APE token rose in price by 20% after Elon Musk’s changing avatar to NFT from the BAYC collection on Twitter

An hour later, the value of the token dropped by 9,5%

04.05.2022 - 14:10

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What’s new? Tesla and SpaceX CEO changed his Twitter avatar to an NFT from the Bored Ape Yacht Club (BAYC) collection, causing the price of the native token ApeCoin (APE) to rise by 20%. On May 4, the value of APE rose from $14,52 to $17,65. As of 4 pm, the native token is trading at $15,59 (according to Binance).

Source: Twitter.com

What events happened before? On 25 April, it became known that Elon Musk would buy the social network Twitter for $44 billion. He expressed the hope that even his worst critics would stay on Twitter “because that is what free speech means.” After word of the purchase, Musk’s favorite cryptocurrency, Dogecoin, rose in price by 29% per day.

Crypto enthusiast and founder of the Bitcoin.com service Roger Ver stated that Elon Musk’s Twitter purchase would have a positive impact on the further development of the social network. In addition to commenting on the Twitter deal, Roger Ver also supported Dogecoin.

On May 2, the ApeCoin token collapsed by 30% after the Otherside metaverse launch. A large volume of transactions resulting from the sale of Otherdeeds NFTs led to an increase in fees. On Reddit, they noted that some users spent more money to pay for them than to buy the tokens themselves. Buyers also reported losing thousands of dollars to fees in failed transactions.

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