Several internal and external factors come together to help determine the price of cryptocurrencies. Well, adding to that list of market movers is Elon Musk – an anomaly that can spike asset prices through a single tweet. After the Billionaire changed his Twitter profile picture to Bored Ape Yacht Club amid its dramatical metaverse launch, prices of Apecoin soared by 15%.
Tesla CEO Elon Musk was once again at the center of crypto news changing his BAYC profile picture on Wednesday. Bored Ape Yacth Club’s native token Apecoin, which was relatively quiet during early of trading, spiked by 15% and touched a 4-day high at $17.6. Coincidentally, the floor price of a single BAYC NFT also rose to $119.6 from $106.9.
The eccentric Billionaire, who recently purchased Twitter , shared his opinion that NFT profile pictures were ‘annoying’ back in January. A few weeks later, he was rumored to have purchased a BAYC NFT for 569 Ether using payment infrastructure firm Moonpay.
Elon Musk takes dig at BAYC metaverse mint?
Elon Musk is often seen tweeting on issues that are debated within the crypto community. Recently, BAYC’s metaverse launch sparked a massive debacle among the community after demand for its metaverse NFTs jacked up Ethereum fees to exuberantly high levels. Two basic arguments emerged – one which blamed the shortcomings of Ethereum while others blamed Yuga Labs for congesting the network.
For the moment, it’s unclear whether Elon Musk’s twitter picture was a dig at the BAYC-Ethereum drama or if he’s just on to his usual gimmicks. Back in July 2021, ‘Dogefather’ Elon Musk drove prices of Dogecoin higher after featuring the dog-theme crypto on his Twitter profile picture. He spoke about how DOGE was the ‘people’s crypto’ and even preferred it over Bitcoin for transactions.