$VINE: It’s tokens, it’s Elon, it’s geo-politics, it’s social, it’s cults, it’s nostalgia
New Token | Quick Glance ($Vine via @gus)
DMV View: Last night, the founder of Vine @rus launched the token $VINE, which we screened at $29m shortly after his video confirmation post surfaced (see our last post). Since its launch 12 hours ago, $VINE has reached $300m MCap, garnered $850m in volume, and accumulated 66K holders, while also grabbing traction at key exchanges (Binanace Alpha, and Bybit Futures). In this short note, we look at some key issues surrounding $VINE and why it's currently carrying strong momentum. At this point $VINE seems like a movement-based meme token, but the free call option could be potential utility. Hard to apply comps, since $Vine is not a live product, and there are no indications of one; However, there is $TON (Toncoin) sitting at a $26b FDV. One thing we do know: how fast Elon can work getting things shipped (and monetized) from his X acquisition.
There are Several Narrative Tailwinds at Play
-Legitimacy: Post by the founder @rus was the major risk-on event shortly after launch, verifying legitimately of token
-Link to X (prior Twitter), and Elon’s recent interest in $Vine: Vine was actually acquired by Twitter in 2012 for $30m. Under Twitter, Vine grew its subscriber base to 200m DAUs, before competition emerged from other platforms (mainly $Snap) while without its own monetization plan, which resulted in the platform being shut down in 2016. We are unsure how the IP (if any) works, aka if Vine is still technically under X. Adding to the token’s lore are Elon’s recent posts (4 days ago) stating he is looking to bring back Vine, with resounding feedback from community.
-Cult driven communities: Effect is two-fold here. Firstly, the OG Vine had 200m subs, it was the first social video-focused platform that produced numerous content creators. Secondly, Elon’s cult community would certainly have interest, as his post suggested from today’s top content creators.
-USA Made: We know the current administration’s rift with Tiktok, and its desire to have data controlled in the US. This has led to even a fallout in US Infrastructure companies no longer supporting TikTok, including Oracle, Akamai, and even Google and Apple Store (temporarily). Thus, any attempt to grow a competitor to Meta’s Instagram could be prioritized by the White House.
