Elon Musk’s Ape Collage on Twitter Profile Disrupts APE Price

The price of ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) collection built on the Ethereum blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term, rose and sank briefly during the European trading session on Wednesday.

The price swing is likely related to the action of the Founder of Tesla, Elon Musk, who earlier in the day changed his Twitter profile picture to what resembles a collage of the Bored Apes.

@elonmusk pic.twitter.com/KOGtjsK9MD

— db (@tier10k) May 4, 2022

According to data on CoinGecko, an independent cryptocurrency data aggregator, the price of APE rose from $14.40 to as high as $17.60 before falling back to $15.90.

CoinGecko APE price chart earlier on Wednesday. Surge and sink on extreme right.

Before the price fell to $15.90, Musk had written “I dunno... seems kinda fungible Fungible Fungibility is a term that describes how interchangeable a certain asset is with other assets of the same kind.If an asset is fungible, one unit of that asset is interchangeable with another unit of that asset. Of note, fungibility differs from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. However, a good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time and place Fungibility is a term that describes how interchangeable a certain asset is with other assets of the same kind.If an asset is fungible, one unit of that asset is interchangeable with another unit of that asset. Of note, fungibility differs from liquidity. A good is said to be liquid if it can be easily exchanged for money or another good. However, a good is fungible if one unit of the good is substantially equivalent to another unit of the same good of the same quality at the same time and place Read this Term” in another tweet, with no context.

I dunno … seems kinda fungible

— Elon Musk (@elonmusk) May 4, 2022

In his reaction to Musk’s action, Michael Bouhanna, the Vice President of Contemporary Art Specialist & Co-Head of Digital Art at Sotheby’s, an art auction house, urged the American billionaire to remove the profile picture or credit him.

“@elonmusk, as much as I admire your work, I'd like you to remove your pfp [profile picture] that I created for our Sotheby’s sale. Or you credit me. Happy to send you the original file minted with the buyer's approval,” Bouhanna tweeted.

@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

On the contrary, in a post earlier in January, the prominent entrepreneur had described as “annoying” profile pictures on Twitter showing the user’s NFT.

This is annoying pic.twitter.com/KAkDl29CTX

— Elon Musk (@elonmusk) January 21, 2022

Musk in another tweet on Wednesday wrote that while Twitter will always be free for casual users, it may attract “a slight cost” for business organizations and government officials.

Twitter will always be free for casual users, but maybe a slight cost for commercial/government users

— Elon Musk (@elonmusk) May 3, 2022

Recent Acquisition

Musk recently signed a definitive agreement to acquire Twitter for $54.20 per share in cash in a transaction valued at approximately $44 billion.

“The Twitter Board conducted a thoughtful and comprehensive process to assess Elon’s proposal with a deliberate focus on value, certainty and financing. The proposed transaction will deliver a substantial cash premium, and we believe it is the best path forward for Twitter’s stockholders,” Bret Taylor, Twitter’s Independent Board Chairman, said in a statement.

When Musk initially acquired a 9.2% stake in Twitter last month, the purchase increased Twitter and Dogecoins' stock prices.