Rus Yusupov, the co-founder of the now-defunct social platform Vine, has launched a new memecoin to honor the app’s nostalgic vibes. The Vine memecoin (VINE) was introduced earlier this week on the Solana (SOL) network, through the Pump.fun protocol.
The Vine memecoin started with liquidity of nearly 10,000 SOL, worth about $10 million. Since then, it has attracted more than 60,000 on-chain holders looking to profit from Yusupov’s legacy and the popularity of the Vine app.
Bringing Back the Vine Magic
Yusupov explained that the goal of the Vine memecoin is to bring people together by reliving the fun and magic of the millions of videos once shared on the Vine app. After being purchased by X (formerly Twitter) and discontinued in 2017, Vine’s influence remains strong.
Yusupov also mentioned that the profits from the memecoin will be donated to X, which has become known as a platform for free speech.
Yusupov emphasized that the developer coins will not be sold, ensuring that the value of community-held tokens won’t be diluted.
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Market Performance
With a fully diluted market valuation of about $221 million and a 24-hour trading volume of around $837 million, Vine memecoin has surged by over 273,000% in the past 24 hours. Early investors who put in just $10 have seen their investment grow to around $27,300.
Despite its impressive growth, the future of Vine memecoin depends heavily on Yusupov’s decisions and the level of interest from crypto traders. The memecoin market is known for its volatility, so its long-term success will rely on how well the Vine brand resonates with crypto enthusiasts moving forward.
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In a market known for its unpredictability, only time will tell if Vine memecoin can stand the test of volatility.
