The founder of Vine, Rus Yusupov has set the crypto community abuzz with launching his own cryptocurrency Vine Coin and joining the trend within the crypto industry. He officially announced the launch of VINE on X by posting a contract address and citing, “Let’s relive the magic and DO IT FOR THE VINECOIN.”
While the crypto space has been infamous for hacking activities, Rus clarified in a subsequent post that his account is not hacked and he is “just having fun.”
Within hours of its launch, Vine Coin surpassed $200 million of market cap with it surging over thousands of percent from launch price.
Onchain data shows that Vine Coin has surged a whopping 402,000% since its launch while increasing 100% in the past hour alone. Its current market cap sits around $342 million with price hovering at $0.3453 – as per DEXScreen.
Memecoins often tend to bring a jackpot to early investors with some making thousands of dollars in profit from their mere investment of a few hundred dollars. Vine Coin has also set an example for such a jackpot with a trader buying 3 SOL (approximately $735) worth of VINE and currently sitting at a profit of $1.3 million.
Launching a personal cryptocurrency has now become a trend in crypto space after the U.S. president Donald Trump launched his TRUMP memecoin last week.
Read: 40 Whales Hold 94% of Trump & Melania Memecoins: Chainalysis
