The story of VINE coin: From unknown to $240 million capitalization

According to data recorded by BeInCrypto from The Data Nerd, 5 hours ago, a Smart Money used 22.7 thousand USD to buy 4.59 million VINE coins at an average price of 0.005 USD. But just 2 hours later, this wallet sold all the VINE coins and earned 569 thousand USD. Thus, in just a few hours, this wallet address has earned about 546 thousand USD, with an ROI ratio of about 24 times.

So what made VINE coin so attractive? What is the story behind it? Let's explore it with BeInCrypto.

What is VINE coin?

VINE is the symbol of a number of coins launched on the Solana (SOL) network. In fact, the VINE ticker coincides with the name of a short video platform of X/Twitter, Vine. This platform was launched by Dom Hofmann, Rus Yusupov and Colin Kroll in June 2012. It was acquired by X/Twitter in October 2012, but X/Twitter announced the closure of Vine on October 27, 2016. Since then, there has been little mention of this platform. However, VINE coin is not part of the Vine project on X. So what has caused the VINE price to rise so sharply?

VINE coin price surged thanks to... Elon Musk

According to BeInCrypto's observations, the market had previously seen the emergence of many VINE coins. This may be due to the trend-catching psychology of developers when, on January 19, Elon Musk hinted at reviving their Vine platform. However, almost no project has attracted attention from the community.

However, this morning, a former Vine co-founder, Rus Yusupov, issued a separate VINE coin (6A...pRpump). Within an hour of its launch on Solana, the market capitalization of this VINE coin exceeded 100 million USD and then dropped to 5 million USD. However, after Rus Yusupov announced that he was the developer of this Crypto project, the project's market capitalization quickly rose to 240 million USD.

Not stopping there, Rus Yusupov continued to post that all VINE tokens held by the developers are locked until April 20 and will remain locked until the Vine application is relaunched. After this news was announced, the VINE coin price had another chance to rise. At the time of writing this article by BeInCrypto, VINE is trading at 0.1670 USD with a market capitalization of around 166 million USD.

What is the connection between VINE coin and Elon Musk?

In fact, the VINE coin created by Rus Yusupov has no connection with Elon Musk. However, the origin of the story comes from the possibility of Elon Musk restarting the Vine platform. Accordingly:

• In late October 2022, Elon Musk conducted a poll on Twitter, asking whether the Twitter short video app Vine should be revived or not? The results showed that 69.6% of participating users voted in favor of reviving Vine. Musk has started to relaunch the short video app Vine on November 1, 2022 and announced that the app will be ready by the end of that year. But unfortunately, it is still not completed.
• On April 18, 2024, Musk once again opened a similar poll on the X platform, asking whether Vine should be relaunched or not? In 2024, meme coins on the Ethereum network appeared and followed this intention of Musk, with many meme coins named VINE being launched but not receiving much attention.
• Recently, on January 19, a user on the X platform tagged Musk and said it was time to relaunch Vine. And this time Musk replied that he was considering it.

This move may have caused the VINE coins to explode. And it seems that Rus Yusupov is taking advantage of this trend to create a VINE coin of his own. He may be "taking advantage" of his previous role as the founder of the project (or wanting to create a similar project) to issue his own coin.

BeInCrypto's observation shows that Rus Yusupov's public address holds 5% of the total VINE supply, which is currently locked.

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