- Elon Musk triggers a new phase of discussion about the Vine video-sharing platform.
- VINE crypto surged following the new debate over the Vine platform.
- VINE’s rally was short-lived as the crypto’s price has dropped significantly.
Vine, a popular short video-sharing platform from over a decade ago, is back in the discussion. This comes after Elon Musk’s post on X. On January 19, an X user posted that he thinks it is time to bring back Vine, and Musk responded, “We’re exploring it.”
The interaction between Musk and the X user sparked a wave of reactions among crypto community members. Many discussed the possibility of Vine’s return, especially with the ongoing debate over TikTok’s status in the US. It’s important to remember that a former US president reinstated the China-based app shortly after the outgoing administration banned it in the US. He promised to negotiate its ownership for the short-video app to continue operating within the country.
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In the meantime, Musk’s reply reinforced his poll from last April, when he asked if the social media platform, X, should bring back Vine. The poll got over two million respondents, 70% of whom voted for Vine’s return. Before the latest attention towards Vine, the platform’s founder, Rus Yusupov, created an alternative social media movement through the Solana-based token, VINE.
The VINE Token: A Wild Ride
On-chain data show that VINE’s price shot up over 1,800% after the discussions. It seems to have taken a cue from Musk’s historical effect on the crypto market whenever he makes a bullish statement about any cryptocurrency. A prime example happened in 2021 after the Tesla CEO spoke about adopting Dogecoin.
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Although VINE’s price spiked, TradingView’s data show it has retraced massively. This highlights the current crypto market dynamics that may not favor the kind of speculation seen during the 2021 bull cycle, especially with memecoins. VINE has retraced over 60% in less than one week, currently trading for $0.19044 despite initial projections that Musk’s influence could send the cryptocurrency’s price to $1.
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