ApeCoin Spikes By 20% After Elon Musk’s Cheeky New BAYC PFP

Who had Elon Musk trolling BAYC leading to a spike in ApeCoin on their NFT Twitter bingo card for this month? Well evidently, that’s what happened this morning. However, anyone who thought this might be the NFT conversion of Elon might have to think again. That’s because Musk went on to troll NFTs in a tweet shortly after.

ApeCoin surge or not, Elon Musk just loves trolling NFTs

ApeCoin was not the only thing Elon Musk’s tweet sparked this morning. Indeed, NFT Twitter was up in a frenzy after the Tesla CEO changed his Twitter profile picture to a collage of Bored Apes. In particular, an image tied to a lot of 101 BAYCs that went on auction at Sotheby’s last year.

The billionaire currently working on buying Twitter had people speculating that perhaps he was the anonymous buyer of those Apes. Others wondered if he has had an NFT wallet all along. Whether just coincidentally or as a direct result of the action, ApeCoin saw a quick rise in its price.

According to CoinGecko data, the ApeCoin price shot up from $14.50 to $17.46 in about an hour. And the increase in ApeCoin value happened right around the time of the PFP change from Elon Musk.

Despite its seemingly positive effect on ApeCoin, those wishful thinkers about Elon Musk’s NFT position soon got their answer. He followed up the PFP change with a troll tweet. “I dunno … seems kinda fungible”, he posted, mocking the idea that NFTs are unique. Unsurprising, given Elon Musk’s long-stated opinions on NFTs.

In any case, the change was short-lived – the ApeCoin price fell almost as quickly as it rose. At the time of writing, it sits at $15.86.