The price of cryptocurrencies is determined by a combination of internal and external variables. Elon Musk, an anomaly who can spike asset prices with a single tweet, has been added to that roster of market movers.
Prices of Apecoin jumped by 15% after the Billionaire changed his Twitter profile image to Bored Ape Yacht Club during its dramatic metaverse launch.
Elon Musk, the CEO of Tesla, was in the spotlight again on Wednesday when he changed his BAYC profile photo. Apecoin, the native token of the Bored Ape Yacth Club, jumped 15% to a 4-day high of $17.6 after being rather quiet early in trading. The floor price of a single BAYC NFT, which had previously been $106.9, has now risen to $119.6.
Back in January, the eccentric Billionaire, who recently owned Twitter, stated that NFT profile images were “annoying.” He was alleged to have purchased a BAYC NFT for 569 Ether utilizing payment infrastructure startup Moonpay a few weeks later.
Elon Musk is frequently seen tweeting about hot topics in the crypto industry. BAYC’s metaverse debut recently caused a significant uproar in the community, as demand for their metaverse NFTs skyrocketed Ethereum costs to exorbitantly high levels. Two primary arguments emerged: one blamed Ethereum’s flaws, while the other blamed Yuga Labs for the network’s congestion.
For the time being, it’s unclear whether Elon Musk’s tweet was a dig at the BAYC-Ethereum saga or just another of his gimmicks. ‘Dogefather’ Elon Musk boosted Dogecoin prices higher in July 2021 after using the dog-themed cryptocurrency as his Twitter profile image. He described DOGE as the “people’s crypto,” claiming that he preferred it to Bitcoin for transactions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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