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The richest man on the planet – Elon Musk – has once again caused a stir within the cryptocurrency community.

  • Moments ago, the man spearheading both Tesla and SpaceX changed his Twitter profile picture to that of a Bored Ape with a golden fir surrounded by other apes.

  • That’s all it took for the markets to react.
  • In a few minutes after Musk changed his Twitter profile picture, APE coin – the native cryptocurrency of the Bored Ape Yacht Club ecosystem – took for the skies.
  • APE is up almost 20% in less than an hour, and it currently trades above $17.

APEUSDT_2022-05-04_13-42-20

  • Floor prices of the BAYC-related collections also saw an uptick, albeit not as definitive as APE coin.
  • This story is developing.

2 thoughts on “APE Soars 20% in an Hour as Elon Musk Puts a Bored Ape as Twitter PFP

  1. I guess this is one of these “I never understood it and at this point I'm too afraid to ask” questions, but fuck it, I'll ask anyway.

    I completely understand investing in any crypto that isn't a stablecoin, but I just don't understand the point of using stablecoins over cash. They are worth the same as cash, they don't save you anything in terms of taxes or make your tax declaration easier, they are not more practical to store than cash, etc.

    It seems that the only advantage of stablecoins is that they give you crazy interest, but this comes at the cost of accepting the risk that your stablecoin may suffer the same fate as UST? Which is normal, you don't get interest without risk.

    Is this really the only reason why people use stablecoins? The interest they get?

  2. Even in a bear market, institutions are gearing up to expand their crypto trading offerings.

    The news in the past week or so has seen Fidelity announcing access for their clients and now institutional behemoth Broadridge Partners will route crypto order flow via Coinbase Prime.

    Hundreds of millions of dollars are being invested for crypto development.

    Gemini is advertising on NYC digital billboards.

    The good — This should be great for more mainstream adoption, greater liquidity, and eventually prices (especially for those tokens with a fixed/limited supply.)

    The bad — And yet I’ve got a spidey-sense level of dread that once the floodgates are open there’s going to be a wave of problems — new scams, over regulation, complex financial shenanigans.

    The Ugly — Not that there isn’t already a ton of market manipulation going on already, but Wall Street traders with access to a full suite of leveraged, perpetuals, options, and crypto shorting capabilities seems like a terrible idea.

    Retail traders could get swamped by incredible volatility.

    The HODLers should be fine, maybe even better off in the next bull run (all of this new money may propel incredible ATHs.)

    And yet, it’s going to be a rocky road . . .

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