Musk to reboot Vine video app with AI makeover, ignites token frenzy

Elon Musk is getting ready to spice up the competition for apps like Instagram and TikTok in the video-sharing sector. The billionaire tech mogul, on Thursday, July 24, said that he will be resurrecting the OG short video sharing app Vine with an AI makeover.

Vine, that was launched in 2012 and acquired by Twitter (now X) the same year, allowed users to record and share videos of upto six seconds with their peers. In 2017, however, the platform discontinued its services owing to a rise in competition and other financial constraints.

When Musk acquired Twitter in 2022, the dormant app automatically fell into his kitty.

Without sharing elaborate details on his plans with the app, the 54-years-old chief of Tesla, SpaceX, and X said on Thursday that, “We’re bringing back Vine, but in AI form.”

Following the tech mogul’s post, the native token dedicated to the app called $VINE registered a notable price rally. This altcoin was launched by one of Vine app’s co-founders, Rus Yusupov in January this year. Yusupov’s idea behind this token was to keep a part of Vine’s legacy viable in the advancing tech landscape.

Since its launch seven months ago, the token had remained lesser-known and considerably flat in terms of its market performance. Current CoinGecko data, however, shows that the token has surged by at least 54 percent in the last few hours.

At the time of writing, the $VINE token was retailing at $0.06227. Around July 17, the price of the same token stood at $0.03575349, CoinGecko showed.

While Musk has confirmed the reboot of the Vine app just today, he had been thinking about doing so since last year. In April 2024, he had posted a poll on X asking followers if Vine should be brought back. At the time, nearly 70 percent of the total 2.2 million voters had answered with “yes”.

For now, elaborate details on Musk’s Vine plans remain undisclosed. It is possible that his AI firm, xAI, could lead the app’s AI revamp.