Vine Co-Founder Launches VineCoin, a Meme Cryptocurrency Inspired by the Defunct App
Rus Yusupov, the co-founder of one of the once-iconic short-form video platforms Vine, has recently launched a new meme coin named after the app. Yusupov, who founded Vine back in 2012 alongside Dom Hofmann and Colin Kroll, discovered the initiative on X (former Twitter) via a simple, nostalgic message: “Remembering all the fun we had building Vine, let’s relive the magic and DO IT FOR THE #VINECOIN.”
Yusupov even posted a selfie on X, assuring his followers of the authenticity of the announcement with the caption: “I haven’t posted a selfie in ages, but here. Not hacked! Just having fun.” Within hours of the debut, the coin’s market capitalization shot past $200 million. As of Friday at 11 a.m. EST, according to CoinMarketCap, VineCoin was trading at around $0.16 with a market cap of $164 million.
Yusupov news comes as his company follows rumors of a renewal of interest towards Vine. Within days, Musk, the electric car manufacturer executive and owner of X, engaged with a message that asked which platform was on its way. ‘Looking into it,'” he replied Musk had earlier engaged in a ballot on X upon which nearly 70% stated they would restore the app. Shortly after purchasing Twitter in October 2023, Musk told engineers to investigate restarting Vine, Axios reported, citing anonymous sources.
At its peak in 2015, Vine boasted 200 million active users worldwide, solidifying its position as a social media phenomenon. Acquired by Twitter in October 2012 for $30 million, the app was discontinued in 2017 following a decline in popularity. Reflecting on the sale, Yusupov expressed regret in a 2016 X post, stating, “Don’t sell your company!”
It forms part of the trend of meme cryptocurrencies that have gained popularity in recent times. During Donald Trump’s 2024 presidential campaign, several coins bearing the Trump brand were unveiled. Bitcoin, the largest cryptocurrency, hit a record $109,071 on the day of Donald Trump’s inauguration but later plunged to $101,705.40.
Last week, Trump launched the “Official Trump” coin, which is trading at around $33 with a market cap exceeding $6.7 billion. First Lady Melania Trump also launched the $MELANIA token, valued at $2.60 and boasting a market cap of $448 million. These ventures have raised questions about ethics and potential conflicts of interest. According to its website, 80% of $TRUMP coin’s tokens are owned by CIC Digital, an affiliate of Trump’s business.
The companies behind these coins said they are not investments or securities but symbolic expressions of support for the Trumps’ ideals. On Thursday, President Trump said he was announcing the formation of a cryptocurrency working group to propose new digital asset regulations-sentiment keenly felt here by Mr. McCauley, who called it “a sea change in U.S. digital asset policy.”
With more meme coins sprouting, it is possible that VineCoin’s nostalgic appeal as well as being associated with a loved platform might attract the attention of both crypto enthusiasts and former Vine users.
