Is Elon Musk Responsible for Recent ApeCoin Price Movements? APE Goes Up and Down

UTC by staff writer · 2 min read
Is Elon Musk Responsible for Recent ApeCoin Price Movements? APE Goes Up and Down
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APE was quick to react to Elon Musk’s change of his Twitter profile picture, and then his subsequent tweet. 

The world’s richest man and arguably the man of the moment, Elon Musk is once again causing quite the stir within the crypto community and especially Ape fans. This happened after he changed his profile picture on social media platform Twitter some few hours ago.

Before now, his profile picture formerly featured the leading meme coin – Dogecoin. However, as of today, the billionaire businessman has now put up a new profile picture featuring what appears to be several Bored Apes from the popular BAYC NFT collection.

Although, there is no clear indication that the collage is actually that of the popular collection. In fact, it might just as well, be an image of several monkeys looking like Bored Apes.

APE Reacts to Actions by Musk, Surges by 20%

Barely an hour after Musk changed his profile picture, APE coin jumped in excitement, surging by nearly 20%. However, the price surge did not exactly come as a surprise. Given that APE coin is the native token of the Bored Ape Yacht Club (BAYC) ecosystem, the price rise was more than expected.

APE was trading above $17, while the floor prices of BAYC-based collections also saw minor surges.

Meanwhile, shortly after changing his profile picture, Musk also posted what seemed like a subtle jibe at NFTs. He wrote “seems kinda fungible,” a statement that one might be tempted to think is related to his new profile picture.

While Musk made no actual reference to his new profile picture, his tweet caused an immediate slump as the token fell back to $15.90.

Interestingly, however, Musk himself had once criticized Keanu Reeves for thinking in a similar direction. That was when Reeves claimed that NFTs can be easily reproduced.

NFTs Continue to Grow in Popularity

Without a doubt, however, the wide popularity of NFTs may be attributed to the efforts of several celebrities and prominent individuals. Particularly, the popularity of the BAYC collection, which was driven by sportsmen like Stephen Curry and musical artists like Steve Aoki.

Therefore, Musk’s recent action on Twitter and the influence he wields will most certainly help in the adoption of NFTs.

Meanwhile, in almost unrelated news, Musk, who recently acquired ownership of Twitter, said in a Tuesday tweet that ordinary users will have free access to the social media platform, while corporate and commercial users may have to pay in order to use the platform.

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