The VINE token has experienced a dramatic 400% price surge throughout July, propelled by significant whale accumulation and speculation fueled by Elon Musk regarding the potential AI-powered revival of the Vine platform.
Key on-chain activity included a major purchase by whale wallet 8RwxXR, which acquired 22.4 million VINE tokens worth approximately $3.19 million. This substantial investment reflects strong confidence in the token’s prospects.
The surge gained considerable momentum following public hints from Elon Musk about reviving the Vine short-form video service with integrated AI features late in the month, sparking renewed and intense investor interest.
As a result of this heightened activity, the number of VINE token holders has surged close to 100,000.
Market data shows VINE is currently the top-performing token within the Solana ecosystem over the past week, trading near $0.15 with a market cap approaching $150 million. Decentralized exchange trading volume has also seen significant increases.
However, concentration risks persist; approximately 40% of VINE’s circulating supply is held by the top 10 wallets, presenting potential volatility risks.
Expert analysis suggests this momentum could potentially propel VINE’s market capitalization beyond $500 million should current trends, underpinned by strong fundamentals regarding the Vine revival narrative, continue.