Recent plans by Elon Musk to revive the social network VINE have led to a noticeable increase in the VINE token on the cryptocurrency market.
Growing Interest in the VINE Token
The VINE token saw a significant increase of 8.4% following Elon Musk's post announcing his intention to restore old content from the VINE social network. In a post from August 3, Musk noted, "By the way, we recently found the Vine video archive (thought it had been deleted) and are working on restoring user access, so you can post them if you want." This announcement stirred user enthusiasm, contributing to a rise in interest around the token.
What is the VINE Token?
Launched in January 2025, the VINE token was initiated in connection with the announcements regarding the revival of the app. It is based on Solana and has been frequently referred to as a meme coin. Despite its popularity, the token is not directly linked to Musk's current efforts to resurrect VINE. Currently, the token sits at $0.707, maintaining 84.8% of its all-time high of $0.4699.
Impact on Other Cryptocurrencies
In addition to the rise of VINE, the cryptocurrency Dogecoin also saw a lift in response to Musk's activities. Dogecoin jumped 3.15% and is trading at $0.20. The surge in the market also touched on AI-related tokens tied to Musk's efforts. These events highlight Musk's growing influence on the crypto market.
Elon Musk's plans to revive VINE and his active postings on social media may significantly impact the cryptocurrency market, increasing interest in tokens linked to his activities.
