The Vine co-founder announced this week that he was launching a meme piece named after the now-defunct short-form video app.
Rus Yusupov, who co-founded the app with Dom Hofmann and Colin Kroll in 2012 Before its shutdown in 2017, shared an X post on Wednesday Saying: “Remembering all the fun we had built from Vine, let’s relive the magic and make it for #vinecoin.”
To prove that his account was not hacked, Yusupov posted a selfie of himself on x With the caption, “Haven’t posted a selfie in ages, but here. Not hacked! Having fun.” Nowsweek reported that crypto enthusiasts and traders jumped on the coin and within hours, the token’s market cap surpassed $200 million.
As of around 11 a.m. EST on Friday, Vine Coin was trading for around 16 cents and had a market cap of $164 million, according to Coinmarketcap. Traders look at the market capitalization of coins to determine their total value and stability.
Here’s what to know about Vine and how the new token became one of several coins that have recently gained traction among crypto traders.
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Elon Musk hints at bringing back the vine
Days before Yusupov’s announcement, Tesla CEO and SpaceX founder Elon Musk was Tagged in an X post This included the Vine logo with the caption: “I think it’s time to bring it back @elonmusk.”
In response to Post Elon Musk said“We’re looking at it.” Additionally, Musk conducted a poll on X last April, in which almost 70% of participating users voted in favor. Shortly after purchasing Twitter in October 2023, anonymous sources told Axios This musk had asked the company’s engineers to start working on restarting Vine.
Vine has become one of the most popular social media platforms globally, with 200 million active users at its peak in 2015, the Express Tribune reported.
Vine’s rapid popularity led to it being purchased by Twitter, now known as X, in October 2012 for $30 million.
During Vine’s decline in 2016, Yusupov shared a X Post apparently expressing frustration on the sale of the business. The X Post simply said: “Don’t sell your business!”
Vine Coin, among other meme coins skyrocketing amid Trump presidency
During Trump’s 2024 campaign, he cryptocurrency defended and has promoted its use since taking office. Even Bitcoin (BTC), the world’s largest cryptocurrency, hit a record high of $109,071 on Monday when Trump was sworn in as the 47th US president, but later dropped to $101,705.40.
Trump, who has promised to overhaul US Crypto Policy, launched a Trump-branded MEME coin last week. As of 12:40 p.m. ET on Friday, the “official Trump” coin is trading for around $33 and has a market cap of more than $6.7 billion, according to Coinmarketcap.
First lady Melania Trump also recently launched the $Melania token which is trading around $2.60 as of 12:40 p.m. EST with a market cap of over $448 million, Coinmarketcap shows.
There have been concerns regarding if the parts of the attembre are ethical or a conflict of interest. Eighty percent of $Trump Coin’s tokens are owned by CIC Digital, an affiliate of the president’s business, and another entity called Fight, Fight, Fight, according to its website.
The companies said they are not investments or securities, but rather an “expression of support and commitment to the ideals and beliefs embodied in the symbol ‘$Trump.'” On Thursday, the president ordered the creation from a cryptocurrency working group It would propose new regulations on digital assets, signaling “a maritime shift in U.S. digital asset policy,” said Nathan McCauley, CEO and co-founder of Crypto Company Anchorage Digital , said Reuters.
Reuters contributed to this story.