VINE surges 115.29% as Elon Musk hints at AI revival

VINE, the memecoin associated with the Vine video-sharing platform, surged 115.29% to a 6-month high of $0.157 in 24 hours before retracing slightly to $0.151 by press time. The token’s trading volume spiked 245% to $639 million, while its market capitalization jumped 113% to $155 million. The rally followed Elon Musk’s cryptic post on X, where he hinted at reviving Vine “in AI form,” sparking investor frenzy and aggressive accumulation [1].

A major whale transaction underscored the bullish sentiment. According to Lookonchain, a whale redeployed $3.19 million worth of Solana (SOL) to purchase 22.4 million VINE tokens, despite previously incurring a $125,000 loss on pump-and-dump trades. The whale’s return signals conviction in VINE’s short-term prospects, though its netflow remained negative at -$387,000, reflecting sustained accumulation [3].

Derivatives markets amplified the momentum. CoinGlass data revealed a 143% surge in VINE’s open interest to $175 million and a 265% jump in volume to $4.88 billion. The long/short ratio climbed to 1.019, indicating heightened demand for long positions and speculative bets on further price gains [4].

Technical indicators highlighted the asset’s overbought status. The relative strength index (RSI) reached 92, nearing critical overbought levels, while the directional movement index’s positive line (+DI) hit 61, reinforcing upward momentum [6]. Analysts note that such metrics suggest potential continuation of the rally but caution against volatility risks.

The token’s trajectory hinges on whether Musk’s AI-related speculation sustains traction. AMBCrypto analysis suggests VINE could reclaim $0.20 and test $0.23 resistance if buying pressure persists. However, a waning interest could trigger a sharp correction to $0.065 [8].

Source: [1] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [2] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [3] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [4] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [5] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [6] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [7] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/] [8] [VINE soars 115% as Elon Musk teases AI revival: Will the gains sustain?] [https://ambcrypto.com/vine-soars-115-as-elon-musk-teases-ai-revival-will-the-gains-sustain/]