Elon Musk is yet again in the picture as he chooses Apecoin after Dogecoin and Shiba Inu. The popular and the largest Web3 token broke out of its comfort zone and rallied by nearly 20%. After Musk changed his profile pictures to Apes, the native token of the Bored Ape Yacht Club(BAYC) ecosystem soared from $14.5 to as high as $17 in a few minutes.
With a similar ‘Pump & Dump’ appearing to have made its way after DOGE & SHIB, many wonder whether Elon holds Apes too! However, it is still unclear whether the picture is a collage of Bored Apes or a collection of monkeys resembling the BAYC collection. Musk once said the NFT-profile pictures as ‘Annoying’ and believed them to be ‘bs’ filled with crypto spammers. And now appears to promote a similar concept!
So Whether Elon Musk is Holding Bored Ape?
Interestingly, similar to the DOGE rally, the APE price also shed some part of its gained value as, as per some reports, many traders just began to short as Elon entered the ring. As many believed the Musk impact may not sustain for a longer time. And hence the asset may tend to shed a minimum of 50% of its gained value within a few moments, and the remaining value in the next couple of days.
Now when DOGE and SHIB have lost huge attention of the traders and APE coin which recently gained significant attention may be the next game for Musk. Therefore, the traders need not fall into the same bull trap again as the Apecoin price similar to other assets may eventually land up at its initial levels again.
As the buying and selling volume almost remains the same, will APE price will also need Elon to boost similar to Dogecoin in the future?