Famous Billionaire Elon Musk woke up the crypto market via Twitter. After Musk changed his profile picture, there was a strong fluctuation of cryptocurrencies money called ApeCoin.
Known for his interest in cryptocurrencies and the richest man in the world, Elon Musk has shaken up the cryptocurrency market again.
Famous billionaire Elon Musk yesterday turned his Twitter profile picture into a collage of NFT (immutable tokens) of a community called Bored Ape Yacht Club.
Following this development, ApeCoin, a cryptocurrency released by Yuga Labs, the creator of the NFT collection built on the Ethereum blockchain known as Bored Ape, gained 19 percent in an hour. However, after Musk changed his profile picture again, the cryptocurrency collapsed.
THE BIG WALK
ApeCoin rose from $14.7 to $17.64 within an hour of the Mask profile picture being changed. However, the price of the coin dropped to $14.50 after Musk changed his profile picture.
Then ApeCoin hovered around $16. It is unclear whether Musk bought NFT Bored Apes.
WHAT IS NFT?
NFT is known as a technology that allows you to confirm the ownership of digital art products thanks to blockchain technology.
However, this technology has been criticized in various ways for making it easy to reproduce and distribute products online without purchasing them.
DID IT BEFORE
After announcing last month that he would be buying social media giant Twitter for $44 billion, Musk’s tweets have caused major changes in the prices of cryptocurrencies such as bitcoin, dogecoin and shiba inu in recent months.
Therefore, the famous billionaire became the object of criticism for his manipulations and speculations.