Musk goes ape: Brief rally for apecoin after Twitter pic
12:40, 5 May 2022
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.
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?
Around 81% of APE traders are bullish
Majority of traders are expecting APE's price to go up – Credit: Capital.comMarkets in this article
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