APE Surges, Sinks as Elon Musk Teases With Bored Ape Collage as Profile Picture

The collage was made by auction house Sotheby's for its auction last year of 101 Bored Apes.

AccessTimeIconMay 4, 2022 at 11:01 a.m. UTC
Updated May 11, 2023 at 4:41 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, surged and then sank during the European trading session as Tesla founder Elon Musk put up a collage of Bored Apes as his Twitter profile picture on Wednesday.

  • APE, used to vote on community decisions and other services within the popular BAYC ecosystem, rose to as high as $17.60 from this morning’s $14.40 level, data shows after the change.
  • The token slumped back to $15.90 after a tweet at 11:13 UTC, in which Musk said "seems kinda fungible" while making no reference to the new display picture.
  • No direct correlation between the events was established at the time of writing.
  • The collage was created by auction house Sotheby's for its auction last year of 101 Bored Apes. Sotheby's vice president for digital art Michael Bouhanna confirmed this in a tweet earlier today.
  • Musk is a proponent of dogecoin (DOGE) and has previously lent support to the memecoin’s development and adoption. He had previously stated that profile pictures on Twitter showcasing one’s non-fungible tokens (NFT) were “annoying.”
  • Musk, who recently agreed to buy the entirety of Twitter, said in a tweet on Tuesday that usage of the social media site for commercial and government users could attract a cost.
  • Several celebrities have put up, or had put up, Bored Ape pictures as their Twitter profile pictures, which has contributed to the wide popularity of the NFT collection. The list includes basketball star Stephen Curry and musician Steve Aoki.
  • CoinDesk reached out to BAYC creator Yuga Labs for comment at the time of writing.

UPDATE (May 4, 11:32UTC): Rewrites headline, first paragraph to capture volatile trading. Adds Musk tweet in second bullet point.

UPDATE (May 4, 13:04UTC): Changes subheadline, fourth bullet point to show the picture was made for a Sotheby's auction.


Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.