Vine Co-Founder Rus Yusupov Launches Meme Coin, VineCoin

Rus Yusupov, the co-founder of Vine, recently announced the launch of VineCoin, a meme coin named after the popular short-form video application that was discontinued in 2017.

Vine co-founder Rus Yusupov has announced the launch of VineCoin, a meme coin named after the popular short-form video application that was discontinued in 2017. The announcement, shared on X (formerly Twitter) this Wednesday, quickly gained traction among crypto enthusiasts.

According to CoinMarketCap, by Friday, VineCoin was trading at approximately 16 cents with a market capitalization of $164 million. This rapid rise caught the attention of crypto traders who view a coin’s market capitalization as an indicator of its stability and value.

Interestingly, Yusupov’s announcement comes just days after Elon Musk, the CEO of Tesla and SpaceX, engaged with a post on X featuring Vine’s logo and a caption reading, "I think it's time to bring it back @elonmusk." Musk responded, saying, "We’re looking into it." This conversation has sparked speculation that Musk may be considering a potential Vine revival, following a Twitter poll in April 2023 where nearly 70% of respondents expressed support for the idea. Sources have also indicated that Musk instructed Twitter's engineers to start working on reviving Vine after acquiring the platform in October 2023.

Vine, originally launched in 2012, became hugely popular for its 6-second looping videos before being acquired by Twitter for $30 million later that year. However, the platform saw a decline in popularity, and by 2016, Yusupov had voiced his frustration with its sale. On X, he posted, "Don’t sell your company!" – a sentiment that many within the tech community could relate to, especially given Vine's strong impact on internet culture.

The launch of VineCoin follows the rising trend of meme coins within the cryptocurrency market. A notable recent example includes former President Donald Trump’s cryptocurrency initiatives, which include a meme coin called the Official Trump coin and Melania Trump’s $MELANIA token. The Trumps’ crypto ventures have stirred debate over ethical concerns, particularly due to the ownership stakes held by Trump-affiliated businesses.

Yusupov’s VineCoin represents a nostalgic step into the meme coin world, blending Vine’s cultural legacy with the growing trend of cryptocurrency. It remains to be seen whether it will replicate the viral success Vine once enjoyed or become another fleeting trend in the ever-changing world of digital currencies.