According to data recorded by BeInCrypto from The Data Nerd, 5 hours ago, a Smart Money used $22.7 thousand to purchase 4.59 million VINE coins at an average price of $0.005. But just 2 hours later, this wallet sold all of those VINE coins and collected $569 thousand. Thus, in just a few hours, this wallet address earned about $546 thousand with an ROI of about 24x.
So what makes VINE coin so attractive? What’s the story behind it? Let’s find out with BeInCrypto.
What is VINE coin?
VINE is a new coin recently launched on the Solana (SOL) network. It shares its name with a short-form video platform launched in June 2012 by Dom Hofmann, Rus Yusupov, and Colin Kroll. This platform was acquired by X/Twitter in October 2012, but X/Twitter announced its closure on Oct. 27, 2016. Since then, the platform has been largely forgotten. However, VINE coin is not associated with the aforementioned Vine project from X. So what caused the price of VINE to increase so dramatically?
VINE Coin Surges Thanks to… Elon Musk
One of the co-founders of the short-form video platform Vine, Rus Yusupov, released a meme coin with the same name. Although he sold the Vine platform to Twitter four months after creating it and has not owned Vine since, nor participated in its subsequent development and maintenance, due to his status as founder, the market quickly recognized his VINE coin as being affiliated with X.
This caused the market value of VINE coin to exceed $100 million just one hour after launch, before dropping to $5 million. However, after Vine co-founder Rus Yusupov claimed developer status in a post on X, the price of VINE coin skyrocketed, reaching a market capitalization of $240 million.
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