Vine Coin Launches on Solana, Surges 54% in Market Value
Rus Yusupov has launched the Vine Coin (#VINE), a Solana-based memecoin, to honor the former social media platform Vine. This announcement surprised the crypto community, with speculation regarding the authenticity of Yusupov's X account.
Key details include:
- Yusupov verified the launch by sharing the token contract and a photo of himself holding the announcement.
- The liquidity is locked at nearly 12,000 SOL, attracting around 82,000 speculative traders.
- VINE memecoin increased over 54% to approximately $0.32, with a 24-hour trading volume of about $1.7 billion and a fully diluted valuation of $320 million.
- To prevent insider selling, developers' shares will be locked until April 20, 2025.
Yusupov aims to revive the Vine app's legacy, stating his goal is to commemorate creativity and togetherness. He plans to direct profits from the memecoin to support the X platform, which promotes free speech.
The rise of celebrity memecoins, including TRUMP and MELANIA, suggests an impending end to the 2025 crypto bull cycle. However, ongoing regulatory support may foster continued adoption of digital assets through 2028.