The price of Apecoin (APE) skyrocketed after Tesla CEO Elon Musk changed his Twitter profile picture to a collage of several Bored Ape NFTs.
Elon Musk influence? ApeCoin skyrocketed minutes after the Twitter announcement
APE made 15% minutes after Musk’s move and is trading at $15.25 at the time of writing. This move also helped APE break a four-day losing streak and supported a strong consolidation to the $26 top.
It’s unclear whether the Tesla CEO personally has any APE. But he is reportedly the owner of a Bored Ape NFT. Sales of the Bored Ape Yacht Club NFT collection also rose after the move, with the base price rising to 3 Ethereums.
Commenting on the image, Musk said it looks “slightly interchangeable”
Investors are on Otherside, the new metaverse from Yuga Labs, creator of Bored Apes. APE was one of the best performing NFT coin projects during the month of April, as it awaits its launch. But despite Yuga’s efforts, the price of APE has consistently dropped after its launch.
However, the demand for NFTs on the Otherside has caused widespread outages in Ethereum, the network on which it is based. During the launch of the project, gas fees reached record levels. As we quoted as Kriptokoin.com, Binance has suspended Apecoin transactions.
Elon Musk didn’t get permission for Twitter photo
Michael Bouhanna, head of digital arts at Sothebys auction house, says Musk is using the image without permission. They asked the Tesla CEO to either delete the firm or give them credit.
APE’s current price increase is far from Musk’s impact on Dogecoin. Prices skyrocketed when the Tesla CEO preferred the Shiba Inu, which was associated with DOGE as his profile picture on Twitter. Back in March, when Musk announced that he personally held DOGE, it triggered another small rally for Doge.
Tesla CEO’s tweets landed him in hot water
But while Musk’s tweets in the crypto market were largely ignored by regulators, his tweets on the exchange did not escape the SEC’s radar. In 2018, Tesla’s shares soared after Musk tweeted that he would privately take the company for a share price of $420.69 and finance the deal. A 2021 Twitter poll on Tesla manipulation has prompted a series of shareholder lawsuits as its stock price plummets.
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