ApeCoin (APE) Shoots 20% As Elon Musk changes Twitter Profile Pic to Bored Ape Collage

05. May 2022 Posted by Akolkar B on News

Twitter new boss and billionaire Elon Musk has once again sent ripples in the crypto space. This time its not his favourite memecoin Dogecoin (DOGE).

Rather, ApeCoin (APE) the native cryptocurrency of the popular Not project - Bored Ape Yach Club - witnessed a brief 20% rally. A few hours back Elon Musk changed his Twitter profile picture featuring a collage of multiple Bored Apes nonfungible tokens (NFTs).

Along with the collection of Bored Apes, Musk’s Twitter avatar features Ape 5809 stacked in the middle. These NFTs are all from different artists featuring a unique design and serial number.

However, it is not clear whether if Musk has actually bough a Bored Ape NFT.However, the APE price went soaring all the way to an intraday high of $17.50. However, it has corrected since and is currently trading at around $15.3.

The Bored Ape Yacht Club NFTs have a massive fan following in the crypto space. Many of the global celebrities have shown interest in buying one of the NFTs.

The native ApeCoin (APE) came into existence earlier this year after Yuga Labs, the parent company of Bored Ape, announced their metaverse plans. Yuga Labs recently minted a collection of NFTs repressing virtual land in their upcoming “metaverse” gaming project dubbed Otherside.

The platform raised a staggering $320 million from the sale of the Otherdeed NFTs. The demand was so that that the sale literally clogged up the Ethereum blockchain network thereby shooting up the Ethereum “gas fee” to new highs.

Some of the Otherdeed NFT buyers also reported paying gas fee in excess of $4,000. Commenting on the sale last Saturday, Yuga Labs said: "This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed”.

It further apologised adding: “We're sorry for turning off the lights on Ethereum for a while. It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction”.