Monday, December 5, 2022

APE Surges In One Hour As Elon Musk Puts BAYC Twitter Profile Picture

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APE surges in one hour after Elon Musk put a BAYC Twitter profile picture which resulted in the 20% price increase as we can see more today in our latest altcoin news.

The richest man on earth, Elon Musk, caused a stir once again in the crypto community after he decided to put a Bored ape Profile Picture on his Twitter profile. The Tesla and SpaceX CEO put up a BAYC Twitter profile picture and his decision resulted in APE surges in value by 20%. APE is almost 20% in less than an hour and now trades above $17 and the floor prices of the BAYC-related collections also saw an uptick.

However, as recently reported, In the past 48 hours, the token behind the ApeDAO decentralzied organization related to bAYC, dipped and crashed by a few points. According to the price data pulled from CoinMarketCap, Apecoin crashed by double digits and traded at $17.74 and fell to $16.24 and moved in between these two levels before dropping to the current price of $15.49. The volatile price action inflicted some serious damage with the net losses over the past day reaching over 13%. Apecoin is the governance token used to propose and vote on different proposals made in the ApeDAO but it technically isn’t the official token of the collection and those who held a Bored Ape NFT that is eligible for an airdrop of the token back in March.

APE 24-hour Chart (Source; coingecko)

The coin’s purpose is the corral of the BAYC community around the common objectives and events and one such event, the land sale for the Otherside metaverse is the main conductor behind the tokens’ latest volatility. Yuga Labs as the startup behind the NFT collection launched the metaverse land mint on Saturday.

The Tesla CEO has 82 million followers on Twitter and pumped DOGE again and again and again before deciding that BTC has a strogn environmental impact with a bad look for Tesla. Even so, he partnered with Dorsey’s block to power a BTC mining facility in Texas. Now Musk offered to purcahse Twitter for $43 billion and hold the financial and tech cycles on his sleeve. Twitter’s board will likely reject the offer but it seems that the Twitter CEO Parag Agarwal sounds terrified.


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