Whale Swaps $3.19M in Solana for VINE Coin Amid 437% Monthly Surge

A major Solana holder has drawn attention after converting nearly $3.2 million worth of SOL into VINE coin, a trending memecoin inspired by the classic Vine video platform. The move, which occurred on July 28, appears to be a strategic shift into a high-risk, high-reward asset as VINE experiences explosive gains.

According to blockchain data from Lookonchain, the whale exchanged 17,082 SOL valued at around $3.19 million via Solana-based decentralized exchanges for approximately 22.4 million VINE tokens. The purchase came shortly after a large Binance withdrawal and was completed within a six-hour window.

VINE Coin Sees Massive Gains as Musk’s Tweet Sparks Hype

The price of VINE has skyrocketed in recent weeks. At the time of writing, the token trades at $0.1482, up 112% in 24 hours, 238% in the past week, and 437% over the last 30 days. The value of the whale’s VINE holdings now stands at around $3.36 million a $170,000 gain since the swap.

VINE’s latest price rally followed a viral tweet by Elon Musk, who hinted at reviving the Vine platform using artificial intelligence. The tweet amassed over 44 million views and reignited interest in the Vine brand, pushing VINE’s token price sharply higher.

While Musk’s tweet drew widespread attention, it has also sparked debate. Some questioned whether AI-generated content can truly replace Vine’s original style of creativity. Despite the buzz, there’s no verified connection between Musk’s proposed AI Vine revival and the VINE memecoin itself.

Whale Moves All SOL Into VINE, Betting Big on Meme Hype

Blockchain data shows that the wallet involved, labeled 8RwxXR, now holds only 3.42 SOL worth about $661 suggesting the whale invested nearly their entire Solana balance into VINE. The transaction was conducted using several Solana DeFi protocols, including Jupiter, Raydium, and Meteora, where the VINE/WSOL trading pair is available.

Lookonchain has previously tracked this wallet and noted a $125,000 loss on a failed investment in another memecoin, PUMP. Despite that, the wallet’s recent activity shows a renewed and much larger bet on VINE’s growth potential.

Uncertainty Around VINE’s Origins Remains

The VINE token itself is not without controversy. It was launched earlier this year by Rus Yusopov, one of the original Vine app co-founders, and initially surged to a $480 million market cap before crashing. The current rally has pushed the token’s market capitalization back to $149 million.

However, fellow Vine co-founder Dom Hofmann has denied any involvement with the token. There is also no clear evidence that Elon Musk’s AI Vine concept has any official connection to the memecoin. This lack of clarity has raised concerns about the long-term viability of VINE despite its strong short-term performance.

Final Thoughts

The whale’s bold shift from Solana into VINE reflects the high-stakes nature of today’s meme coin market. While the initial trade appears to be profitable, it remains a risky move in a volatile space. With VINE’s price driven by social media hype, celebrity influence, and speculative trading, investors should approach with caution.

Whether VINE can sustain its momentum or if the whale’s bet will pay off in the long run remains to be seen. What’s certain is that the memecoin arena continues to attract major players willing to chase viral narratives for potentially massive rewards.