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Elon Musk’s latest NFT gesture on Twitter had this effect on ApeCoin [APE]

Elon Musk’s latest NFT gesture on Twitter had this effect on ApeCoin [APE]

Elon Musk, for some odd purpose, manages to shake up the core of the cryptocurrency market every time he says, does, and even thinks one thing.

On 4 Might, Musk went forward and altered his Twitter show image to a collection of Bored Ape Yacht Membership (BAYC) NFTs adopted by a tweet about the identical.

Musk’s exercise on Twitter was adopted by a sudden worth motion within the ApeCoin. As per information from CoinGecko, the token shot up from $14.54 to $17.46 in a matter of ten minutes and fell right down to $15.87 at press time.

Is Musk an NFT man now?

Though performing on the greener aspect at press time, the Apecoin wasn’t doing so nicely in the previous few days, exactly the final seven days. As per the Superior Oscillator (AO), the token was bullish earlier than switching to the pink aspect during the last couple of days.

The Relative Energy Index (RSI) too fell from 75.03 on 28 April to 47.33 on 3 Might. Nonetheless, with Musk’s current exercise the RSI managed to simply cross the impartial line and stood at 50.82 at press time.

Supply: TradingView

Moreover, as per information from Santiment, the ApeCoin quantity witnessed a slight but noticeable spike as of 4 Might. On 3 Might, the quantity for the Apecoin stood at 1.65 billion, which then spiked to 2.45 billion, on the time of writing.

Supply: Santiment

After the canines, is it time for the apes?

The actions of the SpaceX and Tesla CEO have an effect on the worth of sure cryptocurrencies is nothing new below the solar and the DogeCoin (DOGE) is proof of that.

The truth that the worth of DOGE and Musk’s private opinions share a particular relationship is now a well-established speculation if not a fully-proven truth. Nonetheless, the most recent transfer made by the soon-to-be Twitter CEO could point out a budding curiosity within the NFT panorama.

Opposite to his newest transfer, Musk took to Twitter on 22 January to submit a tweet and referred to as NFTs ‘annoying.’ Does this imply that Musk has had a change of coronary heart, or has he given into the most recent development of investing in NFTs and acquired an ape that fits his character? Solely time will inform.

Elon for crypto..?

The Tesla CEO has again and again supported the usage of cryptocurrencies as a solution to transfer ahead sooner or later. As per Tesla’s newest report within the SEC filing, the group has taken a good stance on the usage of digital currencies, stating “We imagine within the long-term potential of digital property each as an funding and likewise as a liquid different to money.”

With Tesla offering some readability on the usage of digital currencies and with Elon’s newest NFT gesture, it may be speculated that the SpaceX CEO has lastly let go of his love-hate relationship with the crypto world and embraced the non-fungible.

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