- Elon Musk changed his profile picture to an image from a collection of Bored Ape Yacht Club (BAYC) avatars, causing ApeCoin to grow 20% to $17.25.
- Soon after, Musk posted a tweet questioning the fungibility of NFTs, which led to ApeCoin undergoing a correction and returning to $15 territory.
- Musk’s action helped demonstrate that digital assets can be subject to an increase just because of advertising
Since YugaLabs first announced the launch of ApeCointhe cryptocurrency became a sensation. Beyond the fact that its price never stabilized and had ups and downs, it remains one of the trends. It is currently in 32nd place in the list of digital assets.
Its projection is highly positive, even more so since Elon Musk has carried out some actions that make one believe that the world’s millionaire man and the next owner of Twitter is in favor of the asset.
Elon, who launched Dogecoin “to the moon”, could do the same with the ape coin as a change in profile caused an increase in the price of the asset.
Musk changes profile picture to Ape
Musk changed his profile picture to one showing a collection of Bored Ape Yacht Club (BAYC) avatars this generated the FOMO that the billionaire usually generates: there was a quick 20% surge to push APE up to $17.25.
These numbers are also far from the historical maximum of the coin, which on March 17, the day of its launch, was traded at $39.40. It is currently in the range of 13.
Elon, playing the market?
As could be seen, what Elon generated with his profile change did not last long. Even the following message from him could have influenced the price drop by publishing “it seems that they are fungible”. What did the owner of Tesla want to say? NFTs still raise certain questions within the ecosystem.
The place Bitcoinist pointed out that Musk’s action helped demonstrate that digital assets can be subject to an increase just because of advertising since with his change of profile he managed to inflate the value of the asset, but at the time of publishing his tweet in which he questioned the fungibility of the tokens, it suffered a correction and returned to the territory of the 15
“Musk’s decision to change his profile picture to BAYC avatars seemed like a decision to demonstrate the fungibility of these jpegs, although it did raise the question of where the future lies for ApeCoin in terms of future profitability.”, pointed to the middle
ApeCoin, Musk’s new DOGE or an experiment?
The big question now is whether Musk was behind ApeCoin or was it a one off message. It is worth noting what happened to DOGE: It was traded at $0.73 on May 8, 2021, its all-time high. Nevertheless, it is currently worth no more than $0.13, 82% less than 12 months ago. The richest man in the world no longer tweets about cryptocurrency and keeps losing users.
A fan of technology and with his eyes always on the future, Musk focused on cryptocurrencies. Until a few days ago, the NFT trend had passed him by. Bored Ape Yacht Club might see you as one of their active users, such as Neymar, Eminem, Justin Bieber, Stephen Curry, Post Malone, Logan Paul and Jimmy Fallon, for example.
“He has built quite a reputation as a supporter of Bitcoin, Dogecoin, and Shiba Inu and just added a Bored Ape collage to his Twitter profile.said Fuad Fatullaev, founder and CEO of NFT marketplace, WeWay. He added: “Just as we have seen with your previous publicity, a continued Bored Apes shilling may contribute to the growth of the APE token price, which may reach 25 in the next two weeks.“.
If what Fatullaev says happens, the asset will grow almost 100% in the coming weeks. To a large extent, the one who will create the necessary FOMO for this to happen is Musk. APE has a good chance of becoming the new DOGE.
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