The co-founder of Vine, Rus Yusupov, recently announced the launch of a meme coin named after the defunct video app. Yusupov, one of the original creators of Vine along with Dom Hofmann and Colin Kroll, shared a post inviting users to join in with the hashtag #VINECOIN to revive the nostalgia of the app. To verify the authenticity of his announcement, Yusupov posted a selfie stating that his account was not hacked, but he was simply having fun.
The news of Vine Coin quickly gained traction among crypto enthusiasts and traders, with the token’s market capitalization exceeding $200 million within hours of its release. By Friday morning, Vine Coin was trading at around 16 cents with a market capitalization of $164 million. Traders often look at market capitalization to gauge the value and stability of a coin.
Vine Coin is just one of many meme coins that have gained popularity in the crypto market. The resurgence of interest in Vine comes on the heels of a post tagging Elon Musk, where the Tesla CEO hinted at potentially bringing the app back. Musk had previously conducted a poll indicating strong support for reviving Vine, and there were reports that he had instructed Twitter’s engineers to explore a reboot of the platform.
During its peak in 2015, Vine boasted 200 million active users and was eventually acquired by Twitter for $30 million. The app’s decline in 2016 prompted Yusupov to express regret over selling the company in a post that simply read, “Don’t sell your company!”
The rise of meme coins, including Vine Coin and Trump-branded tokens, has coincided with the increasing interest in cryptocurrency during Trump’s presidency. Trump’s own branded meme coin, “Official Trump,” has garnered a market capitalization exceeding $6.7 billion, while First Lady Melania Trump has launched the $MELANIA token with a market capitalization of over $448 million. Concerns have been raised over the ethical implications of these tokens, particularly regarding ownership and potential conflicts of interest.
In a significant move that has been described as a significant shift in U.S. digital asset policy, the president recently took action by initiating the establishment of a specialized cryptocurrency working group. The primary objective of this working group is to formulate and recommend updated regulations pertaining to digital assets. This development was highlighted by Nathan McCauley, the esteemed CEO and co-founder of Anchorage Digital, a prominent player in the cryptocurrency industry. According to McCauley, this presidential directive signifies a notable turning point in the landscape of digital asset governance within the United States. The insights shared by McCauley were reported by Reuters, adding further credibility to the importance and impact of this regulatory initiative. The implications of these regulatory changes are far-reaching and are expected to bring about substantial transformations in the digital asset sector. Furthermore, as reported by USA TODAY, an interesting development in the cryptocurrency sphere is the availability of the Vine meme coin, a digital asset created by one of the co-founders of the now-defunct Vine app.
