ApeCoin Rallies on The ‘Musk Effect,’ Tokens Adds 15%

ApeCoin Rallies on The 'Musk Effect,'

ApeCoin’s valuation jumped by about $1 billion after billionaire Elon Musk posted images of Bored Apes in his Twitter profile photo, causing APE tokens to rise 15%.

The value of ApeCoin spiked from $14.49 to $17.49 in under an hour, while the market capitalization increased from $4.13 billion to $4.98 billion before retracement.

Wu Blockchain platform notes that Elon Musk reportedly bought BAYC number 1837 for 569 ether through Moonpay.

Sotheby’s Co-lead, Art Michael, has faulted the billionaire for using the images without permission asking for acknowledgement or removal.

ApeCoin is currently trading at $15.93 an increase of 3.44% in the past day after a 16.61% in the past week with the market capitalization of $4.5 billion.

The token saw its value drop from $24.86 to $16.73 after the April 30 Otherside sale, with the congestion limiting the number of tokens available for purchase.

Source: Finbold

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