Vine Coin has observered dramatic price appreciation and attention due to a recent listing on Binance exchange and a surge in the price of VINE token by almost 60 percent.
On Friday, the price of VINE climbed by almost sixty percent after Binance unveiled plans for a token futures listing on the exchange.
The price surge was also fueled by speculation whether Elon Musk would revive the Vine social media platform which further increased the token’s attention in the cryptocurrency industry.
Vine Coin Price Bullish As Binance Launches Futures Listing
Vine Coin’s price rose sharply when Binance announced they would be setting up a futures listing. Binance, on January 24, published a statement indicating that they would be adding the VINEUSDT perpetual contract and offering up to 75x leverage starting at 10:00 UTC.
As a result of this announcement, the price of the coin improved greatly due to higher trading activities and better market exposure.
The funding rate set by the exchange on the asset was set to +2.00% / -2.00%. The new futures listing on one of the crypto market’s top exchanges has greatly increased investor interest in the token’s future given its rise in popularity.
Crypto Trader Makes Huge Returns Amid Vine Coin Price Surge
A Vine Coin trader has made impressive profits from the crypto market as Coinroop reported. The remarkable increase in price resulted in a profit of $4.5 million after a loss of $270,000. This feat has generated more interest for the cryptocurrency, particularly after its listing on Binance.
Elon Musk’s Comments Spark Speculation
Musk’s comments about “bringing back” Vine are greatly boosting attention in Vine Coin. The CEO of Tesla and SpaceX has a significant focus on the app, which seems to be increasing interest in the token.
Furthermore, Vine app’s creator Rus Yusupov posted on X about the launch of this new coin. The involvement of these famous American celebrities has further increased the bullish sentiment for Vine Coin during its recent price rally.
VINE Coin Experiences An Exponential Growth Of 60%
VINE Coin is now traded at $0.2702, which is astonishingly reflecting a growth of 60%. Currently, the coin is trading within a diverse range of $0.1264 and $0.4289.
The increase in the value of the coin is indicative of the market surge and interest that came with Binance’s futures listing and the hype revolving around the relaunch of Vine social media app.
Analysts tend to believe that the price movement, in consideration for the comeback of the social media conjuncture, can be rather favorable. Additioanlly, investent captured through the futures listing has been shifted to the tokens ecosystem, hinting at potential increases in the value.
