Elon Musk posts photo of Bored Ape on Twitter and ApeCoin values 20%2 min read
The richest man on the planet used his Twitter again and caused spikes in cryptocurrency appreciation. But this time Elon Musk didn’t do it with some unknown altcoin, but with the already famous ApeCoin (APE).
On Wednesday morning (4), Musk changed his profile picture, putting a series of images from the Bored Ape Yatch Club (BAYC). It wasn’t an image of one of the NFTs itself, but a montage with several photos.
Then the billionaire wrote a simple tweet:
“I don’t know… it seems kind of fungible.”
A clear reference to non-fungible tokens, as is the case with BAYC.
Shortly after the two acts, the price of APE soared more than 20%, going from $14 to more than $17 within minutes. However, the cryptocurrency returned much of the gains afterwards, dropping to the $15 region after sale off.
The message also boosted BAYC prices, whose floor price even dropped to 107 ETH on Tuesday (3). After the message, the price registered a moderate rise and is quoted at 120 ETH.
On the other hand, the price of the Otherdeed collection has continued to fall since its launch, when it reached 4.2 ETH of floor price. At the time of writing, one Otherdeed is priced at 3.33 ETH.
Musk and his power of influence
The relationship between cryptocurrencies and Musk’s power of influence has increased over the past couple of years. The billionaire has reached the impressive mark of 90 million followers, double the amount he had in 2021.
In this sense, the owner of Tesla and SpaceX is read and followed by a group larger than the population of large countries. For example, if Musk’s Twitter were a country, it would be the 16th most populous in the world, ahead of global powers like Germany (19th) and the United Kingdom (21st).
Because of this great power, Musk is able to influence the price of various assets, especially cryptocurrencies. That happened twice last week, when the businessman paid $44 billion to buy Twitter. The price of Dogecoin (DOGE) and an unknown cryptocurrency (Elon BuysTwitter) shot up by between 35% and 1,000%, respectively.
Twitter’s own case was an example, as the company’s shares rose 38% when Musk announced his intention to buy. He has also driven up Tesla’s price in the past by hinting that he would take the company private.
Because of the repercussion of his speeches, Musk has already faced problems with the United States Securities and Exchange Commission (SEC). In fact, the billionaire is banned from talking about nine topics on Twitter, all of which are Tesla-related.
However, Musk does not have a formal ban on talking about cryptocurrencies, as the SEC does not yet regulate this market.