ApeCoin token surges after Elon Musk Twitter profile change

Read Time:2 Minute, 49 Second


The Bored Ape NFT collection has garnered a cult-like following since its inception in April 2021.

Jakub Porzycki | Nurphoto | Getty Images

Elon Musk on Wednesday changed his profile picture on Twitter to an image featuring various avatars from the Bored Ape non-fungible token collection, sending the price of the project’s digital token soaring.

ApeCoin, the token launched by Bored Ape creators Yuga Labs, surged 19% in an hour at around 8 am ET to a daily high of $17.64 following Musk’s profile picture change, according to Coinbase data. It’s since pared back its gains and was last trading at about $15.50.

It’s not clear whether Musk actually bought a Bored Ape NFT. The billionaire liked a tweet from Michael Bouhanna, an executive at auction house Sotheby’s, saying the image was “created for our Sotheby’s sale.”

“Happy to send you the original file minted with the buyer approval,” Bouhanna wrote in the tweet.

It suggests Musk may have merely right clicked and saved the picture to make it his profile image. Twitter has a dedicated feature that allows users to set their NFT as a hexagonal display picture, but Musk’s avatar is just a standard profile image.

NFTs are meant to authenticate ownership of everything from digital art to sports memorabilia on the blockchain. But they’ve attracted ridicule from skeptics, given it’s easy to continue replicating and distributing the associated content online without buying a token.

Musk — who recently agreed a deal to buy Twitter for $44 billion — appeared to poke fun at NFTs in a follow-up tweet.

“I dunno … seems kinda fungible,” the Tesla and SpaceX boss posted.

NFTs are designed to not be fungible — in other words, they can’t be exchanged interchangeably.

It’s not the first time Musk’s activity on Twitter has led to wild movements in asset prices. Numerous tweets by the Tesla and SpaceX boss have caused the price of bitcoin and dogecoin — a “meme” cryptocurrency favored by Musk — to rise or fall dramatically.

The Bored Ape NFT collection has garnered a cult-like following since its inception a year ago, with everyone from diehard crypto investors to celebrities like Jimmy Fallon buying up the buzzy ape icons.

This weekend, Yuga Labs minted a collection of deeds to virtual land in an upcoming “metaverse” game called Otherside. Demand for the NFTs, known as Otherdeeds, was so high that it clogged up the Ethereum blockchain, which underpins the world’s second-biggest cryptocurrency.

That caused Ethereum’s “gas fees” — costs required to approve transactions — to skyrocket. Some users reported having to pay fees in excess of $4,000. Yuga Labs subsequently apologized over the debacle and said it would refund users gas fees for any failed transactions.

“We’re sorry for turning off the lights on Ethereum for a while,” the company tweeted Saturday. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale.”

In a further tweet Sunday, Yuga Labs said it was “still working on refunding all Otherdeed minters with failed transactions their gas.”

Despite the brief boost Wednesday, the ApeCoin token has fallen roughly 17% in the past week. With a market value of $4.4 billion, it ranks among the top 40 digital currencies on CoinGecko.


If you want to know more about business please go to https://updatednews24.com/category/business/

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners. View more
Cookies settings
Accept
Privacy & Cookie policy
Privacy & Cookies policy
Cookie name Active

Who we are

Suggested text: Our website address is: https://updatednews24.com.

Comments

Suggested text: When visitors leave comments on the site we collect the data shown in the comments form, and also the visitor’s IP address and browser user agent string to help spam detection. An anonymized string created from your email address (also called a hash) may be provided to the Gravatar service to see if you are using it. The Gravatar service privacy policy is available here: https://automattic.com/privacy/. After approval of your comment, your profile picture is visible to the public in the context of your comment.

Media

Suggested text: If you upload images to the website, you should avoid uploading images with embedded location data (EXIF GPS) included. Visitors to the website can download and extract any location data from images on the website.

Cookies

Suggested text: If you leave a comment on our site you may opt-in to saving your name, email address and website in cookies. These are for your convenience so that you do not have to fill in your details again when you leave another comment. These cookies will last for one year. If you visit our login page, we will set a temporary cookie to determine if your browser accepts cookies. This cookie contains no personal data and is discarded when you close your browser. When you log in, we will also set up several cookies to save your login information and your screen display choices. Login cookies last for two days, and screen options cookies last for a year. If you select "Remember Me", your login will persist for two weeks. If you log out of your account, the login cookies will be removed. If you edit or publish an article, an additional cookie will be saved in your browser. This cookie includes no personal data and simply indicates the post ID of the article you just edited. It expires after 1 day.

Embedded content from other websites

Suggested text: Articles on this site may include embedded content (e.g. videos, images, articles, etc.). Embedded content from other websites behaves in the exact same way as if the visitor has visited the other website. These websites may collect data about you, use cookies, embed additional third-party tracking, and monitor your interaction with that embedded content, including tracking your interaction with the embedded content if you have an account and are logged in to that website.

Who we share your data with

Suggested text: If you request a password reset, your IP address will be included in the reset email.

How long we retain your data

Suggested text: If you leave a comment, the comment and its metadata are retained indefinitely. This is so we can recognize and approve any follow-up comments automatically instead of holding them in a moderation queue. For users that register on our website (if any), we also store the personal information they provide in their user profile. All users can see, edit, or delete their personal information at any time (except they cannot change their username). Website administrators can also see and edit that information.

What rights you have over your data

Suggested text: If you have an account on this site, or have left comments, you can request to receive an exported file of the personal data we hold about you, including any data you have provided to us. You can also request that we erase any personal data we hold about you. This does not include any data we are obliged to keep for administrative, legal, or security purposes.

Where we send your data

Suggested text: Visitor comments may be checked through an automated spam detection service.
Save settings
Cookies settings