Gate.io Blog After VINE meme coin surged to a $500 million market cap within a day and then dropped, is VINE still worth buying now?

After VINE meme coin surged to a $500 million market cap within a day and then dropped, is VINE still worth buying now?

24 January 16:06

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This morning, another hot coin appeared on the <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> chain - VINE. The token shares the same name as the short video platform Vine, which was announced closed in 2016. Its market value exceeded 85 million US dollars within just 1 hour of launch, then briefly dropped to 5 million US dollars, violently washing out most of the positions. After Vine co-founder Rus Yusupov claimed his developer identity on X, the price of VINE surged, with the highest market capitalization reaching 506 million US dollars, and it is currently maintained at around 260 million US dollars.

![](https://gimg2.gateimg.com/image/article/1737705853vine.jpeg)

Vine is a short video platform similar to TikTok, allowing users to create short videos up to 10 seconds long and share them on X and other social networks. The platform was launched in June 2012 and was co-created by the three founders Dom Hofmann, Rus Yusupov, and Colin Kroll; X acquired it in October 2012, but announced the closure of Vine on October 27, 2016, due to a company restructuring plan.

## The Past and Present of VINE Token

Musk has mentioned restarting Vine multiple times, and the market has been speculating. After acquiring Twitter, he expressed his idea of restoring Vine on social media and launched a poll in October 2022. 69.6% supported the restoration of Vine, and he instructed the Twitter team to restart, but it was not implemented. In April 2024, Musk launched another vote asking whether to restart Vine, and there were multiple Vine-themed meme coins on <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>, with a market capitalization of up to $7 million, but these coins eventually went to zero.

![](https://gimg2.gateimg.com/image/article/1737705899screenshot-20250124-154049.png)

On January 19, 2025, Musk responded to a user's proposal to restart Vine, saying 'considering it', on the same day. [Solana](/price/solana-sol) Multiple Vine-named Meme coins have also appeared on the chain, with a market capitalization of over $10 million. Despite the existence of multiple Meme coins with the same name on the market, none of them have been officially recognized by Vine or Musk. This morning, Vine co-founder Rus Yusupov personally certified the issuance of the same-named Meme coin, stating that it was to commemorate 'the beauty of unity and creation.' Although he has sold Vine to X, the market still quickly recognized the VINE token he issued as the leader, and other same-named Meme coins have almost gone to zero.

![](https://gimg2.gateimg.com/image/article/1737705873screenshot-20250124-153816.png)
Rus Yusupov publicly holds 5% of the total supply of VINE, and these tokens are currently locked. Although developers locking tokens is good news for the tokens, it is important to note that Rus Yusupov's relationship with Vine is limited to him founding Vine. Similar to other Meme coins, the issuance of the same-named Meme coin is not substantially related to the Vine platform, and the key still lies in Musk's involvement.

In the current market environment, the market capitalization of MEME coin has surpassed previous levels. Despite the past hype surrounding Vine's MEME coin, the coin issuance by Vine's co-founder still manages to attract market attention. Whether Rus Yusupov's coin issuance is for profit or to promote the Vine platform, in this cryptocurrency world where the U.S. president personally issues meme coins, it doesn't seem particularly unusual.

## What is the future of VINE meme coin?

At 18:00 Beijing time on January 23rd, Gate.io announced the launch of VINE token trading, and at 20:45 on the same day, it announced the launch of VINE/USDT perpetual contract, supporting up to 50 times leverage. Today, major trading platforms have successively announced the listing of VINE token spot or VINE perpetual contract trading, which has brought more opportunities for VINE's performance. VINE is currently priced at $0.248 with a market capitalization of $244 million, ranking 245th in the market. From the perspective of market value space, VINE still has some room for growth.

However, from the perspective of news, although the VINE token is closely related to the Vine platform, it is also controversial. Although the platform was acquired and closed by X in 2016, Musk has mentioned restarting Vine several times and caused a lot of market hype on social media. However, despite the attention and hype brought by the name Vine, its actual association with the Vine platform is not strong. Although the issuance of VINE tokens was personally confirmed by Rus Yusupov, he has sold Vine to X, which still raises questions about the actual value of the token. The market's enthusiasm for VINE may rely more on Musk's participation than just its connection to the original Vine platform.

<div class="blog-details-info">
<div>Author: **Icing**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions. Investment involves risks and users need to make careful decisions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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After VINE meme coin surged to a $500 million market cap within a day and then dropped, is VINE still worth buying now?

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