Volatility In ApeCoin price as Elon Musk Changes Twitter Profile Picture To BAYC

Sotheby’s made the collage last year for their auction of 101 Bored Apes.

Bored Ape Yacht Club’s native token, ApeCoin (APE), surged and then fell during the European trading session amidst tweets from Tesla founder and now Twitter owner Elon Musk. On Wednesday, Musk posted a collage of Bored Apes as his Twitter profile picture, followed by this tweet:

I dunno … seems kinda fungible

— Elon Musk (@elonmusk) May 4, 2022

The price of APE, a token used to vote on community decisions and other services within the popular BAYC ecosystem, rose from $14.40 to $17.60 after the change, and then slumped back down following the “seems kinda fungible” tweet.

After the Tesla CEO updated his Twitter profile photo the floor price for Bored Apes also rose by 10 Eth.

Sotheby’s created the collage for its auction of 101 Bored Apes last year. Michael Bouhanna, Sotheby’s vice president for digital art, confirmed this in a tweet earlier today.

@elonmusk as much I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me 😂. Happy to send you the original file minted with the buyer approval 🫡 pic.twitter.com/e83ZyxWGH5

— Michael Bouhanna (@michaelbouhanna) May 4, 2022

Musk, who recently purchased all of Twitter, said in a tweet on Tuesday that other users, such as commercial and government organisations, could be charged for using the social media site.

Bored Ape pictures have been used as Twitter profile pictures by a number of celebrities, which has contributed to the NFT collection’s popularity.