This week, the co-founder of Vine revealed plans to launch a meme coin named after the now-defunct short video platform.

Rus Yusupov, who started the app alongside Dom Hofmann and Colin Kroll in 2012 before it was shut down in 2017, took to X on Wednesday to say, “Remembering the fun times we had creating Vine, Let’s relive the experience and DO IT FOR THE #VINECOIN.”

To confirm that his account was not compromised, Yusupov shared a selfie on X with the caption, “I haven’t shared a selfie in ages, but here it is. Not hacked! Just enjoying myself.” According to Newsweek, the crypto community quickly jumped onto the coin, and its market cap exceeded $200 million within hours..

As of Friday at around 11 a.m. EST, Vine Coin was trading at approximately 16 cents, boasting a market cap of $164 million, as reported by CoinMarketCap. Traders monitor a coin’s market cap to assess its overall value and stability.

Here’s what you need to know about Vine and the new token, which has joined the ranks of several meme coins gaining popularity among crypto investors.

Elon Musk Teases Potential Vine Comeback

Days prior to Yusupov’s announcement, Elon Musk, CEO of Tesla and founder of SpaceX, was mentioned in an X post featuring Vine’s logo with the message, “I believe it’s time to bring it back @elonmusk.”

In response, Musk commented, “We’re looking into it.” Furthermore, Musk conducted a poll last April where nearly 70% of respondents expressed their support for a Vine return. After acquiring Twitter in October 2023, anonymous sources told Axios that Musk had directed the company’s engineers to begin working on reviving Vine.

At its height in 2015, Vine was a global sensation, attracting 200 million active users, as reported by the Express Tribune.

The rapid rise of Vine led to its purchase by Twitter (now called X) for $30 million in October 2012.

During Vine’s decline in 2016, Yusupov expressed his discontent about selling the platform in an X post that simply read, “Don’t sell your company!”

Vine Coin Joins the Surge of Popular Meme Coins During Trump’s Presidency

During Trump’s 2024 campaign, he has been an advocate for cryptocurrency, promoting its usage since he took office. Even Bitcoin (BTC), the largest cryptocurrency, reached an all-time high of $109,071 on the day Trump was inaugurated as the 47th U.S. President, though it later fell to $101,705.40.

Trump has also introduced a Trump-themed meme coin last week. As of 12:40 p.m. ET on Friday, the “Official Trump” coin was trading at around $33, with a market cap exceeding $6.7 billion, according to CoinMarketCap.

Additionally, First Lady Melania Trump has launched the $MELANIA token, which was valued at approximately $2.60 at 12:40 p.m. EST, featuring a market cap of over $448 million, as per CoinMarketCap.

Concerns have arisen regarding the ethical implications and potential conflict of interest concerning the Trumps’ coins. Eighty percent of the $TRUMP coin’s tokens are owned by CIC Digital, an affiliate of the president’s business, along with another entity named Fight, Fight, Fight, as stated on its website.

The companies clarify that their offerings are not securities or investments but rather a “expression of support for, and engagement with, the ideals and beliefs symbolized by ‘$TRUMP.’” On Thursday, Trump established a cryptocurrency working group to propose regulations for digital assets, indicating a “significant shift in U.S. digital asset policy,” as noted by Nathan McCauley, CEO and co-founder of crypto firm Anchorage Digital, in a statement to Reuters.

Reuters contributed to this article.