The billionaire changed his Twitter avatar on Wednesday, adding images from the NFT Bored Ape Yacht Club (BAYC) collection.
Elon Musk continues to rock the cryptocurrency ecosystem. The billionaire has just changed his Twitter profile picture, putting images from the collection of NFT Bored Ape Yacht Club (BAYC). Since then, the token associated with this collection of NFTs, Apecoin, has increased by more than 19%.
This morning, the price of the cryptocurrency rose from $14.10 to $17.50, before falling back around $15 following a tweet from Elon Musk stating “I don’t know… seems a bit fungible”, without referring to his new avatar.
Elon Musk’s move seems to bode well for the cryptocurrency, which had fallen 23.26% in the past 7 days. Apecoin is ranked 29th among the cryptocurrencies with the largest capitalizations, according to the benchmark site CoinMarketCap . The crypto thus weighs more than 4 billion dollars.
Did Elon Musk choose the right timing to promote the Bored Ape collection? The latter was launched exactly a year ago and is limited to 10,000 copies. It depicts an illustration of a monkey generated by an algorithm. Elon Musk is not the first to have put this collection in avatar on Twitter, there are also personalities like the basketball star Stephen Curry or the musician Steve Aoki.
This is not the first time that Elon Musk has shaken up the price of cryptocurrencies. The boss of Tesla had notably boosted bitcoin and dogecoin thanks to various tweets. In July 2020, he had notably increased the price of dogecoin, a cryptocurrency with the head of a dog, by 20%, indicating “I only sell Doge!”, quickly giving him credibility.
If he was able to vary the price of bitcoin in a positive or negative direction, the boss of Tesla seems on the other hand to have kept the same line vis-à-vis dogecoin. To the point that some analysts are wondering if it will not be Twitter’s new cryptocurrency once Elon Musk is at the head of the social network.