The world’s richest man Elon Musk seems to have greenlit the revival of old-fashioned video app Vine, after an xAI worker introduced that the corporate has acquired the defunct cellular app.
In response, the Pump.fun launched Vine Coin, VINE, created by the app’s co-founder, has spiked 122% over the previous three days.
Musk’s love affair with Vine began again in January when he mentioned he was “trying into” bringing again the favored app, amid considerations that TikTok could be banned within the U.S.. Not lengthy after, the co-founder of Vine, Rus Yusupov, launched a Solana meme coin hinting that the app’s return might probably use the token, prompting it to rapidly contact a $498 million market cap.
However that was short-lived. It has since fallen 89% to $55 million.
On Friday, Dane Jacobson, an worker of xAI, the bogus intelligence arm of Musk’s X, said on X that the corporate now “owns” Vine. He requested his followers what ought to be performed with the app.
Musk responded “be happy to take that on,” with many taking this as the billionaire greenlighting the revival. Yusupov reposted the change.
Vine Coin pumped 110% from Friday into Saturday to a market cap of $52 million, following the Musk interplay. The token then retraced 41% to $30.55 million on Sunday, earlier than spiking one other 80% to $55 million on Monday. Over your entire three day interval, the coin climbed 122%, in line with DEX Screener.
Polymarket betters consider there’s a 24% probability that X relaunches Vine earlier than July, down from 58% at the top of January.
Alongside the launch of Vine Coin, Yusupov created a website of the identical title which features a waitlist. This has spurred on rumors that the favored app will quickly return— and may even incorporate the token.
Musk has beforehand toyed with utilizing cryptocurrencies in his enterprise ventures, together with accepting Dogecoin for Tesla autos and investing in crypto by way of his firms. Extra lately, it was reported that the billionaire was pondering the usage of a public blockchain for the Department of Government Efficiency, though this hasn’t come to fruition but.
Equally, co-founder of Venmo Iqram Magdon-Ismail has created a podcasting app known as JellyJelly that makes use of a Pump.enjoyable token of the identical title for a tipping feature. On its January launch, it spiked at a market cap of $248.5 million however has since fallen 94% to a $14.88 million market cap, in line with DEX Screener.
Edited by Stacy Elliott.
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