Vine, the once-popular short video-sharing platform, has resurfaced in conversations thanks to a recent interaction involving Elon Musk. On January 19, a user on X suggested bringing back Vine, to which Musk responded, “We’re exploring it.” This exchange sparked a flurry of discussions within the crypto community, especially as VINE crypto experienced a surge in price following the debate.
The possibility of Vine’s return gained traction amidst the ongoing discussions surrounding TikTok’s status in the US. With a former president working to negotiate TikTok’s ownership to allow it to operate in the country, the idea of Vine making a comeback seemed plausible. Musk’s previous poll on X, where over two million people voted in favor of Vine’s return, further fueled the speculation.
In response to the renewed interest in Vine, the platform’s founder, Rus Yusupov, launched an alternative social media movement through the Solana-based token, VINE. The token witnessed a staggering 1,800% price increase in the wake of Musk’s comments, mirroring the market’s reaction to his previous endorsements of cryptocurrencies like Dogecoin.
However, TradingView data revealed a significant retracement in VINE’s price shortly after the initial spike. This downturn underscores the current market dynamics, which may not be as conducive to speculative investments, particularly in memecoins. Despite initial projections that Musk’s influence could propel VINE’s price to $1, the cryptocurrency has retraced over 60% in less than a week, now trading at $0.19044.
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