- Tesla and SpaceX CEO Elon Musk Twitter profile changed his photo, causing a price surge in a trending metaverse coin. The profile photo of the famous billionaire previously featured the leading meme cryptocurrency Dogecoin.
The explosive metaverse coin of recent times of ApeCoin (APE) The price skyrocketed earlier in the day after Tesla CEO Elon Musk changed his Twitter profile picture to a collage of several Bored Ape NFTs.
According to data from coinmarketcap.com, APE rose more than 15 percent to $17.46 within minutes of Musk’s announcement. The metaverse coin, which is also positively traded at the time of writing, is trading at $ 15.55 with an increase of about 7 percent at the time of writing. This move by Musk also helped APE break the streak of four-day losses that we saw falling dramatically from record lows of $26.
It is unknown whether Tesla CEO Elon Musk personally has any APE. But it is reported to have a Bored Ape NFT. After Musk’s move, the sales of the Bored Ape Yacht Club NFT collection increased, while the base price increased by 3 Ethereum.
Commenting on the painting, Musk said it looks “somewhat changeable.”
APE became one of the top-performing cryptocurrencies in April as users await the introduction of Otherside, its new metaverse created by Yuga Labs, creators of Bored Ape. Despite the team’s efforts to prevent it from falling, the token has repeatedly crashed following the launch of Otherside.
However, the high demand for Otherside NFTs has caused significant disruption to Ethereum, the network on which it is based. During the launch of the project, gas prices also reached all-time highs.
The move has already sparked controversy
Michael Bouhanna, head of digital arts at the Sothebys auction house, said Musk used the painting without permission. They asked the Tesla CEO to either delete the photo or give them credit.
APE’s current price hike is far from being the first crypto pump the Tesla president has performed. Musk’s tweets about Dogecoin have also had a broadly positive impact on prices in the past, while also making the token enter mainstream trading. Even the Tesla CEO briefly used the DOGE-linked Shiba Inu as his Twitter profile picture.
Dogecoin also experienced a positive move in its price amid some expectations and hints that it might include the token on Twitter after Musk took over the social media platform. In March, Musk announced that he personally held DOGE and again led to a minor rally in the token.
When Musk was invited to join the Twitter board after purchasing 9.2% of its shares, Twitter Blue suggested starting accepting Dogecoin for VIP subscriptions. After offering to buy Twitter for $43 billion in cash, it said it plans to take the company private to protect freedom of expression. After the proposal was accepted, CNBC claims that Musk plans to make Twitter a public company again in a few years.
Elon Musk is reportedly telling potential investors he could take $TWTR public again in a few years. @JoeSquawk @andrewrsorkin @BeckyQuick discuss: pic.twitter.com/SrskSjBhDB
— Squawk Box (@SquawkCNBC) May 4, 2022
As part of other changes he plans to make to Twitter, Musk announced that he aims to leave the microblogging platform free for ordinary users, but will require government users and businesses to pay to keep their pages on Twitter.
In a recent statement with Dogecoin co-founder Billy Markus, Musk agreed that two things could improve DOGE: more businesses accepting it and DOGE using it for tipping. In response to Markus’ idea of building a bridge between Dogecoin and Ethereum, Tesla CEO Elon Musk stated that it was not necessary.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.