ApeCoin Pumps 20% as Elon Musk Sets Bored Ape Profile Picture
Future Twitter boss, Elon Musk changed his profile picture on Twitter to a photo featuring multiple avatars from the Bored Ape Yacht Club NFT collection.
ApeCoin, the token of the Bored Apes collection, surged by 19% following the profile picture change.
It’s not clear whether the billionaire actually bought a Bored Ape NFT.
Elon Musk shocked Web3 fans on Tuesday as the billionaire changed his profile picture on Twitter to an image featuring various avatars from the Bored Apes NFT.
The Tesla CEO’s action immediately sent the price of the project’s digital token, ApeCoin, soaring. ApeCoin which was launched by Bored Ape creators, Yuga Labs, surged by more than 19% within an hour of his profile picture change.
Data from CoinMarketCap shows that the price of the token reached $17.64 around the time of the billionaire’s profile update. It has since lost most of its gains, trading at $15.43.
Despite the profile picture change, it is not clear if Elon Musk actually bought a Bored Apes NFT. It is assumed that the billionaire simply saved the picture to make it his profile image.
Twitter has a dedicated NFT feature that allows users to set their NFT as a hexagonal profile picture. Musk’s avatar, however, appeared as a standard profile image.
In a follow-up tweet, the billionaire poked fun at non-fungible tokens saying that they seem fungible.
I dunno … seems kinda fungible
— Elon Musk (@elonmusk) May 4, 2022
It’s not the first time Musk’s activity on Twitter has led to wild movements in the price of cryptocurrencies. He made similar movements in the price of Dogecoin last year after urging McDonald’s to accept it for payment.
The Tesla boss, who recently agreed on a deal to buy Twitter for $44 billion, has since removed the picture from his profile.