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ApeCoin (APE) has gained bullish momentum after Elon Musk, Tesla CEO and SpaceX owner, changed his Twitter profile picture to a collection of several Bored Ape Non-Fungible Tokens (NFTs). The centerpiece of the collage featured a rare BAYC piece with golden fur.

At the time of writing, APE was trading at $15.81, up 3.25% after hitting a daily high of $17.55, the move by Musk has helped the coin to break the downtrend that it has been experiencing. Besides, the sales of the Bored Ape Yacht Club (BAYC) NFT collection also increased after the move.

Musk commented on the picture saying ‘’ it seems Kinda fungible’’

I dunno … seems kinda fungible

— Elon Musk (@elonmusk) May 4, 2022

April has been one of the best months for APE with traders anticipating the launch of Yuga Labs, Bored Ape Creator, and a new metaverse called Otherside although the token price went on with the dip despite Yuga Labs’ effort to maintain the token rally.

Musk’s move is already attracting controversy with the head of digital art at auction house Sothebys, Michael Bouhanna, saying that Musk used the picture without their permission and demanded credit for it or delete the firm.

@elonmusk as much I admire your work I’d like you to remove your pfp that I created for our Sotheby’s sale. Or you credit me 😂. Happy to send you the original file minted with the buyer approval 🫡 pic.twitter.com/e83ZyxWGH5

— Michael Bouhanna (@michaelbouhanna) May 4, 2022

There were rumors that Musk owned BAYC but according to OpenSea, the leading marketplace, BAYC was owned by MoonPay, besides, there was a photo that showed Musk with the MoonPay team where he had met with the company representatives a few days before the BAYC sale.

If Musk confirms the news of influencing NFT acquisition through MoonPay, then he will join the list of the BAYC holders that are purchasing their NFTs using MoonPay.

MoonPay has been one of the growing and preferred channels for blockchain and crypto-powered digital collectible purchases over the past months with celebrities like Post Malone and Jimmy Fallon using MoonPay services for crypto and NFT transactions. Besides, MoonPay launched a ‘Concierge service’ that will allow prominent people to purchase Crypto and NFTs by referrals.

The post Apecoin rallies after Elon Musk changed his Twitter profile picture to Bored Ape appeared first on Coin Journal.

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