Vine Coin Pumps as Musk Revives Vine Buzz

Remember Vine? The six-second video app that took the internet by storm in the early 2010s? Well, it might be making a comeback, and one cryptocurrency is feeling the hype.

Vine Coin (VINE), a token created to commemorate the now-defunct app, experienced a massive surge after Elon Musk hinted at bringing Vine back from the dead.

The Musk Effect

The price of VINE jumped over 200% following Musk's tweet, reaching a high of $0.0825. This isn't the first time Musk has flirted with the idea of resurrecting Vine. Back in April 2024, he ran a poll on X (formerly Twitter) asking users if they wanted to see Vine return, with nearly 70% voting in favor.

With Musk's acquisition of X, Vine's assets automatically fell into his control. His recent confirmation that Vine is indeed making a comeback has sent ripples through the crypto market, particularly for VINE.

What's Next for Vine?

Details on Musk's plans for Vine are scarce, but speculation suggests that his AI company, xAI, could play a role in giving the app a modern, AI-powered makeover.

Rus Yusupov, one of Vine's original founders, launched Vine Coin in January. Before Musk's recent tweets, the token had seen minimal activity. However, the renewed interest in Vine has injected significant volatility into VINE's price.

Key Takeaways

• Elon Musk's influence extends beyond Tesla and X and significantly impacts the crypto market.
• Nostalgia and hype can drive short-term gains in cryptocurrency prices.
• VINE's future hinges on Musk's vision for the revived Vine app.

As of now, there are 999.99 million VINE tokens in circulation, with no maximum cap defined. The market capitalization has increased by 54% since Musk’s post, placing its current value at $64.02 million. Currently, VINE is trading at $0.06898.

Disclaimer: Cryptocurrency investments are inherently risky. Conduct thorough research before investing.