ApeCoin has been making waves since Yuga Labs introduced it, although, like other digital assets, it has witnessed ups and downs in its price. It has lately been given the spotlight with the acquisition of its parent NFT collection, the Bored Ape Yacht Club (BAYC), by billionaire Elon Musk. Musk, who is notorious for pumping numerous digital currencies, sparked a high rise in ApeCoin’s price after updating his Twitter profile.
Elon Musk Advocates for ApeCoin
ApeCoin’s price increased significantly when Elon Musk changed his Twitter profile image to a collection of BAYC avatars; this rapidly attracted the attention of FOMO investors in the digital space. The resultant growth led to a 20% surge in minutes after this move, which saw ApeCoin reach a high of $17.25.
This would not last long, though, as a follow-up tweet from the millionaire went public. Musk, solely responsible for the price spike, would ultimately be held accountable for the dip after this recovery. The second tweet was straightforward but referred to the fungibility of NFTs, hinting that they were indeed fungible, contrary to investors’ belief.
APE had subsided, but not before significant damage had been done. Musk’s move showed that the price of any assets in the crypto space could increase just due to hype. ApeCoin had fallen back to the $15 range before the tweet went live.
Elon Musk’s Twitter profile update makes ApeCoin upsurge. Image: Elon Musk
Is APE Going To Be The Next Dogecoin?
Although Musk’s decision to alter his profile photo to BAYC avatars seemed to demonstrate the fungibility of these jpegs, it has raised questions about ApeCoin’s future. As with Dogecoin, some in the sector question whether the billionaire intends to continuously promote the NFT-adjacent cryptocurrency to his network or whether this was a one-time event.
According to Fuad Fatullaev, Founder and CEO of NFT marketplace WeWay, Musk has established a reputation as a proponent of Bitcoin, Dogecoin, and Shiba Inu. He just updated his Twitter profile with a Bored Ape collage.
Musk has not been a member of or connected with the NFT community, but this might be the start of something new for the billionaire. If this is the case, initiating a large-scale project such as a BAYC would not be unusual. With Musk’s backing, a coin like APE could quickly become one of the top digital assets in the sector by market capitalization.
Additionally, ApeCoin is presently listed among the top 40 biggest cryptocurrencies globally. As shown by Musk’s prior publicity, a sustained shilling of Bored Apes may help to increase the APE token price, which can reach $25 in the next few weeks.
At the time of writing this piece, APE is now trading at $16. Although the digital asset is down from its all-time high after Musk’s shilling, it has maintained a stable price even when the hype wears off.