Elon Musk shakes crypto Twitter (NYSE 🙂 again. Elon Musk, billionaire CEO at Tesla (NASDAQ) and SpaceX (SpaceX), updated his Twitter profile image to show a Bored Apes Yacht Club collage (BAYC).

This image, which was a stock photo, features several Bored Apes. The golden one is #5809. The move was quickly followed by a tongue-in-cheek tweet from Musk, which said that something “seems kinda fungible”.

I dunno … seems kinda fungible

— Elon Musk (@elonmusk) May 4, 2022

The billionaire did not make any further mention of his decision to change the profile picture. It can be only speculated that the post is linked to BAYC, one of the market’s most popular non-fungible (NFT) collections.

Apecoin Instant Spikes

ApeCoin (APE), a native token of BAYC, shot up by 20% within an hour, jumping from $16.50 to $17.49. Over the next 30 minutes, APE’s price dropped as quickly as it rose, losing almost half of the gains.

ApeCoin’s current price of $15.88 is close to 13% above its $17.07 starting price.

Since April 29, when the governance coin for the BAYC ecosystem reached its record high of $27.57, it has seen a 48% drop. The crypto space attributes APE’s price drop to the chaotic NFT land sales for the Bored Apes Yacht Club metaverse, the ‘Otherside’.

Yuga Labs, the creators of the BAYC collection, raised a historic $320 million amount selling NFT land ‘Otherdeeds‘. However, the huge demand caused extreme network congestion. The network’s gas fees spike to heights of $14,000 per transaction, and even caused the Ethereum network to become unusable for several hours.

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