Elon Musk, the CEO of Tesla, has changed his Twitter profile picture to a composite image that features a collage of Bored Ape Yacht Club images, sending the crypto price soaring.
The center of the new Elon Musk Twitter picture features a gold-furred chimpanzee in blue glasses.
There is no evidence that Elon Musk owns the NFT in question. It is also not clear whether Elon Musk purchased a Bored Ape NFT. He liked a tweet made by Michael Bouhanna, who works with auction house Sotheby’s as an executive. Michael said that the image was “created for our Sotheby’s sale.”
“Happy to send you the original file minted with the buyer approval,” wrote Bouhanna in the tweet.
It seems Musk simply right-clicked and saved the image and made it his Twitter profile picture. Twitter comes with a dedicated feature that users can use to set their NFT as a hexagonal picture, but Elon Musk’s Twitter avatar is simply a standard profile image.
Elon Musk and the Crypto Twitter Community
If you follow Elon Musk news, you know that he has been engaging the cryptocurrency Twitter community for a long time. Musk has trolled people and shared memes that have led to a surge in the price of Dogecoin. This was during his fallout from an on-off relationship with Bitcoin.
In one of the cases, he tweeted a popular comment from NFT critics. Elon wrote, “I dunno … seems kinda fungible.”
The community members have started reacting after realizing that he might have simply taken a Bored Ape image meant for promotion, and the Apes in Elon Musk’s Twitter profile picture don’t belong to him.
Josh Ong, a Bored Ape NFT holder tweeted, “Twitter owner right click saved us.”
Last year, he stated that Tesla will start accepting Bitcoin as payment, but he later withdrew this option due to the negative impact on the environment associated with Bitcoin mining.
Cryptocurrency mining has impacts on the environment such as high consumption of electricity and poisonous emissions. This is one of the reasons why Wikipedia has stopped accepting Bitcoin and Ethereum donations.
Did Elon Musk’s Twitter Action Move the Crypto Markets?
Although the motive behind Elon Musk Twitter profile picture is not clear, his actions seem to have the power to move the cryptocurrency market.
ApeCoin, the cryptocurrency developed by Bored Ape creators Yuga Labs, saw an increase in the cryptocurrency price in 1 hour at around 8:00 a.m. Before the end of an hour after Musk’s new Twitter profile picture, the crypto price had increased by nearly 20%.
The cryptocurrency was launched in March by BAYC and the crypto price was $1 per token. It then settled at about $14 and $15 over the last week.
Coinbase data shows that the crypto price hit a daily high of $17.64 after the Elon Musk news of his Twitter profile change. However, it has pared back the gains and it’s now trading at about $15.43 on cryptocurrency exchange platforms like Coinbase, CoinMarketCap, and Coinmama. Thus, its cryptocurrency price has retraced by more than 17% in the last seven days. Since the launch of ApeCoin, it has recorded a phenomenal rise of about 1,639.1%.
The Bored Ape Yacht Club has been trending on crypto news this week, not only because of the Elon Musk news, but also the launch of a Metaverse platform named “OtherSide” over the weekend. The high popularity of this event saw the Ethereum network clogged, gas prices rise, and caused a backlash from within the BAYC community.
“Very few details about OtherSide have yet been made public. But the trailer appears to reveal a lava landscape, an ice landscape, a desert landscape, and a purple mystic one,” explained Nigel Green, the Crypto AM columnist.
“Investors are betting on the fact that as with Yula Labs’ other creations in emerging technologies, this will also prove to be extremely successful; and they’ll be hoping that ApeCoin will be used to advance gaming, entertainment, business, events, and more within the wider metaverse,” Green continued.
In other Elon Musk news, the billionaire is set to acquire Twitter at a cost of $44 billion. After he announced this news, there were many searches on “how to buy cryptocurrency.”
In 2022, Elon Musk net worth is estimated to be 264.6 billion USD. Some of the most popular Elon Musk companies include Zip2, X.com, PayPal, and SpaceX.