTok ban and elevated consideration on American initiatives, Vine could regain recognition, echoing its success in 2013.

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