Rus Yusupov, one of the co-founders of the defunct social platform dubbed Vine, has launched an official memecoin in commemoration of the Vine app vibes. The Vine (VINE) memecoin was launched on the Solana (SOL) network through the Pump.fun protocol earlier this week.
Having been provided liquidity of nearly 10k SOL coins, worth about $10 million, Vine memecoin has attracted more than 60k on-chain holders seeking to capitalize on the popularity of Yusupov and the social app.
Why Vine Memecoin
According to Yusupov, the Vine memecoin will help bring people together, by reliving the fun and magic of millions of videos posted on the Vine App. With the Vine App having been purchased by X, formerly Twitter, and later discontinued in 2017, – which has become a beacon of free speech – Yusupov noted that the profits from the Vine memecoin will be donated to the X social platform.
Meanwhile, Yusupov noted that the developer coins will not be sold, which could dilute the community tokens in return.
Market Performance
The small-cap memecoin, with a fully diluted valuation of about $221 million and a 24-hour average trading volume of around $837 million, rallied more than 273k percent in the past 24 hours. As a result, early Vine memecoin investors, who risked $10, had a return on investment of about $27,300.
However, the future performance of Vine is largely dependent on Yusupov’s decisions and also the popularity of the Vine app among crypto traders.
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