Tesla and SpaceX CEO Elon Musk has once again proved just how volatile and unstable the crypto market is by pumping and dumping the price of apecoin (APE) in a matter of one hour. On Wednesday, May 4, the Tesla CEO changed his Twitter avatar to a collage featuring cartoon apes from the Bored Apes Yacht Club NFT collection.
Elon Musk's Twitter profile as of press time. Source: twitter.com
At that time, Elon made no comments on the matter but it was enough for the market to pump APE price by 20% up to $17.46, according to data from CoinGecko.
APE price as of press time. Source: twitter.com
But later, Musk posted a tweet laughing off NFTs' fungibility:
I dunno … seems kinda fungible
The tweet almost immediately triggered a sell-off, dumping APE's price by over 10% to ~$15.57. But the real drama began later when Michael Bouhanna, Director, Specialist Contemporary Art & Co-Head of Digital Art Sales at Sotheby's, said that Elon Musk used the collage that was made for Sotheby's sale without any approval:
At the time of writing, Musk made no comments regarding the matter. Earlier, To The Moon reported that Yuga Labs, the firm behind Bored Apes Yacht Club, sold over $300 million worth of virtual land plots for its new metaverse hub called "Otherside" and triggered a massive surge of fees on Ethereum.
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