We got a Vine memecoin before we got the app back
Vine founder Rus Yusupov has announced the launch of VINE, a new memecoin based on the video-sharing platform despite it being dead for eight years.
Yusupov announced the token’s launch last night, saying, “Let’s relive the magic and DO IT FOR THE #VINECOIN.”
VINE has presumably been launched to capitalize on Elon Musk’s claims that he’s considering bringing the long-defunct app back to life. “We’re looking into it,” Musk told a Tesla investor hoping for its return.
Read more: Trump pastor says help God’s dream — buy my memecoin
However, not everybody’s happy with the crypto pivot. Vine co-founder Dom Hofmann distanced himself from the token, claiming, “I’m not involved and will never be involved with any memecoin.”
Vine was launched in June 2012 and acquired by Twitter for $30 million four months later. It was essentially TikTok before TikTok was even a thing, and became a cultural phenomenon for memes and short-form content.
Celebrities like Logan Paul, Shawn Mendez, and David Dobrik all started out on Vine.
However, the app was discontinued in October 2016 and shut down by January 2017. Vine struggled to retain its top creators who had begun moving their channels to other platforms like YouTube and Instagram.
Read more: No, Cuba hasn’t launched its own memecoin
The Verge reported that it struggled to make money thanks to a lack of monetization, “executive churn,” and Vine losing marketers to its competitors. Former Vine Head of Editorial, Ankur Thakkar, told the Verge that the platform ultimately lacked “unity and leadership on a vision.”
According to Dexscreener, VINE has a 24-hour volume of $783 million and its price has risen by 1,231,573% since launch. Its current market cap is almost $400 million.
Got a tip? Send us an email or ProtonMail. For more informed news, follow us on X, Instagram, Bluesky, and Google News, or subscribe to our YouTube channel.