Musk's Previous Cryptocurrency Dabbling May Hint at $VINE's Role in a Possible Vine Reboot

The hype around $VINE has also drawn attention to other meme coins. A similar pattern was seen with a token linked to JellyJelly, a podcasting app created by Venmo co-founder Iqram Magdon-Ismail.

A token linked to the speculations of a possible Vine return has seen a staggering surge, catapulting it into the Top 100 cryptocurrencies by market cap within a week.

The hype began after Elon Musk, X (formerly Twitter) CEO and Tesla chair, mentioned exploring new projects, including a "government initiative related to blockchain" and allowing Dogecoin for Tesla purchases.

However, despite rumors of a possible Vine return and a focus on short-video platforms, there is no confirmation that $VINE will have a role in the project.

Nonetheless, the speculations have sparked enthusiasm among investors, leading to a remarkable rally in the $VINE token.

Within a week, the token's price soared by 9,000%, and its market cap surged from $1.1 million to $968 million, securing a Top 100 spot in the crypto sphere.

The hype around $VINE has also drawn attention to other meme coins. A similar pattern was seen with a token linked to JellyJelly, a podcasting app created by Venmo co-founder Iqram Magdon-Ismail.

That token initially surged to a market cap of $248.5 million before dropping 94% to $14.88 million.

Meanwhile, another meme coin, Flockerz, has been gaining traction as it prepares to launch, with some investors hoping it could replicate $VINE's early surge.

Vine, which was originally acquired by Twitter and shut down in 2017, was among the first major short-video platforms.

Musk had previously run a poll on X, asking users if Vine should be revived, with the majority voting in favor. After acquiring Twitter in 2023, he reportedly had engineers explore a Vine reboot, but no concrete action was taken.

With uncertainty around TikTok's future in the U.S., speculation about Vine's comeback continues. Some see it as a potential alternative to the Chinese-owned platform.

While betting platform Polymarket initially placed a 58% probability on X relaunching Vine before July, that figure has now dropped to 24%.

Investors remain cautious, as the hype surrounding $VINE could fade just as quickly as it surged.