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- Elon Musk triggers a brand new part of dialogue in regards to the Vine video-sharing platform.
- VINE crypto surged following the brand new debate over the Vine platform.
- VINE’s rally was short-lived because the crypto’s worth has dropped considerably.
Vine, a preferred quick video-sharing platform from over a decade in the past, is again within the dialogue. This comes after Elon Musk’s submit on X. On January 19, an X person posted that he thinks it’s time to carry again Vine, and Musk responded, “We’re exploring it.”
The interplay between Musk and the X person sparked a wave of reactions amongst crypto neighborhood members. Many mentioned the opportunity of Vine’s return, particularly with the continued debate over TikTok’s standing within the US. It’s essential to do not forget that a former US president reinstated the China-based app shortly after the outgoing administration banned it within the US. He promised to barter its possession for the short-video app to proceed working inside the nation.
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Within the meantime, Musk’s reply bolstered his ballot from final April, when he requested if the social media platform, X, ought to carry again Vine. The ballot obtained over two million respondents, 70% of whom voted for Vine’s return. Earlier than the newest consideration in the direction of Vine, the platform’s founder, Rus Yusupov, created an alternate social media motion via the Solana-based token, VINE.
The VINE Token: A Wild Experience
On-chain information present that VINE’s worth shot up over 1,800% after the discussions. It appears to have taken a cue from Musk’s historic impact on the crypto market each time he makes a bullish assertion about any cryptocurrency. A chief instance occurred in 2021 after the Tesla CEO spoke about adopting Dogecoin.
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Though VINE’s worth spiked, TradingView’s information present it has retraced massively. This highlights the present crypto market dynamics that won’t favor the form of hypothesis seen through the 2021 bull cycle, particularly with memecoins. VINE has retraced over 60% in lower than one week, at present buying and selling for $0.19044 regardless of preliminary projections that Musk’s affect may ship the cryptocurrency’s worth to $1.
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