New $VINE Meme Coin Sees Major Boost After Elon Musk Teases a Possible Comeback on X for the Discontinued OG Short-Form Video App

Days after the brief shutdown of TikTok, new users are unable to download the app in the Google Play and Apple App Stores. Vine co-founder Rus Yusupov

A new $VINE meme coin is getting a major boost after Elon Musk teased a possible return on X for the discontinued OG short-form video app owned by X, formally Twitter.

After TikTok was briefly shut down days ago, new users are unable to download the app from the Google Play and Apple App Stores. Now, Vine co-founder Rus Yusupov is launching the Vine token, which immediately spiked in value.

Is $VINE here to stay? Or will the coin be short-lived? Here's what we know.

$VINE's market cap reached $400 Million

In a wave of nostalgia, the Vine token soared to a temporary $400 million in market capitalization within the first 24 hours of trading, according to CryptoSlate. While the Solana (a blockchain platform) based meme coin's market cap has since declined to under $200 million at the time of publication, its trading volume surpassed $1 billion, according to CoinMarketCap, a crypto price-tracking site.

Rus Yusupov, co-founder of Vine, TikTok and Instagram Reel's predecessor is the latest public figure to announce a meme coin.

$VINE launches after Trump and Melania coins

A week ago, President Donald Trump announced the launch of the $TRUMP meme coin, which describes Trump as "the crypto president." The token's valuation reached $31 billion.

Meanwhile, his wife's $MELANIA coin hit a market cap of $1 billion since its Jan. 19 launch. The rise of celebrity and meme tokens points to the president's recent shift to favoring the expansion of cryptocurrency and loosening regulations.

What is a meme coin?

USA TODAY describes meme coins as "a type of cryptocurrency usually inspired by internet memes, often a pop culture image or trend."

Popular meme tokens include Dogecoin and Shiba Inu, which are the top meme coins by market cap right now, according to CoinMarketCap data.

What is the Vine coin?

$VINE is the latest in the meme coin cryptocurrency market, and is based on the Vine social media app.

The now-defunct short-form mobile application gained massive popularity in the early-to-mid 2010s due to its six-second videos, which allowed creators to make short clips to reach a wide audience. Twitter, Vine's parent company, eventually shuttered the platform in 2017.

TikTok can't be downloaded right now

While Trump delayed the ban of TikTok, users still reported issues with trying to download the app from the Apple and Google app stores.

Those who attempt to download the app are met with messages like "Downloads for this app are paused due to current U.S. legal requirements" on the Google Play Store and "TikTok and other ByteDance apps are not available in the country or region you're in" on the Apple App store.