ApeCoin Raises And Then Falls All Thanks To Elon’s Tweets

Cryptocurrencies are digital currencies that are developed and maintained using complex encryption techniques. Cryptography is used to generate and control. Crypto has affected more than the finance industry. It’s also changing the cultural landscape. Blockchain technology has revolutionized concepts such as ownership. Individuals can “own” a particular information collection in a blockchain. This is because it can’t be interfered with, deleted, or forged. The NFT was born out of this ownership. An NFT has the potential to be a piece of artwork. It could be a tweet, meme, or anything else that doesn’t appear to have “real-world” worth. Bitcoin like NFT needs a good platform, if you are decided to try, you may register here > and become a better trader.

What Is ApeCoin?

The stewardship and efficiency token for the Bored Ape Yacht Club is Apecoin. It is also a token for its other surrounding communities.  This airdrop has become one of the awaited in the NFT community. All this is because of the immense popularity of the Bored Ape Yacht Club brand.  It’s being airdropped to owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club. And the extra copies will go to the owners of the Bored Ape Kennel Club. Apecoin currently has no true features other than subscription in the ApeDAO.  This regulates the Apecoin token’s governance. But, the future roadmap discloses that there would be benefits for token holders. Particularly when coupled with the inherent NFTs.

Fluctuation In Crypto Market Due To Elon Musk

The cryptocurrency market is erratic. While the market’s volatility is a given, the changes were prompted. The changes are due to a considerable extent to the behavior of celebrities, tech giants, and other famous people which was unusual.  These influencers have a significant impact on the crypto market. With their enthusiasm for cryptocurrencies and frequent use of social media for marketing them.  Investors can enjoy following them as well.

Elon Musk is the joint founder and the chief executive officer of Tesla. He is the world’s wealthiest person. In the cryptocurrency sector, he is a famous personality. He is considered the cryptocurrency sector’s largest influencer, and also its first influencer. Musk’s tweets impact the cryptocurrency market to a level where decentralization appears to be a joke. He has a fan following of  69.9 million on Twitter. His tweets had quite an influence on specific tokens that the phrase “Musk effect” has been established.  In 2021February he stated that Tesla bought one and half billion dollars worth of Bitcoin. After that tweet, the price of Bitcoin increased by 20 percent on that very day.

On May 4, 2022, Tesla’s CEO and crypto enthusiast Elon Musk’s latest Twitter achievement sent ApeCoin values surging. Musk updated his Twitter account image to a Bored Ape montage. This caused the token’s price to skyrocket by 20%, from 14.58 dollars to 17.49 dollars in an hour. On Wednesday, Musk’s profile image was a montage of one hundred and one Bored Ape screenshots, with Ape 5809 at the center. It’s important to note that the Non-Fungible Token of Ape 5809 is up for bid. The bid’s worth 327,299.04 dollars in the NFT auction OpenSea. Musk’s collage is from auction site Sotheby’s and was created for its “Ape In!” NFT bidding event the year before.

The VP for Virtual Art at Sotheby’s, Michael Bouhanna verified this information in a tweet shortly after Musk’s statement. In September 2021, Sotheby’s sold 101 unique Bored Ape Non-Fungible Tokens for a stunning 24.4 million dollars. It was far above its own projections of 12 million dollars to 18 million dollars. Bored Apes have conquered the NFT world, with some selling for millions of dollars. NFTs are supported by blockchain technologies. They are one-of-a-kind for any cryptocurrency they represent. The concept of it being screenshotted and utilized anywhere negates the whole point of  it claiming to be ‘non-fungible.’

Conclusion

Yuga Labs, the inventor of Bored Ape, made 320 million dollars over the weekend by selling “Otherdeeds”. Only ApeCoin is a  crypto that is distinct from Yuga Laboratories. But it has been embraced by the firm for the Bored Ape community. Only ApeCoin could be used to make purchases. Yet, there were many issues with the selling. Ethereum’s blockchain became very clogged with transactions. It was unusable for hours. This left customers with thousands of dollars in fees for unsuccessful transactions. The value of ApeCoin suffered as a result of this. ApeCoin soared 50% to an all-time high of 26.70 dollars on Thursday but then collapsed on Monday.

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