VINE token is up over 60% after Elon Musk teased resurrecting the eponymous short-form video app. It’s unclear if xAI will explicitly partner with Vine’s old team, but the meme coin community is feeling the hype.
Even in the most bullish scenario for VINE, xAI’s new app would face stiff competition from TikTok, Instagram Reels, YouTube Shorts, etc. It’s difficult to say how these developments could impact the token long-term.
Elon Musk Teases Vine Resurrection
It’s no secret that Elon Musk, the world’s richest man, has an outsized influence on the meme coin sector. His posts have routinely boosted scores of new tokens, and he’s even launched his own assets.
Today, Musk’s social media activity had another unintended boost, as VINE shot up more than 60% after a related post:
VINE was created this year by Rus Yusupov, founder of the now-defunct video platform. Vine was a beloved 2010s pioneer in short-form video content, and nostalgia for this era turned VINE into a top-performing meme coin.
Musk alluded to this strong brand by name-dropping Vine, and the meme coin rallied in response:
However, it’s unclear if this Musk association will bring long-term benefits to VINE. The key question is whether or not xAI plans to explicitly incorporate Vine’s branding or team members into a hypothetical new project.
Yusupov shared Musk’s post and teased a possible connection, but nobody has explicitly confirmed a partnership.
Essentially, it’s easy to imagine what Elon Musk is going for with his Vine allusion. A short-form video app, but with the content generated by AI instead of direct user creation.
Since Vine was shuttered nearly a decade ago, xAI might not necessarily require Yusupov’s direct involvement. If this happens, VINE’s boost might prove temporary.
Moreover, even if Vine and Elon Musk do partner up, they’ll have their work cut out for them. TikTok has led a race in short-form video content, with firms like Meta and Google launching their own competitors.
The market’s much more established than in Vine’s heyday. xAI would be the first major firm to put AI as a centerpiece for this type of app, but it’ll still be a latecomer.
In other words, a lot of things are up in the air. For now, the meme coin trading scene is awash with hype and speculation about Elon Musk resurrecting Vine.
As we wait for new announcements in the coming days, community interest could keep VINE relevant for the near future.
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