Is Vine Coin Elon Musk’s next big meme crypto bet?

The cryptocurrency market is once again captivated by speculation surrounding Elon Musk’s potential influence on a meme coin.

This time, it’s Vine Coin (VINE), a token linked to the long-defunct Vine app, which Musk’s social media platform X could potentially resurrect.

The Solana-based token has surged over 200% since launching on 23 January, fueled by Musk-related hype, speculation about a Vine revival, and the broader push for “Made in USA” digital assets.

Despite the frenzy, VINE remains an unofficial token with no confirmed connection to Musk or the original Vine project.

However, this hasn’t stopped crypto traders and X influencers from driving its trading volume past $170 million, positioning it among the most-traded meme coins on decentralised exchanges.

As discussions about Vine’s comeback continue, the question remains: will Musk endorse VINE and elevate it to Dogecoin-level status, or is this just another short-lived crypto craze?

Trading volume spikes

Since its 23 January debut at $0.15, VINE has experienced extreme volatility, reaching an all-time high of $0.46 on 26 January before retreating.

The rapid rise has drawn attention from both centralised (CEXs) and decentralised exchanges (DEXs), with Binance Futures listing VINE alongside Pippin (PIPPIN) on 24 January, and platforms like Gate.io, OKX, and Bitget adding it for spot trading.

The token’s popularity can be linked to renewed interest in Vine, the short-video platform that Twitter acquired in 2012 before shutting it down in 2017.

Speculation about a revival resurfaced in April 2024, when Musk ran an X poll asking if Vine should make a comeback.

By 27 January, 60% of respondents had voted in favour of its return.

On X, the “Do It For The Vine” slogan has gained traction, further stoking speculation that VINE could become a cultural meme coin similar to Dogecoin.

Influential crypto figures have compared it to TikTok but with a US-centric branding, particularly in light of the recent ban on the Chinese-owned app in several states.

This “Made in USA” narrative has given VINE additional momentum, aligning with a growing trend of US-based crypto assets.

Pump.fun revenue record

VINE operates on Solana’s blockchain and launched through Pump.fun, a meme coin launchpad that has been instrumental in creating speculative crypto trends.

On 24 January, Pump.fun set a new record with $15.9 million in daily revenue, a significant jump from the previous day’s $5.4 million.

The token’s social media-driven hype has also played a crucial role in its market performance.

Data from GeckoTerminal shows that in its first few days, VINE ranked among the top five most-traded tokens on DEXs, surpassing other trending coins like Official Trump (TRUMP), which recorded $85.15 million in trading volume.

Figures associated with X, such as Nate Esparza, a key advertising executive, have subtly engaged in the discussion, leading to speculation that the Vine brand could be repurposed within X’s ecosystem.

Meanwhile, Vine’s co-founder Rus Yusupov has hinted at potential monetisation strategies that could tie into the platform’s growth, further fueling rumours about its future.

Future of VINE

Despite the excitement, VINE is not officially linked to Musk, and there is no confirmation that it will become an integral part of any future Vine revival.

Historically, Musk’s influence has propelled tokens like Dogecoin and Shiba Inu to massive price rallies, but it has also contributed to short-lived pump-and-dump cycles, with Musk distancing himself from certain projects after brief promotions.

For now, VINE remains a high-risk speculative asset, with its price action largely dependent on social media sentiment rather than fundamental value.

However, if Musk or X make any official announcements regarding Vine’s return, the token could see another explosive rally.

Until then, traders are left to navigate the volatility and determine whether VINE is a long-term play or just another fleeting meme coin frenzy.

The post Is Vine Coin Elon Musk’s next big meme crypto bet? appeared first on Invezz