Binance’s listing of VINE and PIPPIN Perpetual Contracts with up to 25x leverage has caught the crypto community’s eye. VINE, a meme coin connected
Crypto exchange Binance has announced the listing of VINE and PIPPIN perpetual contracts, offering traders leverage of up to 25x. While VINE, a meme coin linked to Vine co-founder, has enjoyed a surge in interest, PIPPIN's performance has been lackluster.
Following Yusupov's announcement, VINE experienced a rapid increase in value, briefly reaching a market cap of $500 million before settling at around $200 million. The launch of the VINE meme coin on Solana was accompanied by Yusupov's tweet, "Remembering all the fun we had making vine — Let's relive the magic and DO IT FOR THE #VINECOIN."
As part of his efforts to instill confidence in the project, Yusupov locked up all developer tokens until April 2024. This measure has contributed to the coin's appeal, particularly among those yearning for the return of Vine.
The clamor for Vine's revival intensified after Elon Musk expressed interest in the possibility of bringing back the app. In response to a user's suggestion to restore the app amid discussions about banning TikTok, Musk tweeted on Jan. 19, "We're considering it."
In contrast to VINE's trajectory, PIPPIN, a token created by AI innovator Yohei Nakajima, has encountered difficulties. Despite its grand premise and a live demonstration, the token has experienced a decline of 70% from its all-time high, sparking doubts about its utility. At the time of writing, PIPPIN is trading at $0.13, down by 5%.
Some critics have attributed PIPPIN's lack of practical application as a factor in deterring investors. Additionally, it is speculated that early adopters may have sold their holdings quickly, leading to sell-offs and a rapid price drop.
However, it is important to note Nakajima's extensive track record in the field of AI, having created over 100 prototypes, ranging from automation agents to open-source projects. His work has garnered attention from prominent figures, including Jeff Bezos and Marc Andreessen.
As meme coins continue to dominate headlines, the contrasting fortunes of VINE and PIPPIN serve to highlight the inherent volatility within this market. It remains to be seen whether VINE's nostalgia factor and developer commitment will propel it toward long-term success or if PIPPIN's technology will ultimately deliver practical value, justifying its price movements.
