Is VINE the Latest Meme Coin Preferred by Elon Musk?

Key Takeaways:

• The price of Vine Coin experienced an increase of over 200% within a few days following its debut on Pump.enjoyable.
• The token secured the second position on decentralized exchanges (DEXs) based on trading volume.
• Discussions on X are increasing regarding the revival of Vine under the slogan ‘“Do It For The Vine.”

Vine Coin (VINE) rose by 206% on its inaugural trading day, fueled by the excitement surrounding the return of the app of the same name, a competitor to TikTok. Could it follow the path of Dogecoin (DOGE)?

VINE commenced trading on January 23 at $0.15 and achieved a new all-time high (ATH) of $0.46 by January 26.

Source: CoinGecko

On January 24, Binance announced the introduction of futures trading for VINE alongside another token, Pippin (PIPPIN). Centralized exchanges (CEXs) such as Gate.io, OKX, and Bitget also listed VINE for spot trading.

The excitement surrounding Vine Coin began on January 19. On that day, Tesla investor Sawyer Merritt suggested on X that it might be time for Elon Musk to “bring back” the Vine app.

I think it’s time to bring it back @elonmusk. pic.twitter.com/ZZXPWv7wE4

— Sawyer Merritt (@SawyerMerritt) January 19, 2025

Vine, an application for creating short videos, was acquired by Twitter in 2012 and launched in 2013. Despite a strong start, the app encountered difficulties, including adult content and the loss of key advertisers to rival platforms. By 2017, Vine had officially ceased operations.

Although Vine competed with platforms like TikTok, Snapchat, and Instagram, its abrupt closure ignited extensive debate. Online discussions examined various theories regarding the app’s decline, including its timing, a lack of monetization options, and mismanagement by Twitter.

Source: Reddit

Interest in Vine reemerged in April 2024 when Elon Musk conducted a poll asking if the app should be revived. By January 27, 60% of participants had voted in favor.

Bring back Vine?

— Elon Musk (@elonmusk) April 17, 2024

‘Do It For The Vine’

A few days post-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 currently 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.enjoyable. Data from Dune indicates that on January 24 (the day of VINE’s launch), the meme coin launchpad set a new record in daily revenue at $15.9 million.

In comparison, this figure was $5.4 million the previous day.

Source: Dune

The meme coin gained significant traction on X, which is not surprising given that Elon Musk owns the platform. An advertisement for “Do It For The Vine” hinted at the app’s potential revival this year.

Slow roll of #Vine $Vine advertising starting….#DoItForTheVine
pic.twitter.com/ftagjtNg0b

— Chrissy from the BLOCKS (@ChrisyFrmBLOCKS) January 26, 2025

Crypto influencers and other users on X shared posts about VINE, comparing the app to TikTok while highlighting its American roots. This conversation follows the recent ban on the Chinese app, which began on January 18.

Elon wants an American-born version!
He doesn’t want TikTok! A Chinese version!
He desires the original TikTok!
And that’s $Vine! $VINE did it first!
They didn’t know how to monetize it, and that’s why it failed!
Elon will turn it into a powerhouse!
Do it for the #Vinecoin pic.twitter.com/L3uowMHABD

— @Muscle (@RichCashNFT) January 23, 2025

Rus Yusupov, a co-founder of Vine, has also commented on the project’s revival and the meme coin. He described the app’s closure as “foolish” and suggested monetization for content creators through X as a potential development path:

Video creators on X can monetize in new ways
Vine will allow creators to directly monetize their short videos within the X ecosystem through subscriptions, tipping, and platform payments for reach and engagement.

— Rus (@rus) January 26, 2025

Other individuals associated with X, such as Nate Esparza, who works in advertising, have joined the discussion. This has sparked speculation among users that Vine could rival TikTok or Instagram.

Two verified employees at @x have already hinted at bringing back $VINE and reviving it through X; can you imagine what it could do to the chart? @elonmusk has been talking about it all day; it’s going to be bigger than TikTok and Instagram
doitforthevine pic.twitter.com/1hxs6Vcb0O

— Marcell (@MarcellxMarcell) January 27, 2025

Will VINE Evolve Beyond a Meme Coin?

There is considerable excitement surrounding Vine Coin, but caution is warranted. A few days have elapsed since the token’s launch, and it is not officially associated with the Vine project.

Moreover, aside from a brief comment on Sawyer Merritt’s post, Elon Musk has yet to make any formal announcements regarding Vine’s return.

The popularity of Vine Coin underscores a new trend in the cryptocurrency market: “Made in USA.” According to CryptoRank, this category has emerged as one of the largest in the token landscape.

Source: CryptoRank

It is important to note that VINE is primarily a meme coin. These coins often have short life cycles but can experience sudden price spikes. Similar patterns have been observed with certain AI tokens.

Musk’s preferred meme coin remains Dogecoin. While he has endorsed other tokens in the past, this has resulted in temporary price increases – such as with Peanut the Squirrel (PNUT). However, these surges are frequently followed by subsequent price declines.

One of VINE’s significant advantages is its association with the Vine app, a project that had been overlooked for years. However, with the ongoing TikTok ban and increased focus on American initiatives, Vine may regain popularity, reminiscent of its success in 2013.

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