Rus Yusupov, co-founder of the iconic short video app Vine, has entered the cryptocurrency market by launching the meme coin VINE on Solana.
Yusupov announced the news on Twitter, which has caused a stir in the cryptocurrency community and evoked nostalgia for the Vine era.
Rus Yusupov Launches VINE Coin
The tweet immediately caught the attention of cryptocurrency enthusiasts and Vine fans, quickly generating interest in the newly launched coin.
"I have so many fond memories of making Vine - let's try to recapture that magic and do it for #VINECOIN," Yusupov shared with his followers.
Yusupov also posted a video on X to convince his followers that he is behind the VINE coin. The enthusiasm for this tweet has led to a sharp rise in the price and market capitalization of the Solana-based VINE token.
However, Vine co-founder Dom Hofmann stated that he is not associated with the meme coin.
"I have no involvement with this meme coin and will not in the future," Hofmann posted on Twitter.
According to data from Dex Screener, the meme coin has surged by an astonishing 250,000% in the last 24 hours. At the time of reporting, the token is trading at $0.21, with a market capitalization of $217 million.
A cryptocurrency user on the X social media platform claimed to have purchased $10,000 worth of VINE as soon as the announcement was made, and their investment has now skyrocketed to $1 million.
"I bought $10,000 worth of VINE as soon as Rus tweeted, and now it's worth $1 million. Absolutely insane," the user mentioned.
Similar comments were made by other VINE holders.
"6 hours ago, my VINE bag was worth $4,000, and now it's worth $500,000. The supercycle is real," another user wrote.
The VINE Token has captured the attention of investors and has been listed on the cryptocurrency exchange BitMart. According to the announcement, trading will commence at 10:00 UTC on January 23.
Yusupov's entry into cryptocurrency has garnered significant attention due to the viral success of his Vine app. The short video app that dominated social media was discontinued in 2017.
The launch of VINE coincides with the time when Elon Musk has expressed interest in reviving the beloved SNS app. The billionaire conducted a poll in April 2024, asking if he should "Bring back Vine?", and approximately 70% voted in favor.
