The Vine Coin price soared 24% in the last 24 hours to trade at $0.3040 with a trading volume that skyrocketed to $805.31 million and a market cap above $300M.
A newly launched $VINE meme coin is gaining significant traction after Elon Musk hinted at the potential return of Vine, the original short-form video app once owned by X (formerly known as Twitter).
Following TikTok’s temporary shutdown, which left new users unable to download the app from the Google Play Store or Apple App Store, Vine co-founder Rus Yusupov introduced the Vine token. The token's value surged almost instantly after its release.
According to recent data from Coinglass, the $VINE token's derivatives market has experienced a significant surge in activity, reinforcing positive market sentiment. The futures open interest (OI) for $VINE skyrocketed by an impressive 172.37%, reaching a total of $73.92 million. Additionally, the token's derivatives trading volume witnessed a massive increase of 268%, climbing to $3.53 billion, highlighting the growing interest and participation in the $VINE market.
Lookonchain has recently revealed that A savvy trader has been making impressive profits trading $VINE, pocketing an estimated $7.4 million in total gains.
Just two days ago, the trader invested $70,000 to purchase 14.64 million $VINE. Shortly after, they sold 9.96 million $VINE for $2.36 million, retaining 4.67 million $VINE worth $1.73 million, resulting in a profit of approximately $4 million.
More recently, about nine hours ago, the same trader used a different wallet to invest $1.69 million, acquiring 13.81 million $VINE, now valued at $5.1 million. This move has brought an unrealized profit of approximately $3.4 million, further highlighting their sharp trading acumen in the $VINE market.
On 23 January Vine price started its journey and experienced a significant upward spike early in the chart. This rally suggests a high level of interest in the token, possibly driven by recent news or hype.
After the initial surge, the price retraced and entered a correction phase. The correction was accompanied by decreasing MACD momentum, suggesting weakening bullish pressure. Following the correction, the price dipped further.
However, A clear recovery trend is visible as buying resumed at the dip. The RSI climbed back toward bullish territory, and MACD indicated a crossover into positive momentum.
If the vine crosses its previous high, it would indicate a strong bullish breakout and could lead to a new rally. The rally could extend towards $0.6700 followed by $1.00, as indicated by the Fibonacci levels.
Source: TradingView
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