- Vine founder Rus Yusupov launched VINE, a memecoin inspired by the defunct video app, sparking nostalgia and hype.
- VINE’s price surged over 1,231,573% since launch, with a market cap nearing $400 million and $783 million in 24-hour trading volume.
- Vine co-founder Dom Hofmann distanced himself from the project, stating he will not support any memecoin ventures.
In a surprising turn of events, Rus Yusupov, the founder of Vine, has unveiled VINE, a new memecoin inspired by the now-defunct video-sharing app that was shut down eight years ago. Yusupov announced the launch with an enthusiastic post on X, saying, “Let’s relive the magic and DO IT FOR THE #VINECOIN.”
Tapping Into Nostalgia and Elon Musk’s Interest
The token appears to be a strategic move to capitalize on Elon Musk’s recent comments hinting at a potential revival of Vine. Musk previously told a Tesla investor, “We’re looking into it,” when asked about bringing the app back.
Despite the excitement, not everyone is on board. Dom Hofmann, Vine’s co-founder, distanced himself from the project, stating emphatically, “I’m not involved and will never be involved with any memecoin.”
The Rise and Fall of Vine
Vine, which launched in June 2012 and was acquired by Twitter for $30 million just months later, revolutionized short-form content before apps like TikTok existed. It became a cultural phenomenon, catapulting creators like Logan Paul, Shawn Mendes, and David Dobrik to fame.
However, Vine’s inability to monetize effectively, combined with executive churn and its failure to retain top creators, led to its shutdown in January 2017. Former Vine Head of Editorial, Ankur Thakkar, attributed its downfall to a lack of “unity and leadership on a vision.”
VINE’s Meteoric Debut
Despite the mixed reception, the memecoin itself has seen explosive growth. According to Dexscreener, VINE recorded a 24-hour trading volume of $783 million and its price skyrocketed by an unbelievable 1,231,573% since its launch. The token now boasts a market cap of nearly $400 million.
Final Thoughts
Whether or not VINE can sustain its momentum remains to be seen. For now, Yusupov is embracing the hype, while critics remain skeptical of its long-term value. As nostalgia and memecoins collide, the revival of Vine’s legacy—this time in the form of cryptocurrency—has everyone talking.
