PANews reported on January 23 that Rus Yusupov, co-founder of the short video platform Vine, announced the issuance of VINECOIN on the X platform and released a video to confirm that the account had not been stolen. The market value of VINECOIN once exceeded US$90.65 million, but has now fallen back to US$27 million.

Previously, Musk said on January 19 that X platform was considering restarting the Vine service. Vine was a well-known 6-second short video platform under Twitter. It was established in 2012 and its core service was shut down in 2017.