According to news on January 23, 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$20 million. Musk had previously stated on January 19 that X Platform was considering restarting the Vine service. Vine was once a well-known 6-second short video platform owned by Twitter. It was established in 2012 and closed its core services in 2017.