Elon Musk, the billionaire CEO of Tesla who is in the process of acquiring Twitter, changed his Twitter avatar to a collage featuring multiple Bored Ape Yacht Club NFTs.
On Wednesday, Elon Musk, Tesla’s billionaire CEO, changed his Twitter profile picture to a collage of several Bored Ape Yacht Club (BAYC) NFTs. Musk is currently in the process of buying Twitter for $54.20 per share, or about $44 billion. After the sale pushes through, Twitter will become a private company.
As seen from the image above, Bored Ape #5809 owns a prominent space at the center of the photo collage. Although the image appears to be a stock photo, the “Elon Musk effect” cannot be denied.
$APE Surges After Musk’s Twitter Avatar Update
According to Trading View’s data, the $APE price surged by 20% an hour after Musk changed his Twitter profile picture into a Bored Ape. All it took was for the richest man on the planet to update his picture for the markets to react.
$APE is the native cryptocurrency of the BAYC ecosystem, and after Musk’s update, has traded above $17.
Simultaneous with the upsurge in $APE prices, the floor prices of BAYC-related collections likewise saw an increase. However, the surge is not as conclusive as to that of the Apecoin.
Surging, Then Slumping
In related news, more recent data shows that $APE slumped back to $15.90, from as high as $17.60 as of Wednesday morning. Some speculate that the slump might be related to Musk’s tweet at 11:13 UTC that says “seems kinda fungible,” although he did not refer to his new display picture.
Everyone knows that Musk is a proponent of Dogecoin (DOGE) and has even previously supported the memecoin’s development and adoption. He also had some choice words before for people on Twitter who are using NFT profile pictures. He said such profile pictures were “annoying.”
Several celebrities like NBA champion Stephen Curry and renowned DJ Steve Aoki have put up or had put up BAYC NFTs as their Twitter profile pictures. Such has immensely contributed to the vast popularity of said NFT collection.
What Could This Mean?
People are speculating about the reasons behind the profile picture change. Some are saying Musk is short of saying he owns a Bored Ape. Others are thinking if the avatar update indicates that the SpaceX owner is contemplating buying the entire BAYC project. Still, others are entertaining the idea that the BAYC NFTs in the collage are the contents of Musk’s Ethereum wallet.
No one can say for sure what Musk’s reasons are, given that he hasn’t commented on it. However, Musk has a reputation for always causing a stir, so this may just be one of those days. This is a developing story, and everyone is tuned in to Twitter, waiting for the man of the hour to say something about it, as he always does.
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