Summary
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Elon Musk’s apparent endorsement of reviving Vine video app caused Solana meme coin “Vine Coin” to surge 122% in three days.
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Vine Coin was launched by Vine’s co-founder and saw significant volatility, reaching a $55 million market cap after Musk’s comments.
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The price spike reflects investor speculation that Vine’s potential relaunch could involve cryptocurrency, similar to Musk’s past ventures and interest in blockchain integration.
A Solana-based meme coin experienced a significant price increase following indications from Elon Musk, a prominent figure and Dogecoin enthusiast, suggesting the potential comeback of the Vine video application.
Elon Musk, recognized as the world’s wealthiest individual, seems to have endorsed the resurrection of Vine, the once-popular short-form video platform.
This development follows an announcement from an employee at xAI, Musk’s artificial intelligence company, who stated that xAI had acquired the rights to the discontinued mobile app.
In response to these events, Vine Coin was identified by the ticker VINE and launched on the Pump.fun platform by a co-founder of the original Vine app has seen its value climb dramatically.
The coin’s price has surged by 122% over the past three days.
Musk’s Hint Triggers Vine Coin Rally
Musk‘s interest in Vine dates back to January when he initially mentioned he was “considering” bringing back the app, amidst rising concerns about a potential ban of TikTok in the United States.
Shortly after, Rus Yusupov, a co-founder of Vine, introduced a Solana-based meme coin, implying that the anticipated Vine relaunch might utilize this token.
This speculation briefly propelled Vine Coin to a market capitalization of $498 million.
However, this initial surge was temporary. The coin’s value subsequently decreased by 89%, settling at a $55 million market cap.
On Friday, Dane Jacobson, an xAI employee, posted on X (formerly Twitter) that xAI now “owns” Vine.
He then solicited suggestions from his followers regarding the future of the app. Musk responded to Jacobson, stating, “feel free to take that on.” This response was widely interpreted as Musk authorizing the app’s revival. Yusupov subsequently reposted this exchange.
Following Musk’s interaction, Vine Coin’s market value jumped by 110% between Friday and Saturday, reaching $52 million. The token then experienced a 41% price correction, falling to $30.55 million on Sunday.
It rebounded sharply on Monday, increasing by another 80% to reach $55 million. DEX Screener data indicates an overall 122% price increase for the coin over the three days.
According to Polymarket betting markets, the perceived likelihood of X relaunching Vine before July is currently at 24%, down from 58% at the end of January, suggesting fluctuating investor confidence in a near-term revival.
Vine Co-founder Launches Solana Meme Coin
Concurrent with the launch of Vine Coin, Yusupov established a website with the same name, including a user waitlist.
This has amplified speculation regarding the impending return of the popular app and the potential integration of the VINE token within its platform.
Musk has a history of experimenting with cryptocurrency integration within his business ventures.
This includes accepting Dogecoin payments for Tesla products and making crypto investments through his various companies.
Recent reports also suggested Musk contemplated using a public blockchain for government efficiency initiatives, although these plans have not yet materialized.
In a similar vein, Iqram Magdon-Ismail, a co-founder of Venmo, has launched JellyJelly, a podcasting app utilizing a Pump.fun token of the same name to enable user tipping.
Upon its launch in January, JellyJelly’s token reached a market cap of $248.5 million but has since decreased by 94% to a $14.88 million market cap, according to DEX Screener.
Also Read: Elon Musk Alleges US Government Possesses “Magic Money Computers”
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