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Tuesday, December 6, 2022

Elon Musk Updates Twitter DP To Bored Ape Yacht Club’s NFTs, Ape Coin’s Price Swiftly Jumps By 20%

‘I dunno seems kinda fungible’ tweeted Musk in a jest changing his twitter DP to a collage of Bored Ape Yacht Club’s NFTs. APE Coin, the native token of the BAYC, started trending sooner, increasing by nearly 20 percent before the dust settled. The coin at the time of writing is at $16.33 (still up by 15 percent). Although, it is not clear yet if the price surge was due to Dogedaddy Mr. Musk, even so his tweets do have some bearing on cryptos. Hint: Doge

This DP is a collage of NFTs from the collection of Bored Yacht Club, which was on sale at Sotheby’s. The BAYC collection on the Ethereum blockchain consists of over 10,000 apes. Sotheby’s had auctioned 101 Bore Ape NFTs for around $24 million in 2021! Michael Bouhanna, Co-Head of Digital Art at Sotheby’s tweeting to Musk, offered to send him the original NFTs. This prompted Dogecoin’s creator to take a jibe on Non Fungible Tokens.

Musk has been a strong proponent of Dogecoin, even proclaiming himself Doge Daddy. His tweets have skyrocketed the meme coin’s price on numerous occasions.

In spite of this, the crypto market has always been volatile and NFTs have always been vulnerable. While NFTs might have cooled in the last quarter, once in a while they make the news with scams and heists worth millions of dollars. Before investing in NFTs, one should do some self evaluation. The first one obviously is if you are filthy rich to buy one and not bother losing. Celebrities have bought NFTs and made twitter dp for a while. NFT DPs were trending for a while on twitter so much that Instagram also seems keen on launching similar features. Meanwhile Musk seems to be trolling the whole NFT gravy train!

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