ApeCoin token surges after Elon Musk Twitter profile change
Since April 2021, The Bored Ape NFT line has been adored by a large following.
Jakub Porzycki | Nurphoto | Getty Images
Elon MuskHis profile picture was updated on Wednesday TwitterThe image featured various avatars taken from the Bored Ape digital token collection. This pushed the value of the token’s digital token skyrocketing.
ApeCoin was launched at 8 AM by Yuga Labs and jumped 19%. According to Coinbase data, ET jumped 19% in an hour at around 8 a.m. ET to $17.64 per day after Musk’s profile photo change. The gains have been reduced and the last trade was at $15.50.
Musk purchased the Bored Ape NFT from Michael Bouhanna, an executive at Sotheby’s. It is not known if he actually did. Musk liked a tweet by Michael Bouhanna (an executive at Sotheby’s auction house), saying that the image was created for their Sotheby’s sale.
Bouhanna tweeted, “Happy to email you the original file I created with buyer approval.”
This suggests Musk might have just been a lone wolf. right clicked and savedTo make his profile picture, click on the image. Twitter offers a special feature which allows you to display your NFT in a hexagonal display image. Musk’s profile picture is however a standard one.
These NFTs will authenticate the ownership of anything, digital or otherwise. Skeptics have mocked them, as it is easy to replicate and distribute the content without purchasing a token.
Musk — who recently agreed a deal to buy Twitter for $44 billion — appeared to poke fun at NFTs in a follow-up tweet.
“I dunno … seems kinda fungible,” the Tesla and SpaceX boss posted.
NFTs are designed to not be fungible — in other words, they can’t be exchanged interchangeably.
This isn’t the first instance that Musk’s tweets have caused wild swings in asset prices. The price of Tesla has been affected by numerous tweets sent out by SpaceX CEO Elon Musk. bitcoin and dogecoin — a “meme” cryptocurrency favored by Musk — to rise or fall dramatically.
Since its creation a year ago the Bored Ape NFT Collection has enjoyed a loyal following. Celebrities like Jimmy Fallon have bought up these buzzy ape icons.
Yuga Labs created a set of deeds that will allow you to create virtual land for an “otherside”-themed game. Otherdeeds was the name given to the high demand for NFTs. It clogged the Ethereum blockchain which is the backbone of the second-largest cryptocurrency.
That caused Ethereum’s “gas fees” — costs required to approve transactions — to skyrocket. Some users were reported to have had to pay more than $4,000. Yuga Labs apologized and stated that it will refund any gas fees collected for unsuccessful transactions.
On Saturday, the company sent a tweet saying that they were sorry about shutting down Ethereum’s lights. ApeCoin is going to need to move to its own blockchain in order for it to scale properly.
Yuga Labs tweeted another Sunday that it was still working to refund all Otherdeed miners who have failed their transactions their gas.
Even with Wednesday’s brief uptick, ApeCoin has dropped roughly 17% during the week. The market value for the ApeCoin token is $4.4 billion. It also ranks in the Top 40 Digital Currency on CoinGecko.