Elon Musk helped ApeCoin soar today after sharing his profile picture on Twitter (NYSE:) in a collage by Bored Ape Yacht Club NFTs had changed.
The central theses
- ApeCoin surged today after Elon Musk changed his Twitter avatar to a collage of Bored Apes from the Bored Ape Yacht Club NFT collection.
- Musk quickly posted a follow-up tweet, implying he was trolling the community.
- Despite recent speculation that Musk might be “aping” the Bored Ape Yacht Club collection, ApeCoin has wiped out most of today’s gains.
About $1 billion poured in after Elon Musk teased Bored Ape Yacht Club NFT owners. As prices stabilize, rumors circulate that Musk may have “aped” the popular collection.
Elon Musk teases the Bored Ape Yacht Club
ApeCoin rose and fell today as Elon Musk caused a stir in the NFT community.
The new owner of Twitter showed that he still has a significant impact on the cryptocurrency market today by changing his Twitter avatar to a photo of several Bored Ape Yacht Club NFTs, causing a market frenzy in the Bored Ape Yacht Club ecosystem . ApeCoin was significantly impacted, surging 21.44% from $4.13 billion to $4.98 billion in minutes. Notably, Musk currently has around 90.8 million followers and is still sporting the Bored Ape collage at press time.
Musk’s latest social media play quickly fueled speculation that he might have been “aped” into the Bored Ape Yacht Club collection. Still, the popular entrepreneur has yet to confirm a purchase. The latest development comes after Musk was pictured with members of MoonPay, the company that has helped the likes of Post Malone and Paris Hilton acquire their own Bored Apes. A few days after the photo surfaced online, MoonPay bought Bored Ape #1837, one of the rarest NFTs in the collection, for 569 worth $1.5 million.
However, minutes after he changed his Twitter avatar, Musk posted a tweet that appeared to mock the Bored Ape community. “I don’t know… seems kind of interchangeable,” he wrote, likely referring to the ease with which he saved a photo of the bored monkeys and used it as his avatar. “Fungible” means interchangeable, while assets like Bored Apes are said to be “non-fungible” because they are unique with only one owner.
Elon Musk tweet.
ApeCoin’s gains were quickly erased; APE is trading at around $4.45 billion at press time.
From a technical perspective, ApeCoin appears to have found support around the 200 hourly moving average on its four-hour chart. It now needs to clear the 100 and 50 hourly moving averages to recover from last week’s experience. Those key resistance levels are located at $17 and $18, respectively.
A sustained close above this supply barrier could propel APE towards $20 or even $23.
Source: TradingViewIt is worth noting that more selling could follow if ApeCoin loses the 200 hourly moving average at $14.30 as support. Breaking this demand zone may encourage traders to exit their positions, increasing downward pressure behind APE. In such circumstances, without further support from Musk affecting prices, a drop to $11.50 could ensue.
Source: Crypto News Deutsch