Trader Banks Millions as Musk Revives Vine Hype
A savvy cryptocurrency trader has turned a $70,000 investment into a staggering $7.4 million profit by capitalizing on the market frenzy sparked by Elon Musk’s hints about reviving Vine. The remarkable trading strategy, documented by blockchain analytics platform Lookonchain, showcases the explosive potential of meme coins tied to social media trends.
According to CoinMarketCap, the trader initially purchased 14.64 million VINE tokens. They quickly sold 9.96 million tokens for $2.36 million when the price surged, while maintaining a position of 4.67 million tokens worth approximately $1.73 million.
Not content with this initial success, the trader deployed a second wallet just nine hours later, investing $1.69 million to acquire an additional 13.81 million VINE tokens. Within hours, this position grew to $5.1 million, adding another $3.4 million in unrealized profits to their impressive haul.
Musk’s Casual Comment Ignites Market Frenzy
The price surge that enabled these extraordinary gains was triggered by a seemingly casual comment from Elon Musk. Last week, the tech billionaire responded to an X post from xAI employee Dane Jacobson, who announced the company now owns Vine and asked for suggestions about its future.
Musk’s simple reply — “Feel free to take that on” — was widely interpreted as a green light for reviving the once-popular short-form video app. This brief exchange was enough to send the cryptocurrency market into a speculative frenzy, as reported by Bitcoinist.
“When Elon speaks, crypto listens,” noted industry analysts watching the market’s dramatic response. The VINE token’s price action was further amplified when Binance announced a futures listing for the cryptocurrency, sending its value up by nearly 50% in just two days.
JUST IN: Elon Musk says he is "looking into" bringing back Vine. pic.twitter.com/Ur12FQxm4e
— Watcher.Guru (@WatcherGuru) January 19, 2025
Solana Meme Coin Surge
The VINE token, built on the Solana blockchain, saw extraordinary volatility following Musk’s comments. Bankless Times reports that the token surged 122% in just three days, with market capitalization reaching $52 million before experiencing a sharp 41% correction to $30.55 million. The roller coaster didn’t end there, as the token subsequently climbed an additional 80% to $55 million.
This wasn’t the token’s first volatile period. In January, when Musk first indicated he was “considering” reviving Vine amid TikTok ban discussions, the token temporarily achieved a market cap of $498 million before plummeting 89% to approximately $55 million.
Market observers note that Solana has become the preferred blockchain for meme coin creation due to its speed, low fees, and cultural relevance in the crypto space. “A Vine-themed coin launched on Solana pumped 122% from Friday to Monday after Musk’s interaction. Zero utility. Zero roadmap. Just pure, glorious meme energy,” one analyst commented.
Broader Impact on Crypto Markets
The explosive growth of VINE has shined a spotlight on several other projects in the ecosystem. A token linked to JellyJelly, a podcasting app created by Venmo co-founder Iqram Magdon-Ismail, experienced similar volatility, first reaching a market capitalization of $248.5 million before crashing 94% to $14.88 million.
Meanwhile, alternative projects like Solaxy ($SOLX) are attempting to combine meme-friendly marketing with actual utility. Solaxy positions itself as a Layer 2 solution built on Solana, designed to improve scalability and efficiency. With $28.7 million raised in its presale and more than 74,000 followers on X, it represents a different approach to the meme coin phenomenon.
Another project gaining attention is Bitcoin Pepe (BPEP), currently in stage 8 of its 30-stage presale having raised over $5.7 million. The token markets itself as “Solana on Bitcoin,” creating a layer 2 solution designed to address challenges within the Bitcoin ecosystem.
The Future of Meme Coins
The spectacular trading success highlighted by Lookonchain demonstrates both the potential rewards and substantial risks in the volatile meme coin market. While one trader walked away with millions, countless others likely experienced significant losses during the same price swings.
As for whether Vine will actually make a comeback under Musk’s direction, that remains uncertain. What is clear, however, is that in today’s interconnected world of social media and cryptocurrency, even a casual comment from a high-profile figure can move markets in dramatic and profitable ways—at least for those with perfect timing.
