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Musk goes ape: Brief rally for apecoin after Twitter pic

By Daniela Ešnerová

12:40, 5 May 2022

An image of the ApeCoin logo, which features a skull on a blue background
ApeCoin (APE) jumped 20% in the wake of Musk changing his profile pic – Photo: Shutterstock

ApeCoin (APE) jumped 20% after Elon Musk briefly changed his Twitter profile picture to Bored Ape on Wednesday. While the rally was short-lived, it sparked a question of whether the entrepreneur and cryptocurrency influencer – who has long been seen as endorser of dogecoin (DOGE) – had changed allegiances?

Musk has a long history of supporting meme-coins like DOGE or shiba inu (SHIB). Throughout 2021, he regularly tweeted cryptic messages and photos of dogs, which DOGE and SHIB traders interpreted as the Tesla CEO’s support for the coins, creating a rush to buy the cryptocurrencies. In July, for example, Musk changed his profile picture to a headshot with the DOGE logo reflected in his sunglasses, causing the cryptocurrency to jump 10%.

Yesterday, Musk briefly changed his twitter profile picture for that of a Bored Ape, causing ApeCoin to jump 20% in an hour. Bored Ape Yacht Club (BAYC) is the world’s biggest non-fungible token (NFT) profile pic community, where users have their unique avatars of bored apes with accessories. APE is a utility token for BAYC, which was launched in March and quickly surged to top 40 biggest coins by market capitalisation. 

ETH/USD

3,507.04 Price
-1.000% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

XRP/USD

0.59 Price
-3.020% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

BTC/USD

67,048.80 Price
-0.910% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

SOL/USD

174.11 Price
-1.130% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

APE sentiment positive amid volatility 

APE has seen turbulent few weeks. The coin rallied on expectations that BAYC would launch its metaverse, Otherside. APE increased then a whopping 90% in 11 days ahead of the Otherside launch, before plunging -35% in just a day after the launch.

In the midst of the volatility, a majority of traders remain bullish, according to data from Capital.com trading platform, which show around 81% of opened positions in APE are currently betting on APE’s price going up.

What is your sentiment on APE/USD?

0.8755
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Around 81% of APE traders are bullish 

81% of open positions in APE are currently long.Majority of traders are expecting APE's price to go up – Credit: Capital.com

Markets in this article

APE/USD
APE/USD
0.8755 USD
-0.005 -0.600%
DOGE/USD
DogeCoin / USD
0.1328281 USD
-0.003563 -2.650%
SHIB/USD
Shiba Inu / USD
0.00001852 USD
-0.00000058 -3.180%

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