ApeCoin price rises, then falls on Elon Musk’s latest Twitter antics

cnbctv18.com:

Musk’s profile picture on Wednesday was a collage of 101 Bored Ape screenshots with Ape 5809 featured in the centre. It is worth noting that the NFT of Ape 5809 currently has a bid worth $327,299.04 on the NFT marketplace OpenSea.Also Read: 6 best crypto podcasts every investor should tune in toThe collage used by Musk belongs to auction house Sotheby’s and was made for its “Ape In!” NFT auction event last year.

Soon after Musk’s update, Michael Bouhanna, VP for Digital Art at Sotheby’s, confirmed this information over a tweet.Sotheby’s sold these 101 individual Bored Ape NFTs for a whopping $24.4 million in September 2021, beating its own estimates of $12 million-$18 million. Bored Apes have taken the NFT world by storm, with some of them fetching millions of dollars.

Interestingly, NFTs are backed by blockchains and are unique for every digital asset they represent. The sheer fact that they can simply be screenshot and used elsewhere defeats the entire purpose of being ‘non-fungible.’ Following Bouhanna’s tweet claiming credit, Musk humorously responded with “I dunno … seems kinda fungible.”This is not the first time Musk’s Twitter antics caused wild fluctuations in cryptocurrency prices.On March 14, 2022, Musk tweeted that he would not be selling any of his Bitcoin, Ethereum and Dogecoin holdings.

Following the tweet, the prices of all three cryptocurrencies surged up to 4 percent the same day. Bitcoin rose 3.6 percent, from $37,849.66 to $39,206.27; Ethereum jumped 3.2 percent from $2,513.66 to $2,594.35; and Dogecoin prices rose 4.3 percent from $0.111 to $0.1157.Also Read: Are blockchains really secure and unhackable? The 51% attack suggests otherwiseOn June 14, 2021, Musk had tweeted, “When there’s confirmation of